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VOXX International reports Q2 profit but revenue falls, shares drop 4%

EditorRachael Rajan
Published 11/10/2024, 07:34 am
© Reuters.
VOXX
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ORLANDO - VOXX International Corporation (NASDAQ:VOXX) reported a profit for its fiscal 2025 second quarter, but revenue declined significantly year-over-year as the company continues to restructure its business. Shares fell 4% following the results.

The consumer electronics company reported Q2 earnings per share of $0.10, compared to a loss of $0.47 per share in the same quarter last year. However, revenue dropped 18.6% to $92.5 million from $113.6 million a year ago.

VOXX said the revenue decline was driven by lower sales across its Automotive Electronics and Consumer Electronics segments. Automotive Electronics sales fell 25.5% to $26.4 million, while Consumer Electronics sales decreased 15.4% to $66.1 million.

Despite the revenue drop, VOXX was able to post a profit due to cost-cutting measures and gains from asset sales. The company recognized an $8.3 million gain from selling its domestic accessories business and a $2.2 million gain from selling certain premium audio trademarks and inventory during the quarter.

"We made significant progress through the first half of the year in executing our plan to unlock value," said Pat Lavelle, President and CEO of VOXX. He noted the company has reduced its total debt to under $20 million currently from over $73 million at the end of fiscal 2024.

VOXX said it continues to pursue strategic alternatives to maximize shareholder value, including a potential sale of the company or divestitures of certain segments.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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