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Why VOXX International (VOXX) Stock Is Plummeting On Thursday Afternoon

NEW YORK (TheStreet) --Shares of VOXX International Corp. (VOXX - Get Report) are falling -12.13% to $7.75 in after-hours trading on Thursday following the company's report that its fiscal 2015 first quarter net income was $0.5 million, or 2 cents per diluted share, compared to $2.1 million, or 9 cents per diluted share for the comparable period last year.

The international distributor operating in the automotive, audio, and consumer accessory industries, posted a 3.1% decline in net sales for the most recent quarter to $186.9 million, from $193 million for the fiscal 2014 first quarter.

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Separately, TheStreet Ratings team rates VOXX INTERNATIONAL CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate VOXX INTERNATIONAL CORP (VOXX) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. At the same time, however, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • Although VOXX's debt-to-equity ratio of 0.27 is very low, it is currently higher than that of the industry average. Along with the favorable debt-to-equity ratio, the company maintains an adequate quick ratio of 1.15, which illustrates the ability to avoid short-term cash problems.
  • VOXX, with its decline in revenue, underperformed when compared the industry average of 12.4%. Since the same quarter one year prior, revenues slightly dropped by 9.5%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.
  • VOXX INTERNATIONAL CORP has experienced a steep decline in earnings per share in the most recent quarter in comparison to its performance from the same quarter a year ago. The company has reported a trend of declining earnings per share over the past two years. However, the consensus estimate suggests that this trend should reverse in the coming year. During the past fiscal year, VOXX INTERNATIONAL CORP swung to a loss, reporting -$1.09 versus $0.96 in the prior year. This year, the market expects an improvement in earnings ($0.77 versus -$1.09).
  • The gross profit margin for VOXX INTERNATIONAL CORP is currently lower than what is desirable, coming in at 30.47%. It has decreased from the same quarter the previous year. Along with this, the net profit margin of -26.20% is significantly below that of the industry average.
  • The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Distributors industry. The net income has significantly decreased by 577.4% when compared to the same quarter one year ago, falling from $10.27 million to -$49.03 million.
  • You can view the full analysis from the report here: VOXX Ratings Report
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