What's Going On With VOXX International Shares Today

On Monday, VOXX International Corporation VOXX reported a fourth-quarter FY23 revenue decline of 16.7% year over year to $136.52 million, beating the consensus of $123.44 million.
The automotive electronics firm reported an adjusted EPS of $(0.44) loss, missing the analyst consensus of $0.03.
Revenues declined Y/Y due to lower aftermarket security product sales, higher customer inventory on hand, fewer vehicles due to supply chain shortages, and overall softness in the U.S. and European markets.
"We continued to grow the Onkyo and Pioneer business and have plans to expand our footprint globally this year. Additionally, our Biometrics segment should show considerable improvement with new accounts awarded and several projects underway," said CEO Pat Lavelle.
In the quarter under review, the Automotive Electronics segment's net sales fell 2.2%, and the Consumer Electronics segment plunged 23.4%.
The gross margin in Q4 contracted by 140 basis points to 25.4%, dragged by higher supply chain costs and surcharges.
Total operating expenses jumped 17% to $47.6 million compared to $40.7 million.
VOXX swung to an operating loss of $(12.9) million compared to an operating income of $3.2 million a year ago.
Adjusted EBITDA plummeted 69.1% to $3 million.
As of February 28, 2023, the company had cash and equivalents of $6.1 million. Total debt was $39.2 million.
Price Action: VOXX shares are trading lower by 2.31% to $8.47 on the last check Wednesday.

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