VOXX International announced its financial results for its Fiscal 2024 third quarter ended November 30, 2023.
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Net sales in the Fiscal 2024 third quarter ended November 30, 2023, were $135.3 million as compared to $143.1 million in the Fiscal 2023 third quarter ended November 30, 2022, a decrease of $7.8 million or 5.4%.
On a sequential basis as compared to the Fiscal 2024 second quarter, net sales increased by $21.6 million or 19.0%.
Automotive Electronics segment net sales in the Fiscal 2024 third quarter were $35.9 million as compared to $48.6 million in the comparable year-ago period, a decrease of $12.6 million or 26.0%.
For the same comparable periods, OEM product sales were $10.0 million as compared to $19.1 million and aftermarket product sales were $25.9 million as compared to $29.4 million.
The decline in year-over-year sales was primarily related to lower sales of OEM and aftermarket rear-seat entertainment products and aftermarket security products, partially offset by an increase in satellite radio products.
Consumer Electronics segment net sales in the Fiscal 2024 third quarter were $100.0 million as compared to $94.1 million in the comparable year-ago period, an increase of $5.9 million or 6.2%.
For the same comparable periods, Premium Audio product sales were $79.9 million as compared to $73.5 million and other consumer electronics ("CE") product sales were $20.1 million as compared to $20.6 million.
The increase in Premium Audio product sales was primarily related to higher sales of premium home theater speakers and wireless speakers domestically and internationally, offset by lower sales domestically of Onkyo and Pioneer products.
Other CE product sales for the comparable periods declined across various categories primarily due to retail softness and global economic challenges, partially offset by higher sales of domestic accessory products driven by the launch of new RCA hearing aid products.
Biometrics segment net sales in the Fiscal 2024 third quarter were $0.1 million as compared to $0.3 million in the comparable year-ago period, with the decline primarily related to a large one-time sale during the prior year period that did not repeat in the current year.
The gross margin in the Fiscal 2024 third quarter was 26.9% as compared to 26.0% in the Fiscal 2023 third quarter, an increase of 90 basis points. Gross margin improved by 170 basis points on a sequential basis when compared to the Fiscal 2024 second quarter. ■