Welcome to our dedicated page for VOXX International Corporation news (Ticker: VOXX), a resource for investors and traders seeking the latest updates and insights on VOXX International Corporation stock.
VOXX International Corporation (NASDAQ: VOXX) began as Audiovox over 45 years ago and has evolved into a global leader in automotive and consumer electronics as well as high-end audio. Today, the company boasts an extensive distribution network, including partnerships with Fortune 500 companies and a presence in Europe, Asia, Mexico, and South America. VOXX's brand portfolio includes over 30 trusted names such as Audiovox, Klipsch, RCA, Invision, Jensen, Acoustic Research, Jamo, Energy, Mac Audio, Magnat, Heco, Schwaiger, Hirschmann Car Communication, and Oehlbach.
VOXX International operates through three main segments: Automotive Electronics, Consumer Electronics, and Biometrics. The company offers a variety of consumer electronic products that include premium audio and other electronics sold to retail and commercial customers. The automotive segment features both OEM and aftermarket products, while the biometrics segment focuses on advanced security solutions.
Recent highlights include:
- On October 10, 2023, Avalon Park Group announced a Stock Purchase Agreement with Gentex Corporation, making Gentex one of VOXX's largest shareholders.
- On November 7, 2023, Panasonic Automotive Systems and Ram announced the integration of the Klipsch® Reference Premiere audio system in the 2025 RAM 1500 Tungsten model.
- On January 4, 2024, VOXX announced its Fiscal 2024 Q3 results, showcasing its commitment to innovation across all subsidiaries.
- On March 7, 2024, VOXX's subsidiary EyeLock entered into a joint venture to form BioCenturion LLC, focusing on biometrics solutions.
- On May 14, 2024, VOXX reported its Fiscal 2024 Q4 and full-year results, emphasizing steps taken to realign and improve margins.
VOXX continues to innovate, recently launching advanced hearing aids under the RCA brand and high-performance audio systems with Panasonic Automotive, among other projects. Despite the challenging market landscape, VOXX remains a significant player in its industry by continually adapting and expanding its product lineup to meet consumer needs.
VOXX International (NASDAQ: VOXX) reported its Fiscal 2024 fourth quarter and year-end financial results, revealing significant declines in net sales and gross margins across its segments.
The company witnessed a 20.8% drop in Q4 net sales to $108.1 million and a 12.2% annual decrease to $468.9 million. Gross margins fell from 25.4% to 19.9% in Q4. The Automotive Electronics segment saw a substantial decline in sales and margins, driven by lower rear-seat entertainment product sales and higher inventory provisions.
Despite cost-cutting measures, VOXX reported a Q4 net loss of $21.0 million, up from $18.1 million YoY, and a full-year net loss of $40.9 million compared to $27.5 million in Fiscal 2023. Higher operating expenses, including intangible asset impairments, and increased debt levels, further strained their financials.
The company has new products and automotive programs lined up for the latter half of 2024, aiming to improve profitability and margin management.
VOXX International (NASDAQ: VOXX) will report its Fiscal 2024 fourth quarter and year-end results on May 14, 2024, and host a conference call on May 15, 2024. The company is a leading manufacturer of automotive and consumer technologies globally, with a focus on in-vehicle entertainment, automotive security, and premium audio segments.
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