Business
Fox Factory Holding Corp. Announces Fourth Quarter and Record Fiscal 2019 Financial Results
Fourth Quarter 2019 Sales Increased 18.5% to $185.9 MillionAchieves Earnings per Diluted Share of $0.58 Exceeds Guidance with Adjusted Earnings per Diluted
About this update from Fox Factory Holding Corp.
[{"type":"text","content":"Fourth Quarter 2019 Sales Increased 18.5% to $185.9 MillionAchieves Earnings per Diluted Share of $0.58 Exceeds Guidance with Adjusted Earnings per Diluted Share of $0.65Company Introduces Fiscal 2020 Guidance\n BRASELTON, Ga., March 03, 2020 (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 3, 2020. Fourth Quarter Fiscal 2019 Highlights Sales increased 18.5% to $185.9 million compared to $156.8 million in the same period last fiscal yearGross margin decreased 40 basis points to 32.1% compared to 32.5% in the same period last fiscal yearNet income attributable to FOX stockholders was $22.5 million, or 12.1% of sales and $0.58 of earnings per diluted share, compared to $20.1 million, or 12.8% of sales and $0.52 of earnings per diluted share in the same period last fiscal year Non-GAAP adjusted net income was $25.4 million, or $0.65 of adjusted earnings per diluted share, compared to $22.5 million, or $0.58 of adjusted earnings per diluted share in the same period last fiscal yearAdjusted EBITDA was $34.4 million, or 18.5% of sales, compared to $29.8 million, or 19.0% of sales in the same period last fiscal year “We are pleased with our strong finish to fiscal 2019 from both our Powered Vehicles and Specialty Sports Groups. Our solid growth enabled us to generate record annual sales and profitability above our expectations,” commented Mike Dennison, FOX’s Chief Executive Officer. “We believe we are entering fiscal 2020 with solid business momentum and are excited about the growth opportunities ahead of us with our diversified product offerings and differentiated market position. We remain on track to complete our previously announced acquisition of SCA late in the first quarter of fiscal 2020.” Sales for the fourth quarter of fiscal 2019 were $185.9 million, an increase of 18.5% as compared to sales of $156.8 million in the fourth quarter of fiscal 2018. This increase in sales reflects a 24.2% increase in Powered Vehicles Group sales and an 11.3% increase in the sales of Specialty Sports Group products. The increase in Powered Vehicles Group products is primarily due to the continued success of its product lineup, particularly in the OEM channel. The increase in sales of Specialty Sports Group products reflects...