: Voxx shares drop 20% following surprise loss


Voxx International Corp. VOXX, -0.25% shares dropped in the extended session Monday after the auto and consumer electronics supplier surprised with a deep loss for the quarter. Voxx shares fell 20% after hours, following a 0.3% decline in the regular session to close at $12. The Orlando-based company reported a fourth-quarter loss of $18.1 million, or 80 cents a share, versus net income of $2.5 million, or 11 cents a share, in the year-ago period. Revenue fell to $136.5 million from $163.9 million in the year ago period. Analysts surveyed by FactSet had forecast net income of 4 cents a share on revenue of $123.4 million. “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,” said Pat Lavelle, Voxx chief executive, in a statement. “We’re anticipating continued softness in the global economy and at retail, though chip availability has improved which should positively impact our automotive business.”

This article was originally published by Marketwatch.com. Read the original article here.

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