Voxx stock drops 10% on lower revenue forecast
Pat Lavelle, president and chief executive of Voxx International, in 2010. Credit: Newsday / Audrey C. Tiernan
Shares of Voxx International Corp. fell sharply Thursday morning after the Hauppauge electronics manufacturer reported lower-than-expected third-quarter sales and company officials cut their 2014 revenue expectations.
Voxx stock was down 10 percent in early trading, to $15.29. On Wednesday, the company said third quarter sales rose 1 percent, to $245.8 million. Analysts, however, had forecast revenue of $251 million. The company lowered 2014 full-year sales guidance to $825 million to $830 million, down from $840 million.
"While we lowered sales guidance slightly, we have done so due to higher exited product category sales and a strategic decision to transition away from some online business to protect future margins. All in all, everything is materializing as expected," Voxx president and chief executive Pat Lavelle said.
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.
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