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.”