Shares of VOXX International Corp. (NASDAQ: VOXX) tanked in pre-market trading at the time of writing on Tuesday after the consumer electronics company swung to a loss in the fiscal fourth quarter of $19.3 million versus a net income of $2.8 million in the same period last year. Voxx reported a loss of $0.80 per share in Q4 versus earnings of $0.11 per share in the same period last year while analysts were expecting earnings of $0.04 per share.
The company posted net sales in Q4 of $136.5 million, a decline of 16.7% year-over-year.
Pat Lavelle, Voxx’s CEO termed FY23 as “a challenging year.” Lavelle added, “From inflation, fears of recessions across the globe, the retail environment and ongoing supply chain constraints, we faced a myriad of roadblocks this year and our results came in lower than expected. We’re anticipating continued softness in the global economy and at retail, though chip availability has improved which should positively impact our Automotive business.”
VOXX stock has surged by more than 40% year-to-date.
