Voxx International sales, profits jump
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 ended 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," CEO Pat Lavelle said.