Business
Fox Factory Holding Corp. Reports First Quarter Fiscal 2025 Financial Results
DULUTH, Ga., May 08, 2025 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”), a premium brand and a global leader in the
About this update from Fox Factory Holding Corp.
[{"type":"text","content":"DULUTH, Ga., May 08, 2025 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”), a premium brand and a global leader in the design, engineering and manufacturing of performance-defining products and systems for customers worldwide, today reported financial results for the first fiscal quarter ended April 4, 2025. First Quarter Fiscal 2025 Highlights Net sales for first quarter of fiscal 2025 were $355 million, up $22 million or 6.5% over prior yearNet sales increased over prior year across all segments, with AAG up by $10.1 million, SSG up by $7.5 million, and PVG up by $4.0 millionGross margin and adjusted gross margin of 30.9%, sequentially up 200 basis points and 170 basis points, respectivelyNet loss per diluted share was $6.23, as compared to $0.08 in the prior year periodAdjusted earnings per diluted share was $0.23, as compared to $0.29 in the prior year periodDrove continued sequential adjusted EBITDA margin improvement in both AAG and PVG segments of 330 basis points to 15.2% and 50 basis points to 11.8%, respectively, representing two consecutive quarters of expanding marginsCost reduction initiatives underway and progressing in line with expectations Management Commentary Mike Dennison, FOX’s Chief Executive Officer, commented, “We are pleased with our start to fiscal 2025, delivering first quarter sales and adjusted earnings per share that met our expectations. Our operational improvements and strategic cost management initiatives are well underway, helping us drive strong sequential adjusted EBITDA margin improvements in both our PVG and AAG segments. We expect these decisive actions will yield more tangible margin improvement throughout the year. Looking ahead, while end market demand remains challenging and tariffs create additional uncertainty, we expect that the actions we have taken to optimize our business will allow us to generate free cash flow this year to further improve our balance sheet. As market conditions normalize and the cycle advances, we anticipate that we will be well positioned to restore our best-in-class adjusted EBITDA margin profile and leverage our diversified business to maximize value for our stockholders.” First Quarter 2025 Results Net sales for the first quarter of fiscal 2025 were $355.0 million, an increase of 6.5%, as compared to net sales of $333.5 m...