Business
Fox Factory Holding Corp. Announces Third Quarter Fiscal 2020 Financial Results
Achieves Record Third Quarter Sales of $260.7 MillionGross Margin Increases 130 Basis Points to 34.3%Reports Earnings per Diluted Share of $0.90Record
About this update from Fox Factory Holding Corp.
[{"type":"text","content":"Achieves Record Third Quarter Sales of $260.7 MillionGross Margin Increases 130 Basis Points to 34.3%Reports Earnings per Diluted Share of $0.90Record Adjusted Earnings per Diluted Share of $1.07Reinitiates Fiscal 2020 Guidance\n BRASELTON, Ga., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”) today reported financial results for the third quarter and nine months ended October 2, 2020. Third Quarter Fiscal 2020 Highlights Sales increased 23.4% to $260.7 million, compared to $211.3 million in the same period last fiscal yearGross margin increased 130 basis points to 34.3%, compared to 33.0% in the same period last fiscal year; non-GAAP adjusted gross margin increased 110 basis points to 34.5% compared to the same period last fiscal yearNet income attributable to FOX stockholders was $38.0 million, or 14.6% of sales and $0.90 of earnings per diluted share, compared to $29.5 million, or 14.0% of sales and $0.75 of earnings per diluted share in the same period last fiscal year Non-GAAP adjusted net income was $45.4 million, or $1.07 of adjusted earnings per diluted share, compared to $32.7 million, or $0.83 of adjusted earnings per diluted share in the same period last fiscal yearAdjusted EBITDA was $60.1 million, or 23.1% of sales, compared to $43.6 million, or 20.6% of sales in the same period last fiscal year \"Our record third quarter results demonstrate not only the success of our superior products but also the phenomenal resilience and execution by our entire global team. With swift allocation of resources, we were able to take advantage of the strong demand trends within our end markets, while still driving gross margin improvement amid an uncertain and complex manufacturing environment\" commented Mike Dennison, FOX’s Chief Executive Officer. \"The FOX brand is resonating with consumers who are seeking innovative products with high performance and industry defining capabilities, which is evident in the exceptional 32% revenue growth of our Specialty Sports Group. FOX’s premium brand positioning is a key differentiator for OEM partners and aftermarket enthusiasts, and our Powered Vehicles Group is the beneficiary of our long heritage as an industry pioneer. Based on the strength of our year-to-date results and our expectation for momentum to continue through the fourth quarte...