Voxx sales up 21% but profits miss forecast
Voxx International, the Long Island-based maker of car stereos and other electronics, said Wednesday that its second-quarter sales jumped 21 percent, to $191 million, fueled by a recently acquired German unit.
The company's stock price, however, fell 7.83 percent, to $6.71 a share, in after-hours trading as the added sales fell short of analysts' expectations.
Profits also missed forecasts, rising 8 percent, to $3.7 million, or 16 cents per share, compared to the same period last year.
"Economic conditions throughout the global markets, particularly in Europe, impacted our performance year-to-date, and we expect this will continue into the second half of the year," Voxx president and chief executive Pat Lavelle said in a statement announcing the earnings.
The company, formerly known as Audiovox, said the increased revenue stemmed chiefly from its Hirschmann unit, a German maker of antennas and automotive TV tuners that Voxx purchased in March.
Voxx 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.