VOXX Int'l (VOXX) Reports Q3 EPS of $0.50, Revenues Miss

VOXX Int'l (NASDAQ: VOXX) reported Q3 EPS of $0.50, versus $0.37 reported last year. Revenue for the quarter came in at $129.6 million versus the consensus estimate of $143 million.

Pat Lavelle, President and CEO of VOXX International Corporation stated, "The steps we have and continue to take to improve gross margins and lower expenses resulted in a modest improvement in operating income, despite a $27 million reduction in sales. We have begun taking aggressive actions to restructure our Consumer Accessories segment and realign our international Premium Audio segment; actions we believe will result in a stronger and more profitable company going forward. We are focusing R&D resources to develop unique product solutions that will help VOXX expand sales in new and growing categories. Further, our balance sheet continues to improve as evidenced by the increase in our cash position and lower debt position compared to the Fiscal 2019 second quarter. We will be providing updates on our strategy and financial expectations as a result of the changes underway over the next quarter. All of us at VOXX with the support of our Board are focused on doing what is necessary to improve shareholder value."

For earnings history and earnings-related data on VOXX Int'l (VOXX) click here.

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