VOXX International Corp (NASDAQ:VOXX) stock plunges 18.24% (As on July 11, 11:53:21 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the first quarter of FY 24. Automotive Electronics segment net sales in the Fiscal 2024 first quarter were $38.4 million as compared to $39.6 million in the comparable year-ago period, a decrease of $1.2 million or 3.0%. For the same comparable periods, OEM product sales were $20.3 million as compared to $16.7 million, an increase of $3.6 million and aftermarket product sales were $18.1 million as compared to $22.9 million, a decline of $4.7 million. Higher OEM product sales were driven by increases in rear-seat entertainment programs with Ford, Stellantis and Nissan. This was offset by lower OEM and aftermarket sales of security products, which includes remote starts and telematics products, among other aftermarket declines, primarily related to limited vehicle availability, ongoing supply chain shortages and a slowing in the economy. Consumer Electronics segment net sales in the Fiscal 2024 first quarter were $73.3 million as compared to $88.9 million in the comparable year-ago period, a decrease of $15.6 million or 17.5%. For the same comparable periods, Premium Audio product sales were $47.6 million as comparted to $69.9 million, a decline of $22.3 million, and other consumer electronics (“CE”) product sales were $25.7 million as compared to $19.0 million, an increase of $6.7 million. The decline in Premium Audio product sales was across the majority of categories both domestically and internationally due to a slowing of economies and a decrease in consumer spending. The increase in other CE product sales was primarily driven by higher European accessory sales related to the Company’s new balcony solar power products, and higher sales of wireless accessory speakers in North America. Biometrics segment gross margin of 48.0% as compared to 24.3% in the comparable year-ago period.

VOXX in the first quarter of FY 24 has reported the adjusted loss per share of 45 cents, missing the analysts’ estimates for the adjusted earnings per share by 23 cents. The company had reported 13.1 percent decline in the adjusted revenue to $111.93 million in the first quarter of FY 24, missing the analysts’ estimates for revenue by $10.4 million. The Company reported an operating loss in the Fiscal 2024 first quarter of $11.4 million as compared to an operating loss of $6.7 million in the comparable Fiscal 2023 first quarter. Net loss attributable to VOXX International Corporation in the Fiscal 2024 first quarter was $10.7 million as compared to a net loss attributable to VOXX International Corporation of $6.5 million in the comparable Fiscal 2023 period.