Business
Fox Factory Holding Corp. Announces First Quarter Fiscal 2023 Financial Results
Achieves Quarterly Sales of $399.9 MillionReports Earnings per Diluted Share of $0.98Reports Non-GAAP Adjusted Earnings per Diluted Share of $1.20 DULUTH,
About this update from Fox Factory Holding Corp.
[{"type":"text","content":"Achieves Quarterly Sales of $399.9 MillionReports Earnings per Diluted Share of $0.98Reports Non-GAAP Adjusted Earnings per Diluted Share of $1.20 DULUTH, Ga., May 04, 2023 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”) today reported financial results for the first quarter ended March 31, 2023. First Quarter Fiscal 2023 Highlights Sales increased 5.8% to $399.9 million, compared to $378.0 million in the same period last fiscal yearGross profit increased 10.8% to $133.3 million, compared to $120.3 million in the same period last fiscal year. Gross margin percentage increased 150 basis points to 33.3%, compared to 31.8% in the same period last fiscal year; non-GAAP adjusted gross margin percentage increased 180 basis points to 34.1%, compared to 32.3% in the same period last fiscal yearNet income was $41.8 million, or 10.4% of sales and $0.98 of earnings per diluted share, compared to $48.1 million, or 12.7% of sales and $1.13 of earnings per diluted share in the same period last fiscal yearNon-GAAP adjusted net income was $51.0 million, or $1.20 of non-GAAP adjusted earnings per diluted share, compared to $55.8 million, or $1.32 of non-GAAP adjusted earnings per diluted share in the same period last fiscal yearAdjusted EBITDA was $79.2 million, or 19.8% of sales, compared to $71.8 million, or 19.0% of sales in the same period last fiscal year “Thanks to our diversified product offerings and differentiated market position, we are pleased with our strong start to fiscal 2023 in a bumpy economic and demand environment. Our strong results were achieved despite shifting demand and changing product mix,” commented Mike Dennison, FOX’s Chief Executive Officer. \"We also closed the acquisition of Custom Wheel House on March 3, 2023, which showcases our commitment to acquiring companies that enable our vertical integration strategy.” Sales for the first quarter of fiscal 2023 were $399.9 million, an increase of 5.8%, as compared to sales of $378.0 million in the first quarter of fiscal 2022. This increase reflects a 35.0% increase in Powered Vehicles Group sales and a 30.0% decrease in Specialty Sports Group sales. The increase in Powered Vehicles Group sales is primarily due to increased demand in the original equipment manufacturer (\"OEM\") channel and strong performance in our upfitting product ...