Business
Fox Factory Holding Corp. Announces Fourth Quarter and Fiscal 2021 Financial Results
Achieves Quarterly Sales of $342.3 Million Reports Earnings per Diluted Share of $0.89 Reports Non-GAAP Adjusted Earnings per Diluted Share of $1.06
About this update from Fox Factory Holding Corp.
[{"type":"text","content":"Achieves Quarterly Sales of $342.3 Million Reports Earnings per Diluted Share of $0.89 Reports Non-GAAP Adjusted Earnings per Diluted Share of $1.06 Introduces Fiscal 2022 Guidance DULUTH, Ga., Feb. 24, 2022 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”) today reported financial results for the fourth quarter and fiscal year ended December 31, 2021. Fourth Quarter Fiscal 2021 Highlights Sales increased 30.5% to $342.3 million, compared to $262.4 million in the same period last fiscal yearGross profit increased 28.5% to $107.3 million, compared to $83.5 million in the same period last fiscal year. Gross margin percentage decreased 50 basis points to 31.3%, compared to 31.8% in the same period last fiscal year; non-GAAP adjusted gross margin percentage decreased 40 basis points to 31.6% compared to 32.0% in the same period last fiscal yearNet income attributable to FOX stockholders was $37.7 million, or 11.0% of sales and $0.89 of earnings per diluted share, compared to $31.8 million, or 12.1% of sales and $0.75 of earnings per diluted share in the same period last fiscal yearNon-GAAP adjusted net income was $44.8 million, or $1.06 of non-GAAP adjusted earnings per diluted share, compared to $38.2 million, or $0.90 of non-GAAP adjusted earnings per diluted share in the same period last fiscal yearAdjusted EBITDA was $61.1 million, or 17.8% of sales, compared to $51.2 million, or 19.5% of sales in the same period last fiscal year \"I am pleased to report yet another year of record revenue and profitability in 2021, despite an incredibly volatile operating environment filled with numerous inflationary, labor, and supply chain challenges, which were only further exacerbated by the ongoing COVID-19 pandemic,” commented Mike Dennison, FOX’s Chief Executive Officer. “This year’s performance continues to demonstrate our team's ability to overcome obstacles while laying the foundation for our future success. We recently completed the acquisition of Shock Therapy, a high-performance suspension tuning services company located in Phoenix, Arizona. The addition of Shock Therapy fits seamlessly with our growth strategy by super-charging our services and off-road aftermarket businesses, while establishing a meaningful eco-system around our end consumers. We are optimistic about our prospects as we move int...