Shares of consumer electronics firm VOXX International (NASDAQ: VOXX) are surging premarket on Tuesday after the company reported strong fiscal third-quarter results.
VOXX’s net income for the third-quarter came in at $18.3 million or $0.74 per share compared to $2.2 million or $0.10 per share during the same period the previous year.
The company’s stock price is trading 60.74% higher premarket at $23.50, following Monday’s close at $14.75.
WELCOME BONUS - Free Share Bundle When You Invest £50!
Get up to £500 cashback for investing with IG.
“We delivered a very strong third quarter with all segments reporting higher sales and improved bottom-line performance,” said Pat Lavelle, President and CEO of VOXX.
“Within Automotive, demand for our EVOLVE rear-seat entertainment system with Amazon’s Fire TV continues to grow, with new OEM programs starting in our Fiscal 2022 second quarter, and the VSM and DEI acquisitions are fully integrated and performing well,” Lavelle added.
The company’s net sales for fiscal 2021 third-quarter ending November 30, 2020, were $201.1 million, a rise of $91 million or 82.6% compared to $110.1 million the previous year.
Within each segment, consumer electronics sales rose 74%, automotive electronics sales increased 105.1%, and biometric sales were up 148.6% due to sales pf its EXT and NXT products.