Voxx reports Q3 EPS 8c vs. 30c last year

Reports Q3 revenue $135.26M vs. $143.05M last year. Commenting on the Company’s results and business outlook, Pat Lavelle, CEO stated, “For the Q3 comparisons, our gross margins grew by 90 basis points and our operating expenses improved by over 2%, resulting in operating income comparable with the prior year period, despite lower sales. The market remained challenging, especially at retail, and the UAW strike adversely impacted our Automotive business as well during the quarter. We see the economy slowing and we’re taking steps to mitigate any further risk, while at the same time, have introduced several new products in new categories that are growing, with an impressive product line-up and a strong customer base in place as we enter calendar year 2024. We expect some continued softness near-term but believe conditions should improve throughout 2024 and into our FY25.”