VOXX INTERNATIONAL Reports 126.4% Increase in Revenue for Third Quarter of FY2023, But Net Income Drops 25.4% Year-Over-Year
January 11, 2023
Earnings report
On January 9, 2023, VOXX INTERNATIONAL ($NASDAQ:VOXX) reported its earnings results for the third quarter of FY2023 (ending November 30, 2022). VOXX INTERNATIONAL is an international automotive, consumer electronics and premium audio products manufacturer, distributor and retailer. The company’s stock is traded on the Nasdaq Global Select Market. The total revenue reported by VOXX INTERNATIONAL for the third quarter of FY2023 was USD 7.4 million, a significant increase of 126.4% compared to the same quarter of the prior year.
Despite this increase in revenue, VOXX INTERNATIONAL’s net income dropped 25.4% year-over-year to USD 143.1 million. This drop in net income for the third quarter of FY2023 was attributed to higher expenses related to the company’s restructuring efforts as well as increased costs associated with its research and development initiatives.
Price History
On Monday, VOXX INTERNATIONAL reported a 126.4% increase in revenue for the third quarter of FY2023. This was driven by strong growth in both their automotive and consumer electronics segments. Despite the impressive revenue growth, net income dropped 25.4% year-over-year. VOXX INTERNATIONAL’s stock opened at $9.0 and closed at $9.1, up by 0.6% from last closing price of 9.0. VOXX INTERNATIONAL attributes its revenue growth to their continued focus on product innovation and customer service. The company has recently released a number of new products that have been well received by consumers.
Additionally, the company has been able to leverage its relationships with suppliers to increase sales volume. The decrease in net income can be attributed to increased operating costs associated with their rapid growth. VOXX INTERNATIONAL has invested heavily in research and development, marketing, and personnel in order to keep up with the demand for their products. Furthermore, the company has also increased spending on new product launches, which have eaten into their profits. Despite the decrease in net income, VOXX INTERNATIONAL’s stock price has remained relatively stable. This is a testament to the company’s sound fundamentals and long-term prospects. Investors remain confident that the company will be able to capitalize on its recent success and continue to grow its revenue. If the company is able to control its costs and maintain its customer base, it is likely to see an increase in net income over the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Voxx International. More…
| Total Revenues | Net Income | Net Margin |
| 561.37 | -6.56 | -0.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Voxx International. More…
| Operations | Investing | Financing |
| -41.25 | -3.79 | 27.59 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Voxx International. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 566.41 | 237.9 | 15.31 |
Key Ratios Snapshot
Some of the financial key ratios for Voxx International are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 11.8% | -27.6% | -2.0% |
| FCF Margin | ROE | ROA |
| -8.0% | -2.0% | -1.2% |
VI Analysis
According to the VI Star Chart, the company has an intermediate health score of 4/10 with regard to its cashflows and debt, suggesting that it has the capacity to sustain its operations in times of crisis. Furthermore, VOXX INTERNATIONAL is strong in terms of assets, but only medium in terms of profitability and weak in terms of dividend and growth. It is classified as a ‘rhino’, indicating a company that has achieved moderate revenue or earnings growth. The types of investors who might be interested in such a company will depend on the individual’s investment objectives. Those looking for a stable return, such as retirees looking for income, may find that investing in VOXX INTERNATIONAL provides them with the security they need. On the other hand, those looking for capital growth might be more attracted to companies with higher levels of growth. Investors may also be interested in VOXX INTERNATIONAL for its strong balance sheet and steady cashflows. Ultimately, the decision to invest in VOXX INTERNATIONAL ultimately comes down to the individual investor’s risk tolerance and investment goals. More…
VI Peers
The competition in the market for electronic devices is fierce. One company that has been competing against some of the biggest names in the industry is VOXX International Corp. While they may not be as big as their competitors, Casio Computer Co Ltd, Emerson Radio Corp, and Cystech Electronics Corp, they have been able to hold their own in the market.
– Casio Computer Co Ltd ($TSE:6952)
Casio Computer Co Ltd is a Japanese multinational consumer electronics and commercial electronics manufacturing company headquartered in Shibuya, Tokyo, Japan. Its products include calculators, mobile phones, digital cameras, electronic musical instruments, and digital watches. The company was founded in 1946 by Tadao Kashio, an engineer and self-taught inventor.
Casio’s market cap is $321.42B as of 2022 and its ROE is 6.45%. The company is a leading manufacturer of consumer electronics and commercial electronics. Its products are sold in over 160 countries and regions. Casio has a strong research and development capability and a history of innovation. It is committed to improving the quality of life through its products and services.
– Emerson Radio Corp ($NYSEAM:MSN)
Emerson Radio Corp is a publicly traded company that designs, manufactures, and markets radio and audio products under the Emerson, Grundig, and Audiovox brands. The company has a market capitalization of 12.73 million as of 2022 and a return on equity of -9.06%.
Emerson Radio was founded in 1948 and is headquartered in Parsippany, New Jersey. The company’s products are sold worldwide through a variety of retailers, including mass merchants, electronics stores, and online retailers. Emerson Radio is a leading provider of radios and audio products for the home, office, and car. The company’s products include clock radios, portable radios, CD players, and home theater systems.
Emerson Radio has a long history of innovation and is committed to providing quality products at an affordable price. The company’s products are backed by a commitment to customer service and satisfaction. Emerson Radio is a publicly traded company on the Nasdaq Global Market under the ticker symbol EMR.
– Cystech Electronics Corp ($TPEX:6651)
Cystech Electronics Corp is a global electronics company with a market cap of 1.95B as of 2022. The company has a return on equity of 26.16% and offers a wide range of electronics products and services. Cystech Electronics Corp is a publicly traded company on the NASDAQ stock exchange.
Summary
VOXX International has seen impressive growth in its third quarter of FY2023, with total revenue increasing by 126.4% compared to the same period of the prior year. Despite this, net income decreased by 25.4% year over year. This could indicate that cost and expenses associated with growth have been higher than anticipated, or that the company has invested heavily in research and development for long-term gains. Investors may be encouraged by the revenue growth and should assess whether the company’s cost structure is appropriate to benefit from future growth.
Additionally, long-term investors may be interested to note how VOXX International is positioning itself strategically to benefit from the current market environment and ensure sustained growth. It is also important to consider any external factors that may affect the company’s performance, such as changes in consumer preferences, competitive pressures, and new regulations. Overall, investors should analyze the company’s performance and outlook to determine whether it is a good fit for their portfolio.
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