VOXX International Corporation (NASDAQ: VOXX), parent company of several well-known brands including Klipsch, Onkyo, Pioneer, Integra and Pioneer Elite in its Premium Audio Co. and 11 Trading Company subsidiaries, reported strong annual revenues for its fourth quarter 2022 and full fiscal year. Overall, VOXX, which also has a strong presence automotive electronics, reported revenue growth of 13% to $635.9 million, up from $563.6 million in fiscal year 2021 (which ends at the end of February).
Specific to the custom electronics industry, VOXX’s Consumer Electronics segment had net sales in Fiscal 2022 of $433.9 million as compared to $398.3 million in the comparable Fiscal 2021 period, an increase of $35.7 million or 9.0%. Digging even deeper, the company’s wholly-owned subsidiary Premium Audio product sales were $344 million as compared to $299.9 million, an increase of $44.1 million or 14.7%.
Other Consumer Electronics product sales within the segment were $89.9 million as compared to $98.4 million, a decrease of $8.4 million or 8.6%. Driving the year-over-year increase was a $45.7 million increase in sales within the 11TC subsidiary, higher sales of wireless accessory products, and higher premium audio product and accessory sales in Europe. Industrywide chip and part shortages, along with global supply chain constraints adversely impacted sales for both the Fiscal 2022 and Fiscal 2021 periods.
For Q4, the company’s Consumer Electronics segment had net sales of $113.1 million as compared to $109.7 million in the comparable year-ago period, an increase of $3.4 million or 3.1%. Premium Audio product sales were $91.4 million as compared to $83.4 million for the quarter, and other CE product sales were $21.7 million as compared to $26.3 million. Driving the year-over-year growth were higher sales within the 11 Trading Company subsidiary, which increased by $20.2 million.
Pat Lavelle, President and Chief Executive Officer stated, “We experienced one of the most challenging years in our history due to global supply chain disruptions, and still delivered revenue growth of close to 13% and Adjusted EBITDA of nearly $40 million. I’m proud of the VOXX team and how they performed and especially pleased with their ongoing support of our customers. During Fiscal 2022, we acquired the Onkyo and Integra brands for consumer electronics products and formed a joint venture with Sharp Corporation, established a licensing and distribution agreement with Pioneer, added new brands at 11TC, and continued to win new, long-term Automotive OEM awards. Since year-end, we’ve added substantial OEM business, all of which fuels our long-term optimism. “
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Lavelle continued, “Chip shortages and the ongoing impact to OEM production remains the #1 obstacle near-term. With that said, the opportunities to drive both top- and bottom-line growth throughout our business has never been stronger as we look out over the next few years. We will remain diligent in our capital allocation plans while continuing to invest in innovation to expand market share and our reach.”
The company recently issued a statement to clarify its independence from the bankruptcy announced by Onkyo Home Entertainment in Japan.