Voxx International revenue increases 17%
Voxx International, the Long Island-based maker of car stereos and other electronics, said Tuesday that its fiscal fourth-quarter revenue climbed sharply on added sales from a German unit it acquired last year.
The Hauppauge company said revenue rose to $206.8 million during the three months that ended in February, up 17 percent from the same period last year.
The results beat the expectations of analysts, who had forecast sales of $203 million. Voxx released its results after Wall Street closed; the company's stock climbed more than 7 percent, to $11.14 per share in after-hours trading.
"I remain very optimistic with our market positions and outlook," said Voxx president and chief executive Pat Lavelle.
Voxx's $10.3 million in net income was down 5.5 percent from one year ago. The decrease stemmed from higher advertising fees and added operating expenses from the company's Hirschmann unit, a German maker of antennas and automotive TV tuners that Voxx purchased last year for $111 million.
But at 43 cents per share, Voxx's fourth-quarter profits also beat analysts' expectations.
The company, formerly known as Audiovox, sells products under several brand names, including Klipsch, Jensen, Audiovox and Advent.
It employs more than 1,200 people, including roughly 400 on Long Island.