VOXX Int'l (NASDAQ: VOXX) reported Q2 EPS of $0.30, versus ($0.24) reported last year. Revenue for the quarter came in at $128 million versus the consensus estimate of $107 million.

Fiscal 2021 and Fiscal 2020 Second Quarter Financial Comparisons

Net sales in the Fiscal 2021 second quarter ended August 31, 2020 were $128.0 million, an increase of $37.8 million or 41.9%, as compared to $90.2 million in the Fiscal 2020 second quarter ended August 31, 2019.

• Consumer Electronics segment net sales were $95.0 million as compared to $63.0 million, an increase of $32.0 million or 50.7%. Premium Audio product sales of $69.3 million increased by $31.2 million or 81.8%, as compared to $38.1 million, driven by higher sales of premium home theater systems, subwoofers, and the newly introduced premium wireless computer speaker systems, as well as expanded distribution and new product introductions. Other consumer electronics product sales of $25.7 million increased by $0.8 million or 3.1%, as compared to $24.9 million, due to higher demand for and sales of hook-up and Do It Yourself ("DIY") products.
• Automotive Electronics segment net sales were $32.6 million as compared to $26.8 million, an increase of $5.8 million or 21.6%. OEM product sales of $10.7 million declined by $1.1 million or 9.3%, primarily due to plant closures at several of the Company's OEM customers and related volume of car sales. Aftermarket product sales of $21.9 million increased by $6.9 million or 45.8%, primarily driven by the Directed and Vehicle Safety Holdings Corp. ("VSHC") acquisitions and an increase in remote start sales due to pent-up demand.
• Biometrics segment sales of $0.3 million were essentially flat for the comparable periods, or up 3.5%.

Commenting on the Company's results, Pat Lavelle, President and Chief Executive Officer of VOXX International Corporation stated, "We had a strong second quarter, both in terms of sales and profitability and our outlook looks promising. Premium audio product sales are growing and should increase significantly with expanded distribution, our new alliance with Onkyo and Pioneer, and new products coming to market. Our aftermarket Automotive business is growing due to the acquisitions we made, both of which are progressing well. During the quarter, we were awarded an additional $30 million in new OEM business, bringing the total to over $400 million in new business awarded over the past approximately three quarters. While near-term, the global car market remains challenged, with these new awards that range between three to five years, and some as long as ten years, we see the potential to double our automotive business in the next three years."

Lavelle continued, "Interest in EyeLock products continues to intensify given the challenges with other modalities in light of the global pandemic. During the quarter, we were notified that we were awarded the healthcare program which we have previously spoken about. And, as part of the strategic process we began for EyeLock, we have a number of interested parties and are evaluating options to determine the best fit for VOXX and our shareholders. Overall, momentum is building, we are executing on our strategy, and our balance sheet remains strong. Barring any unforeseen events, the second half of Fiscal 2021 should generate significant top- and bottom-line improvements."

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