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VOXX International holds out hope after missing first-quarter estimates

The company expects new programs and products to boost growth in the second half of the year
The consumer electronics company missed Wall Street estimates on earnings and revenue

VOXX International Corporation (NASDAQ:VOXX) announced lower-than-expected first-quarter earnings but sees a silver lining for the second quarter.

The consumer electronics company reported a loss of US$0.04 per share on revenue of US$100.86mln compared with a loss of US$0.03 per share on revenue of US$114.82mln in the previous year’s first quarter.

The Florida-based company missed Wall Street estimates of flat earnings on revenue of $122.24mln.

"The steps we have taken to realign operations and lower fixed costs are taking hold as losses were reduced year-over-year and further improvements are expected. While sales declined, this was anticipated,” said CEO Pat Lavelle.

The CEO expects new programs and product launches to translate into top-line growth in the second half of the year.

The company’s product portfolio includes consumer electronics as well as automotive products, premium audio products and other accessories like universal remotes and clock radios.

Shares of the electronics company fell nearly 10% to US$5.35 in Wednesday morning trading.

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