VOXX International Corporation (NASDAQ:VOXX) reported second quarter earnings after the bell today, that beat street view.
On a GAAP basis, VOXX reported net loss of $ 20.8 million or 85 cents per share, compared with income of $ 17.11 million or 71 cents per share, a year ago period.
Excluding special items, the company announced adjusted earnings of $ 4.37 million or 18 cents per share.
Headquartered in Orlando, Florida, VOXX recorded net sales that decreased 4% to $ 108.87 million from $ 113.47 million in the same quarter last year.
Analysts polled by Thomson Reuters expected VOXX International to reveal loss of $ 0.02 per share on revenue of $ 114.00 million for the second quarter.
Pat Lavelle, President and CEO of VOXX International, stated, Automotive segment sales increased over 22% as newer OEM programs positively contributed to results. Premium Audio segment sales, while down slightly, were in line with our plan and gross margins came in 410 basis points higher year-over-year. A continued sales decline in Consumer Accessories this quarter caused us to take aggressive action to alter the segment’s course.