Voxx in Hauppauge, weighed by winter, swings to loss
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Voxx International Corp. posted a $49 million loss for its fourth quarter as the harsh winter weather hampered its retail sales of car-stereo antennas, entertainment systems and other electronics.
The Hauppauge manufacturer's sales fell to $187.1 million during the three months that ended in February. That's down 9.5 percent from the same period last year, when the company reported a $10.3 million profit.
"Severe weather conditions throughout the country impacted the entire retail industry and had a big effect on our fourth-quarter performance," Voxx president and chief executive Pat Lavelle said in prepared remarks accompanying the earnings report.
The results fell well short of the expectations of analysts, who had forecast quarterly sales of $205.5 million.
Voxx announced the earnings after the close of regular trading on Wall Street. The company's stock fell more than 20 percent in after-hours trading, to $8.
Revenue fell within all three of the company's sales units.
The largest segment, automotive electronics, had a 13 percent drop, to $93.9 million. Revenue from the audio unit dropped 5 percent, to $42.7 million. And sales for the consumer accessories unit dropped 5 percent, to $50.2 million.
Voxx also released its sales forecast for the coming year, saying it anticipated revenue between $825 million and $830 million. The lower end of that guidance is up 2 percent from last year, when Voxx had $809.7 million in sales.
The company, formerly known as Audiovox, sells products under several brand names, including Klipsch, Jensen, Audiovox and Advent. It employs about 2,100 people worldwide.
"Although the fourth quarter was disappointing, there were a lot of factors beyond our control that impacted sales and profitability," Lavelle said. "Fiscal '15 should be a better year for us, and we are more optimistic about our future prospects."