Voxx revenue, sales slip as demand slackens

Voxx International said Wednesday its first-quarter revenue fell modestly as economic woes in Europe and Venezuela sapped demand for its car stereos and other electronics.

The Hauppauge manufacturer's sales slipped to $193 million during the three months that ended in May, down less than 1 percent from the same period last year.

Nonetheless, the performance beat the expectations of analysts, who had forecast sales of $192 million. Voxx released its results after Wall Street closed. The company's stock climbed nearly 5 percent to $13.84 in after-hours trading.

"Despite the volatile global markets, we're executing our plan, driving technology, expanding distribution and forming meaningful long-term partnerships with our customers," Voxx president and chief executive Pat Lavelle said.

Sales at the company's largest unit, automotive electronics, increased by 4.5 percent, to $104.5 million, as it launched new programs to manufacture equipment for Ford, Nissan, Bentley and several other carmakers.

Those gains, however, were offset by higher operating expenses and a 12 percent dip in sales of remote controls, wireless speakers and other consumer accessories, mostly in Europe.

Voxx netted a first-quarter profit of $2.1 million, or 9 cents per share. That compares to a loss of $4.7 million for the same period last year, when the company incurred roughly $10 million in one-time expenses, including from an acquisition and a patent litigation settlement.

The company, formerly known as Audiovox, sells products under several brand names, including Klipsch, Jensen, Audiovox and Advent.