Business
Fox Factory Holding Corp. Announces First Quarter Fiscal 2022 Financial Results
Achieves Record Quarterly Sales of $378.0 MillionReports Record Earnings per Diluted Share of $1.13Reports Record Non-GAAP Adjusted Earnings per Diluted Share
About this update from Fox Factory Holding Corp.
[{"type":"text","content":"Achieves Record Quarterly Sales of $378.0 MillionReports Record Earnings per Diluted Share of $1.13Reports Record Non-GAAP Adjusted Earnings per Diluted Share of $1.32 DULUTH, Ga., May 05, 2022 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”) today reported financial results for the first quarter ended April 1, 2022. First Quarter Fiscal 2022 Highlights Sales increased 34.4% to $378.0 million, compared to $281.1 million in the same period last fiscal yearGross profit increased 22.8% to $120.3 million, compared to $97.9 million in the same period last fiscal year. Gross margin percentage decreased 300 basis points to 31.8%, compared to 34.8% in the same period last fiscal year; non-GAAP adjusted gross margin percentage decreased 270 basis points to 32.3% compared to 35.0% in the same period last fiscal yearNet income was $48.1 million, or 12.7% of sales and $1.13 of earnings per diluted share, compared to $38.0 million, or 13.5% of sales and $0.90 of earnings per diluted share in the same period last fiscal yearNon-GAAP adjusted net income was $55.8 million, or $1.32 of non-GAAP adjusted earnings per diluted share, compared to $44.5 million, or $1.05 of non-GAAP adjusted earnings per diluted share in the same period last fiscal yearAdjusted EBITDA was $71.8 million, or 19.0% of sales, compared to $60.4 million, or 21.5% of sales in the same period last fiscal year “We are pleased to report record revenue and profitability in the first quarter of 2022. This accomplishment reflects the focus and continued execution of our people and FOX’s strategic initiatives while responding to various ongoing macro challenges,\" commented Mike Dennison, FOX’s Chief Executive Officer. “Our immediate goal is the optimization of our Gainesville facility and while we saw improvements in productivity late in the quarter, we have significant work remaining to deliver our expected results. In addition, while inflation and supply chain challenges continue to pose obstacles, I am confident in our world-class team to continue to constructively drive the business toward our 2025 objectives.” Sales for the first quarter of fiscal 2022 were $378.0 million, an increase of 34.4% as compared to sales of $281.1 million in the first quarter of fiscal 2021. This increase reflects a 43.5% increase in Specialty Sports Group sales...