VOXX International Corporation (VOXX) stock plummeted 6.79% in the premarket trading session at the price of $10.30 after announcing its earnings report for the second quarter and six months of fiscal 2022. VOXX is an international leader in Automotive Electronics and Consumer Electronics. It utilizes Biometrics technology to capitalize on the increased demand for advanced security.
VOXX Fiscal 2022 Second Quarter and Six-Months Financial Results
On 12th October 2021, VOXX published its earnings report for the fiscal 2022 second quarter and six months that ended 31st August 2021.
Chief Executive Officer of VOXX, Pat Lavelle, remarked that their team had performed an excellent job during this quarter. Their operations worked slightly better than the first half of fiscal 2021, with a $3.9 million gain in Adjusted EBITDA. They anticipate solid bottom-line performance, with additional R&D investments to advance their automotive OEM programs and EyeLock business.
During the time of chain constraints, VOXX has taken further steps to balance higher costs of doing business by providing more flexibility. New automotive OEM awards were greatly accepted and expanded distribution within their Premium Audio group. The acquisition of Onkyo’s A/V business and agreement with GalvanEyes for EyeLock’s biometrics products will provide avenues for business growth and enhance bottom-line performance, Lavelle continued.
Fiscal 2022 Second Quarter Financial Summary
VOXX reported net sales of $143.1 million for the fiscal 2022 second quarter ended 31st August 2021. It represents a gain of $15.1 million or 11.8% from $128.0 million in the fiscal 2021 second quarter ended 31st August 2020. For the three months ended 31st August 2021, the total net income was $1.8 million. The net income was $0.6 million for the three months ended 31st August 2020. The gross margin in the fiscal 2022 second quarter was 26.0%. For the same quarter of fiscal 2021, the gross margin was 29.7%. The company reported an operating loss of $2.7 million for the fiscal 2022 second quarter. Operating income was $8.5 million in the fiscal 2021 second quarter.
VOXX Fiscal 2022 Six-Month Results
VOXX reported net sales of $280.2 million in the fiscal 2022 six-month period ended 31st August 2021. A gain of $80.2 million or 40.1% from $200.0 million in the fiscal 2021 six-month period ended 31st August 2020. For the fiscal 2022 six-month period, the gross margin was 26.4% from 29.0% in the fiscal 2021 six-month period. Basic and diluted income per share attributable to VOXX was $0.12 in the fiscal 2022 six-month period.