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VOXX International Q3 net sales increased 82.6%

Christian Fernsby |
VOXX International Corporation yesterday announced financial results for its fiscal 2021 third quarter ended November 30, 2020.

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Topics: VOXX INTERNATIONAL   

Net sales in the Fiscal 2021 third quarter ended November 30, 2020 were $201.1 million, an increase of $91.0 million or 82.6%, as compared to $110.1 million in the Fiscal 2020 third quarter ended November 30, 2019.

Consumer Electronics segment net sales were $139.0 million as compared to $79.9 million, an increase of $59.1 million or 74.0%.

The year-over-year growth was driven by higher premium audio product sales, which increased by $59.4 million or 111.6%.

Higher sales of premium wireless computer speaker systems and premium mobility products, expanded retail distribution, and sales from the new distribution agreement with Onkyo and Pioneer Corporation drove the significant year-over-year increase.

Other consumer electronics product sales of $26.4 million declined by $0.3 million or 1.1%, as compared to $26.7 million.

Automotive Electronics segment net sales were $61.5 million as compared to $30.0 million, an increase of $31.5 million or 105.1%.

OEM product sales of $14.1 million increased by $3.5 million or 32.6%.

Aftermarket product sales of $47.4 million increased by $28.0 million or 144.9%.

The year-over-year growth within the segment was primarily driven by the Vehicle Safety Holding Corp. ("VSM") and Directed, LLC and Directed Electronics Canada Inc. ("Directed" or "DEI") acquisitions, as well as higher sales of OEM rear-seat entertainment systems and aftermarket security and remote start products. Biometrics segment sales of $0.3 million were up $0.2 million or 148.6% due to higher sales of EXT and NXT products.

The gross margin in the Fiscal 2021 third quarter was 28.9%, up 30 basis points compared to the prior fiscal year period.

Driving the year-over-year increase was a 560-basis point gross margin improvement in the Automotive Electronics segment, primarily from the acquisitions of VSM and DEI, higher sales of higher margin aftermarket remote start and security products, and an increase in sales of OEM rear-seat entertainment systems.

This was partially offset by a 180-basis point gross margin decline in the Consumer Electronics segment, primarily due to premium audio product mix, holiday promotions, and certain product line close-outs in light of new premium audio products coming to market.

While Consumer Electronics segment gross margin declined year-over-year, gross profit increased by $16.5 million or 64.3%.

Biometrics segment margins increased for the comparable period but the overall impact was minimal.


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