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 Corporation (NASDAQ: VOXX) has appointed Beat Kahli as its new President, effective immediately. Kahli, who also serves as Co-Vice Chairman and is the largest shareholder, will focus on enhancing the company's operations and strategy. He has invested over $50 million in VOXX, expressing confidence in its growth potential, particularly in automotive electronics and biometrics. CEO Pat Lavelle and Chairman John Shalam praised Kahli's contributions and vision. VOXX, known for its diverse portfolio spanning 35 brands, is well-positioned to leverage its market leadership despite upcoming challenges in the global economy.
VOXX International Corporation (NASDAQ: VOXX) reported its Fiscal 2023 third quarter results, ending November 30, 2022, with net sales of $143.1 million, down 25.4% from $191.9 million in the year-ago period. The Automotive Electronics segment net sales decreased 21.2% to $48.6 million, while Consumer Electronics saw a 27.5% decline to $94.1 million. However, net income was $7.4 million, a significant improvement compared to a net loss of $28.1 million in the prior year. Operating expenses decreased 20.7% to $34.8 million, reflecting cost-control measures taken amidst ongoing supply chain challenges.
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