Voxx International,
which employs over 200 people near Lake Nona, sees its stock price skyrocket after a positive earnings report.
A Voxx International Corporation executive had a decidedly different take than most on the country’s harsh weather during a conference call related to the company’s earnings on Wednesday.
President and CEO Pat Lavelle said that a cold-weather surge throughout the country means good news for the company’s line of remote starters for automobiles.
The product, he said, “is doing well and should continue to perform given the harsh weather conper ditions throughout the U.S.”
The Orlando-based company, which employs more than 200 people near Lake Nona, timed a string of news releases around the popular Consumer Electronics Show in Las Vegas, along with an earnings call that factored in a sale of one of its divisions last year.
Voxx sold its Hirschmann Car Communications division Aug. 31 for $177 million. That income allowed the company to pay down much of its debts, Lavelle said.
On Wednesday, the company’s stock jumped from a $5.55 per share close on Tuesday to $6.95 share as the opening bell rung. It leveled off and closed at $6.50 on Wednesday.
Overall, Voxx reported $115 million in sales for the quarter that ended Nov. 30. That was up slightly from the $113 million in sales during the same quarter in 2016.
That helped the company boost its net income to $7.1 million from $3.9 million.
Since Monday, Voxx has sent out more than a dozen product announcements as the company makes its way through the Consumer Electronics Show, one of the largest tech conferences in the world.
The range of items showcases Voxx’s diversity, as they include wireless earphones, home speakers, and the first-ever baby monitor that implements Amazon’s smart-home service Alexa.
A smart mirror with built-in high-definition video recorder and wireless backup camera for automobiles also debuted. That device won a CES Innovations Award.