Voxx reports revenue, profits up
Voxx International Corp. said its third-quarter revenue and profits rose amid rising demand for car-stereo antennas, backseat entertainment systems and the company's other electronics.
The Hauppauge manufacturer's sales climbed to $245.8 million during the three months that ended in November, up 1 percent from the same period last year. Voxx's net income increased 17 percent, to $15.4 million.
The performance fell short of the expectations of analysts, who had forecast sales of $251 million. Voxx released its results after Wall Street closed. The company's stock fell nearly 5 percent to $16.20 in after-hours trading.
"Our results in the third quarter and through the first nine months of the year are tracking in line with our plan and we continue to make progress in executing our strategy," Voxx president and chief executive Pat Lavelle said.
Sales at the company's largest unit, automotive electronics, increased 2.4 percent, to $121 million. Revenue from its audio unit climbed 3 percent, to $65.6 million.
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.