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Feb 28, 2022
VOXX Q4 2022 Earnings Report
VOXX International Corporation reported financial results, showing a slight increase in net sales despite supply chain challenges.
Key Takeaways
VOXX International Corporation reported a slight increase in net sales for the fourth quarter of fiscal year 2022, despite facing challenges related to global supply chain disruptions and chip shortages. The company's net sales increased by 0.8% compared to the same period last year. The company is optimistic about future growth due to recent OEM business acquisitions.
Net sales increased slightly by 0.8% to $163.9 million compared to $162.5 million in the prior year.
Automotive Electronics segment net sales decreased by 3.7% due to chip and part shortages.
Consumer Electronics segment net sales increased by 3.1%, driven by higher sales within the 11 Trading Company subsidiary.
Gross margin increased by 70 basis points to 26.8%, driven by higher margins in the Consumer Electronics segment.
VOXX
VOXX
VOXX Revenue by Segment
Revenue by Segment
Automotive Electronics Revenue
CapyFin.comConsumer Electronics Revenue
CapyFin.comBiometrics Revenue
CapyFin.com Forward Guidance
The company anticipates growth and bottom-line improvements in Fiscal 2023.
Positive Outlook
- New OEM programs with Ford awarded for rear-seat entertainment systems, bringing total estimated value of Ford awards to over $200 million through calendar year 2027.
- New OEM program awarded by Osh Kosh Defense in support of the U.S. Postal Service Fleet Modernization Initiative; multi-year program with initial award estimated at approximately $45.0 million.
- Opportunities to drive both top- and bottom-line growth throughout our business has never been stronger as we look out over the next few years.
- Acquired the Onkyo and Integra brands for consumer electronics products and formed a joint venture with Sharp Corporation.
- Added substantial OEM business.
Challenges Ahead
- Chip shortages and the ongoing impact to OEM production remains the #1 obstacle near-term.
- Global supply chain disruptions.
- Industrywide chip and part shortages.
- Industrywide supply chain constraints.
- Higher supply chain costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income