VOXX posted fantastic strong third-quarter results
VOXX International Corporation Reports Its Fiscal 2021 Third Quarter Financial Results
The entertainment systems specialist posted fantastic third-quarter results.
The maker of consumer electronics and automotive entertainment systems saw third-quarter sales rise 83% year over year to $201 million. Earnings jumped from $0.10 to $0.74 per share. Your average Wall Street analyst would have settled for earnings near $0.02 per share on revenue in the vicinity of $113 million.
Consumer electronics sales rose 74% to $80 million, driven by high consumer interest in premium audio products. A new distribution deal with Onkyo and Pioneer also contributed to this segment's rapid rise.
In the automotive electronics division, Voxx saw sales jump 105% higher to land at $62 million. This increase was powered by the recent acquisitions of Vehicle Safety Holdings and Directed Electronics Canada, with an assist from rear-seat entertainment systems and aftermarket security products.
The fledgling biosecurity segment posted sales of $300,000 as car makers started to take delivery of iris authentication systems from EyeLock, a Voxx subsidiary.
Voxx CEO Pat Lavelle expects demand for the EyeLock iris-scanning security tools to rise exponentially.
The stock trades at multi-year highs today with the backing of healthy financial results. Growth investors should keep an eye on this exploding turnaround story.
www.fool.com/in...-soaring-today/?source=ept...
The entertainment systems specialist posted fantastic third-quarter results.
The maker of consumer electronics and automotive entertainment systems saw third-quarter sales rise 83% year over year to $201 million. Earnings jumped from $0.10 to $0.74 per share. Your average Wall Street analyst would have settled for earnings near $0.02 per share on revenue in the vicinity of $113 million.
Consumer electronics sales rose 74% to $80 million, driven by high consumer interest in premium audio products. A new distribution deal with Onkyo and Pioneer also contributed to this segment's rapid rise.
In the automotive electronics division, Voxx saw sales jump 105% higher to land at $62 million. This increase was powered by the recent acquisitions of Vehicle Safety Holdings and Directed Electronics Canada, with an assist from rear-seat entertainment systems and aftermarket security products.
The fledgling biosecurity segment posted sales of $300,000 as car makers started to take delivery of iris authentication systems from EyeLock, a Voxx subsidiary.
Voxx CEO Pat Lavelle expects demand for the EyeLock iris-scanning security tools to rise exponentially.
The stock trades at multi-year highs today with the backing of healthy financial results. Growth investors should keep an eye on this exploding turnaround story.
www.fool.com/in...-soaring-today/?source=ept...