VOXX International (VOXX) Misses Q4 EPS by 4c

VOXX International (NASDAQ: VOXX) reported Q4 EPS of $0.02, $0.04 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $186.9 million versus the consensus estimate of $191.4 million.

Automotive sales for the Fiscal 2015 first quarter were $102.4 million, a decline of 1.7% as compared to $104.2 million reported in the Fiscal 2014 first quarter, primarily as a result of a customer requested short-term suspension of an OEM program. The Company expects that this issue will have little or no effect on the second quarter. As anticipated, the Company's Venezuela operation continues to be negatively affected by the political situation in that country, and last year's first quarter included sales from two OEM customers that were not expected to repeat this year. Additionally, higher sales of the Company's Car Connection Telematics product, as well as continued improved tuner and antenna sales at VOXX Hirschmann offset some of the declines.

Premium Audio sales for the Fiscal 2015 first quarter were $35.2 million, a decline of 12.3% as compared to $40.2 million reported in the comparable year-ago period. The Company is gearing up for the second quarter launch of several new product lines and has purposely curtailed sales to some key retailers to make way for these new inventory load ins. Partially offsetting these declines were higher sales of cinema speaker products as the Company continues to see increased penetration in this market.

Consumer Accessories sales for the Fiscal 2015 first quarter were $49.1 million, an increase of 1.7% as compared to $48.3 million reported in the Fiscal 2014 first quarter. Increased sales in the Company's Mexican subsidiary combined with a business plan shift in that market fueled some of the growth. Additionally, higher sales of wireless and Bluetooth speakers, reception products, as well as higher sales in the Company's European markets also contributed to the increase, and were partially offset by the planned declines in sales of clock radios, digital voice recorders and MP3 players as the Company continues to exit these categories.

For earnings history and earnings-related data on VOXX International (VOXX) click here.

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