VOXX International Corporation - VOXX STOCK NEWS

VOXX International Corporation reported its Fiscal 2023 second quarter results ending August 31, 2022. Net sales decreased to $125.7 million, down 12.2% from $143.1 million in the same period last year. The Automotive Electronics segment saw an 18.7% drop, affected by supply chain issues and reduced consumer spending. Operating loss surged to $10.0 million, up from $2.7 million in the prior year, while net loss attributable to VOXX was $10.2 million. Despite current challenges, management expects a stronger second half.

VOXX International Corporation (NASDAQ: VOXX) announced it will report its Fiscal 2023 second quarter results for the period ended August 31, 2022, on October 11, 2022, after the market closes. A conference call and webcast will follow on October 12, 2022, at 10:00 a.m. Eastern to discuss the results and provide operational updates. VOXX is a leader in automotive and consumer technologies, with a diverse portfolio of approximately 35 brands. The company emphasizes its commitment to adapting to market changes and technological advancements.

VOXX International Corporation (NASDAQ: VOXX) announced the launch of a new e-Commerce platform, starting with Premium Audio Company. This initiative aims to enhance customer experience by improving data aggregation, operational support, and visibility. Key features include reduced call times for customer service, simplified checkout, and more payment options such as Amazon Pay. CEO Pat Lavelle emphasized the importance of having robust infrastructure to support growth and customer satisfaction, leveraging this new platform for future e-Commerce initiatives worldwide.

VOXX International Corporation (NASDAQ: VOXX) announced a significant multi-year award for its subsidiary, VOXX Automotive Corporation (VAC), from Oshkosh Defense, estimated at $50 million initially with a potential value exceeding $150 million. VAC will provide in-vehicle camera systems and other technology for the Next Generation Delivery Vehicle (NGDV) fleet for the U.S. Postal Service. Production is slated to begin in Fiscal 2023 Q3, with revenues expected to span four to five years. The USPS aims to deploy up to 165,000 vehicles over the next decade.

VOXX Automotive Corp. has partnered with Emergency Safety Solutions, Inc. to implement the Hazard Enhanced Location Protocol (H.E.L.P.™️) in passenger and commercial vehicles. This technology aims to enhance vehicle hazard warning systems, potentially benefiting over 280 million vehicles in the U.S. H.E.L.P. provides advanced notifications to drivers approaching disabled vehicles, improving roadside safety. The agreement includes the manufacturing of OEM accessory kits and extends to the commercial sector, addressing a critical safety issue that leads to over 40 preventable deaths daily.

VOXX International Corporation (NASDAQ: VOXX) has appointed Ari Shalam and Beat Kahli as Co-Vice Chairmen of its Board of Directors. This leadership change aims to bolster the company's strategic direction and strengthen stakeholder value. Ari Shalam, with over 20 years in real estate investment, has been associated with VOXX since 2011, while Beat Kahli, an experienced entrepreneur in real estate, holds significant stock in the company (24.7% of Class A shares). The Shalam family collectively owns 33.7% of Class A stock, indicating strong alignment with shareholder interests.

VOXX International Corporation (NASDAQ: VOXX) reported a net loss of $6.5 million for the first quarter of Fiscal 2023, compared to net income of $2.7 million in the same period last year. Net sales decreased by 6.1% to $128.7 million, with declines in both Automotive Electronics and Consumer Electronics segments due to supply chain issues and high retailer inventory levels. The company remains optimistic, anticipating growth driven by new automotive programs and increased Onkyo product sales.

VOXX International Corporation (NASDAQ: VOXX) will report its Fiscal 2023 first-quarter results for the period ending May 31, 2022, on July 11, 2022, after market close. The following day, July 12, 2022, at 10:00 a.m. Eastern, the company will host a conference call and webcast to discuss these results and provide operational updates. VOXX specializes in automotive and consumer technologies, boasting a portfolio of about 35 brands and a strong market presence in various segments including in-vehicle entertainment and automotive security.

VOXX International Corporation reported a 12.8% year-over-year increase in net sales for Fiscal 2022, totaling $635.9 million. Growth was seen across all segments: Automotive Electronics by 22.4%, Consumer Electronics by 9.0%, and Biometrics by 5.5%. Despite facing global supply chain disruptions, the company completed the Onkyo Home Entertainment acquisition, forming new joint ventures and licensing agreements. VOXX anticipates further growth, particularly with new OEM awards from Ford valued over $200 million through 2027.