Voxx (NASDAQ:VOXX) earnings for the consumer electronics company’s fiscal fourth quarter of 2020 have its stock heading higher after markets closed on Monday. That’s due to its reporting adjusted earnings per share of 7 cents on revenue of $101.08 million.
Let’s take a deeper dive into the most recent Voxx earnings report blow.
- Adjusted earnings per share are much better than adjusted losses per share of 15 cents from the same time last year.
- Revenue for the quarter comes in 5.9% lower than the $107.46 million reported in the fiscal fourth quarter of 2019.
- Operating loss of $49.46 million is 20.1% wider year-over-year than a loss of $41.2 million.
- The Voxx earnings report also has net loss coming in at $41.82 million.
- That’s a 20.8% improvement compared to its $52.83 million loss in the same period of the year prior.
Pat Lavelle, president and CEO of Voxx, said this about the earnings results.
“Automotive net sales declined by approximately $47 million due to plant delays with our largest OEM customer and the end of life of a program with another OEM earlier than anticipated. The overall market also played a role as car sales have fallen and are expected to decline further this year.”
Voxx doesn’t include specific details for its fiscal 2021 outlook. However, the company does note it expects the year to start slow due to the novel coronavirus. Despite this, it is expecting growth and profitability for the fiscal year.
VOXX stock was up 4.2% in after-hours trading on Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.