VOXX Int'l (VOXX) Misses Q2 EPS by 26c

VOXX Int'l (NASDAQ: VOXX) reported Q2 EPS of ($0.18), $0.26 worse than the analyst estimate of $0.08. Revenue for the quarter came in at $154.2 million versus the consensus estimate of $159.54 million.

Pat Lavelle, President and CEO continued, "Our sales came in approximately $5 million below our forecast of $158-$160 million and our gross margins were in-line, however, lower sales in Premium Audio skewed our projected mix which affected overall margins. Our overhead, excluding the impairment charges, came in approximately $1.5 million higher than expected, though this was due primarily to timing as anticipated NRE funds in the second quarter were pushed back into the coming quarter. All in all, the business is progressing as we anticipated and we have a number of exciting programs and new product introductions on the horizon which will position us well. The launch of 360fly should help drive top-line sales, though the big push will be in Fiscal 2017 as we increase production and expand distribution. And lastly, our acquisition of a controlling stake in biometrics leader, EyeLock, puts us in a great position to capitalize in a rapidly expanding industry, as biometrics authentication continues to grow in popularity -- for smart devices, laptops, enterprise-wide applications and both logical and perimeter access security. We look forward to providing investors with updates on our progress in the coming quarters."

For earnings history and earnings-related data on VOXX Int'l (VOXX) click here.

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