Business
Fox Factory Holding Corp. Announces First Quarter Fiscal 2021 Financial Results
Achieves Record First Quarter Sales of $281.1 MillionReports Earnings per Diluted Share of $0.90Reports Adjusted Earnings per Diluted Share of $1.05
About this update from Fox Factory Holding Corp.
[{"type":"text","content":"Achieves Record First Quarter Sales of $281.1 MillionReports Earnings per Diluted Share of $0.90Reports Adjusted Earnings per Diluted Share of $1.05 BRASELTON, Ga., May 06, 2021 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”) today reported financial results for the first quarter ended April 2, 2021. First Quarter Fiscal 2021 Highlights Sales increased 52.5% to $281.1 million, compared to $184.4 million in the same period last fiscal yearGross margin increased 410 basis points to 34.8%, compared to 30.7% in the same period last fiscal year; non-GAAP adjusted gross margin increased 410 basis points to 35.0% compared to 30.9% in the same period last fiscal yearNet income attributable to FOX stockholders was $38.0 million, or 13.5% of sales and $0.90 of earnings per diluted share, compared to $8.3 million, or 4.5% of sales and $0.21 of earnings per diluted share in the same period last fiscal yearNon-GAAP adjusted net income was $44.5 million, or $1.05 of adjusted earnings per diluted share, compared to $20.5 million, or $0.52 of adjusted earnings per diluted share in the same period last fiscal yearAdjusted EBITDA was $60.4 million, or 21.5% of sales, compared to $31.3 million, or 17.0% of sales in the same period last fiscal year \"Fox Factory delivered a third consecutive quarter of record sales. Our team continues to execute at the highest level, despite the meaningful supply chain challenges which exist across our business. Our performance in the first quarter displays the tenacity and adaptability of the superb team we are building at FOX,\" commented Mike Dennison, FOX’s Chief Executive Officer. \"I remain optimistic about our prospects in 2021 and beyond as we expect to continue to deliver impressive growth in a dynamic business environment.\" Sales for the first quarter of fiscal 2021 were $281.1 million, an increase of 52.5% as compared to sales of $184.4 million in the first quarter of fiscal 2020. This increase in sales reflects an 85.5% increase in Specialty Sports Group sales, and a 35.0% increase in Powered Vehicles Group sales. The increase in Specialty Sports Group products is primarily driven by increased demand in both the original equipment manufacturer (\"OEM\") and aftermarket channels. The increase in Powered Vehicles Group sales is primarily due to the aftermarket channe...