Business
Fox Factory Holding Corp. Announces Third Quarter Fiscal 2021 Financial Results
Achieves Record Quarterly Sales of $347.4 MillionReports Earnings per Diluted Share of $1.03Reports Non-GAAP Adjusted Earnings per Diluted Share of $1.19
About this update from Fox Factory Holding Corp.
[{"type":"text","content":"Achieves Record Quarterly Sales of $347.4 MillionReports Earnings per Diluted Share of $1.03Reports Non-GAAP Adjusted Earnings per Diluted Share of $1.19 DULUTH, Ga., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”) today reported financial results for the third quarter ended October 1, 2021. Third Quarter Fiscal 2021 Highlights Sales increased 33.3% to $347.4 million, compared to $260.7 million in the same period last fiscal yearGross margin decreased 90 basis points to 33.4%, compared to 34.3% in the same period last fiscal year; non-GAAP adjusted gross margin decreased 70 basis points to 33.8% compared to 34.5% in the same period last fiscal yearNet income attributable to FOX stockholders was $43.8 million, or 12.6% of sales and $1.03 of earnings per diluted share, compared to $38.0 million, or 14.6% of sales and $0.90 of earnings per diluted share in the same period last fiscal yearNon-GAAP adjusted net income was $50.5 million, or $1.19 of non-GAAP adjusted earnings per diluted share, compared to $45.4 million, or $1.07 of non-GAAP adjusted earnings per diluted share in the same period last fiscal yearAdjusted EBITDA was $72.8 million, or 21.0% of sales, compared to $60.1 million, or 23.1% of sales in the same period last fiscal year \"Through sheer perseverance FOX's global team has delivered a fifth consecutive record revenue quarter, despite the disruptive impact of the pandemic on global supply chains, inflation, and labor availability,” commented Mike Dennison, FOX’s Chief Executive Officer. “I am very proud of our team members who continue to exemplify dedication and commitment to our customers by exceeding expectations and strengthening our brand during this unprecedented operating environment.\" Sales for the third quarter of fiscal 2021 were $347.4 million, an increase of 33.3% as compared to sales of $260.7 million in the third quarter of fiscal 2020. This increase reflects a 48.1% increase in Specialty Sports Group sales and a 22.8% increase in Powered Vehicles Group sales. The increase in Specialty Sports Group sales is driven by continued strong demand in the original equipment manufacturer (\"OEM\") channel along with excellent execution by our team in meeting such demand. The increase in Powered Vehicles Group sales is primarily due to strong performance in o...