LONDON, UK / ACCESSWIRE / January 18, 2018 / Active-Investors.com has just released a free earnings report on VOXX International Corp. (NASDAQ: VOXX) ("VOXX"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=VOXX. The Company reported its financial results on January 09, 2018, for the third quarter of the fiscal year 2018. The Orlando, Florida-based Company's continuing earnings per diluted share grew on a year-over-year basis to beat market forecasts. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, VOXX International most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the three months ended November 30, 2017, VOXX's net sales were $156.56 million, which came in lower than the $157.41 million reported in the prior year's same quarter. However, the Company's net sales numbers topped analysts' estimates of $150.00 million.
The consumer electronics maker posted a net income of $8.64 million, or $0.35 per diluted share, in Q3 FY18 versus $5.80 million, or $0.24 per diluted share, in the last year's comparable quarter. Meanwhile, the Company's net income from continuing operations stood at $7.48 million, or $0.37 per diluted share, during Q3 FY18 compared to $1.63 million, or $0.14 per diluted share, in Q3 FY17, outperforming analysts' expectations of $0.14 per diluted share.
Operating Metrics
In Q3 FY18, VOXX's gross profit was $41.52 million, or 26.5% of net sales, compared to a gross profit of $43.65 million, or 27.7% of net sales, in the year ago corresponding quarter. The Company's total operating expenses improved by $2.5 million, or 6.6% y-o-y, to $35.88 million during Q3 FY18 from $38.42 million in the previous year's comparable quarter. The Company reported an operating income of $5.64 million in Q3 FY18 compared to $5.23 million in Q3 FY17. Furthermore, VOXX's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) stood at $12.19 million during Q3 FY18 compared to $15.49 million in Q3 FY17.
Segment Results
VOXX's Automotive segment's sales declined $8.2 million, or 16.8% y-o-y, to $40.6 million in Q3 FY18 from $84.3 million in the prior year's same period. The Company attributed this decline to lower aftermarket sales of satellite radio products, offset by higher sales of aftermarket overhead and headrest product sales. The segment's gross margins fell 210 basis points to 23.5%, primarily due to lower OEM manufacturing sales.
The Company's Premium Audio segment's sales grew $0.6 million, or 1.1% y-o-y, to $57.4 million in Q3 FY18 from $56.8 million in Q3 FY17. The improved quarterly sales were attributed to higher European sales and higher sales of select home entertainment speaker lines during the period. Due to higher sales of home entertainment speakers and systems, the segment's gross margins improved 60 basis points to 33.4% in Q3 FY18.
The Company's Consumer Accessories segment's sales also grew by $7.0 million, or 13.7% y-o-y, to $58.5 million in Q3 FY18 from $51.4 million in the comparable quarter of the fiscal year 2017. The segment's sales improved during the quarter due to increased sales of project nursery products, Striiv activity tracking bands, wireless speakers, and reception products. However, the segments' gross margin declined by 190 basis points to 21.7% in the reported quarter, due to lower hookup product sales which carry higher gross margins.
Balance Sheet
VOXX reported a net inventory of $125.39 million as on November 30, 2017, versus $122.35 million as on the close of books on February 28, 2017. As on November 30, 2017, the Company had $37.51 million in cash and cash equivalents compared to $0.96 million as on February 28, 2017. Additionally, the Company reported a long-term debt of $8.58 million in its books as on November 30, 2017, versus $97.75 million as on February 28, 2017.
Stock Performance Snapshot
January 17, 2018 - At Wednesday's closing bell, VOXX International's stock rose 2.40%, ending the trading session at $6.40.
Volume traded for the day: 137.67 thousand shares.
Stock performance in the last month - up 13.27%; past twelve-month period - up 48.84%; and year-to-date - up 14.29%
After yesterday's close, VOXX International's market cap was at $157.50 million.
The stock is part of the Consumer Goods sector, categorized under the Auto Parts industry. This sector was up 1.0% at the end of the session.
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