On Monday, VOXX International Corporation VOXX reported a Q1 FY24 revenue decline of 13.1% Y/Y to $111.9 million, missing the consensus of $122.3 million.
Net sales declined by 3.0% Y/Y in the Automotive Electronics and 17.5% Y/Y in the Consumer Electronics segments.
Gross margin contracted 120bps Y/Y to 24.6% in the quarter on a decline in margins across major segments.
Total operating expenses fell 2.4% Y/Y to $39.0 million in the quarter.
Adjusted EBITDA loss stood at $(4.9) million vs. a loss of $(0.1) million a year ago.
The company reported a loss per share of $(0.45), missing the consensus loss of $(0.22).
As of May 31, 2023, cash and cash equivalents came in at $5.2 million.
"We anticipate continued global softness and are in the process of realigning our operations, reducing our workforce and bringing down overhead to be profitable on lower sales volumes. New products and expanded distribution within our Consumer segment, and new vehicle models coming online in our Automotive segment should help offset some of the weakness, but we are expecting a weak global economy throughout 2023. Our main focus is on returning VOXX to profitability," said Pat Lavelle, CEO.
Price Action: VOXX shares traded lower by 13.7% to $9.79 premarket on the last check Tuesday.
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