Business
Fox Factory Holding Corp. Announces Fourth Quarter and Fiscal 2020 Financial Results
Achieves Record Fourth Quarter Sales of $262.4 MillionReports Earnings per Diluted Share of $0.75Reports Adjusted Earnings per Diluted Share of
About this update from Fox Factory Holding Corp.
[{"type":"text","content":"Achieves Record Fourth Quarter Sales of $262.4 MillionReports Earnings per Diluted Share of $0.75Reports Adjusted Earnings per Diluted Share of $0.90Introduces Fiscal 2021 Guidance BRASELTON, Ga., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”) today reported financial results for the fourth quarter and fiscal year ended January 1, 2021. Fourth Quarter Fiscal 2020 Highlights Sales increased 41.2% to $262.4 million, compared to $185.9 million in the same period last fiscal yearGross margin decreased 30 basis points to 31.8%, compared to 32.1% in the same period last fiscal year; non-GAAP adjusted gross margin decreased 10 basis points to 32.0% compared to 32.1% in the same period last fiscal yearNet income attributable to FOX stockholders was $31.8 million, or 12.1% of sales and $0.75 of earnings per diluted share, compared to $22.5 million, or 12.1% of sales and $0.58 of earnings per diluted share in the same period last fiscal yearNon-GAAP adjusted net income was $38.2 million, or $0.90 of adjusted earnings per diluted share, compared to $25.4 million, or $0.65 of adjusted earnings per diluted share in the same period last fiscal yearAdjusted EBITDA was $51.2 million, or 19.5% of sales, compared to $34.4 million, or 18.5% of sales in the same period last fiscal year \"We are pleased to report record revenue and profitability in 2020, despite the numerous labor, supply chain, and production challenges created by the pandemic. This feat was only made possible because of our teams’ sheer resilience, dedication, and adaptability as we came back from the unprecedented global shut down, delivering back to back record quarters to wrap up 2020,\" commented Mike Dennison, FOX’s Chief Executive Officer. \"We feel optimistic about our prospects as we move into 2021 with solid business momentum, expanded OEM relationships, and enhanced production capabilities. We are excited about the growth opportunities ahead of us with our compelling and diversified performance-defining product offerings, expanding end user customer base, and world class team.\" Sales for the fourth quarter of fiscal 2020 were $262.4 million, an increase of 41.2% as compared to sales of $185.9 million in the fourth quarter of fiscal 2019. This increase in sales reflects a 44.6% increase in Specialty Sports Group sales,...