VOXX International Down 17% After Reporting Q1 Earnings
VOXX International Corp (NASDAQ: VOXX) is trading lower on the session following its Q1 earnings announcement yesterday. The company reported an EPS of EPS $(0.20), which may not be comparable to $0.10 estimates and sales of $194 million vs $208 million estimates.
Pat Lavelle, President and CEO stated, "There were a number of factors that impacted our first quarter results, the biggest of which was a patent litigation settlement, followed by the one-time fees and expenses associated with our acquisition of Hirschmann and the impact the Euro translation had on our operations. Despite the international headwinds we are facing and the impact the Euro translation will have on our financial results compared to last year, at this time, we are comfortable with our prior sales and margin guidance. EBITDA will be impacted by the settlement, but operationally, we are executing according to plan. As such, we are reiterating top-line guidance, while lowering EBITDA to account for the $8.4 million charge. We now expect EBITDA to be in the range of $54 - $57 million."
VOXX International is currently trading at $8.14, a loss of $1.63 or 16.68%.
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