Business
Fox Factory Holding Corp. Announces Fiscal First Quarter 2020 Financial Results
Achieves Record First Quarter Sales of $184.4 MillionReports Earnings per Diluted Share of $0.21 andAdjusted Earnings per Diluted Share of $0.52 BRASELTON,
About this update from Fox Factory Holding Corp.
[{"type":"text","content":"Achieves Record First Quarter Sales of $184.4 MillionReports Earnings per Diluted Share of $0.21 andAdjusted Earnings per Diluted Share of $0.52\n BRASELTON, Ga., May 06, 2020 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”) today reported financial results for the first quarter ended April 3, 2020. First Quarter Fiscal 2020 Highlights Sales increased 14.0% to $184.4 million, compared to $161.7 million in the same period last fiscal yearGross margin decreased 90 basis points to 30.7%, compared to 31.6% in the same period last fiscal year; Non-GAAP adjusted gross margin decreased 80 basis points compared to the same period last fiscal yearNet income attributable to FOX stockholders was $8.3 million, or 4.5% of sales and $0.21 of earnings per diluted share, compared to $18.1 million, or 11.3% of sales and $0.46 of earnings per diluted share in the same period last fiscal year Non-GAAP adjusted net income was $20.5 million, or $0.52 of adjusted earnings per diluted share, compared to $21.6 million, or $0.55 of adjusted earnings per diluted share in the same period last fiscal yearAdjusted EBITDA was $31.3 million, or 17.0% of sales, compared to $30.1 million, or 18.6% of sales in the same period last fiscal year “In an unprecedented operating environment, our global team has done a tremendous job to come together and support the needs of our customers,” commented Mike Dennison, FOX’s Chief Executive Officer. “The health and safety of our employees remains our number one priority, and we believe we are well positioned with our diversified business model to manage through these challenging times and emerge stronger. The resilience of our people, the power of the FOX brand and our performance-defining ride dynamics products combined with the strength of our valued OEM partners will continue to provide competitive advantages in the market as we move forward.” Sales for the first quarter of fiscal 2020 were $184.4 million, an increase of 14.0% as compared to sales of $161.7 million in the first quarter of fiscal 2019. This increase in sales reflects a 24.6% increase in Powered Vehicles Group sales and a 1.8% decrease in Specialty Sports Group sales. The increase in Powered Vehicles Group products is primarily due to the Ridetech and SCA acquisitions, and the continued success of its broad product lin...