Voxx (NASDAQ:VOXX) earnings for the consumer electronics company’s fiscal first quarter of 2021 have VOXX stock falling after-hours Friday. This is due to it reporting diluted losses per share of 34 cents on revenue of $72 million.
Here are some additional highlights from the most recent Voxx earnings report.
- Diluted per-share losses are 580% worse than its 5-cent loss from the fiscal first quarter of 2020.
- Revenue for the quarter is sitting 23% lower than the $93.5 million reported in the same period of the year prior.
- Operating loss of $7.9 million is 11.3% wider year-over-year from a loss of $7.1 million.
- The Voxx earnings report also includes a net loss of $8.3 million.
- That’s a 654.6% increase in net loss as compared to $1.1 million from the same time last year.
Pat Lavelle, president and CEO of Voxx, said this about the earnings report.
“Our Fiscal 2021 first quarter results were affected by the COVID-19 global pandemic, with the biggest impact on our Automotive Electronics segment as several of our OEM customers were forced to shut their plants in March, and car dealerships and retail outlets that carry our aftermarket products were closed throughout most of the quarter.”
Voxx doesn’t discuss an outlook for its fiscal 2021 year in its earnings report. The company plans to hold a conference call at 10:00 a.m. Eastern Time on Monday to go over the results. That call will be available via webcast or calling in.
VOXX stock was down 1.2% after markets closed on Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/07/voxx-earnings-drop-voxx-stock/.
©2020 InvestorPlace Media, LLC
Written by William White.
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