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Voxx reports rise in sales and income
Voxx International, the Hauppauge-based maker of car stereos and other electronics, Wednesday reported strong increases in sales and earnings during its third quarter, exceeding analysts’ expectations. Following the earnings release, the stock price jumped by more than 17 percent to $9.20 in after-hours trading.
Revenue for the quarter ending Nov. 30 rose 17.5 percent from the same period the prior year, to $243 million. Profits also were higher, climbing to $13.2 million or 56 cents per diluted share from $8.9 million or 38 cents per diluted share in the third quarter of 2011.
Voxx attributed its jump in sales to last year’s acquisition of Hirschmann, a German maker of antennas and automotive TV tuners, and sales of mobile components and electronic accessories. Electronics sales were $201.5 million compared to $165.9 million for the same period in the previous year. Hirschmann’s sales accounted for $39.5 million during the third quarter.
“We had one of the best quarters in our history ... especially considering continued weakness in the international markets,” chief executive Pat Lavelle said.