Business
Fox Factory Holding Corp. Reports Fourth Quarter Fiscal 2024 Financial Results
DULUTH, Ga., Feb. 27, 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., Feb. 27, 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 fourth fiscal quarter ended January 3, 2025. Fourth Quarter Fiscal 2024 Highlights Net sales for the fourth quarter of fiscal 2024 were $353 million, up $20 million over prior yearGross margin achieved 28.9%, up 120 basis points over prior yearAdjusted gross margin increased by 20 basis points to 29.2% from prior yearEarnings per diluted share for the fourth quarter of fiscal 2024 was breakevenAdjusted earnings per diluted share was $0.31Drove sequential revenue growth and EBITDA margin improvement in both AAG and PVG segmentsBike revenues grew 8.3% over prior yearWorking capital improvements generated $63 million in debt paydownCost reduction initiatives underway and progressing in line with expectations Management Commentary Mike Dennison, FOX’s Chief Executive Officer, commented, “We delivered on our financial commitments with sales and earnings per share in line with our guidance. Our end markets remain uneven and challenging to navigate, and we expect that backdrop to continue as we move into 2025. Given the market instability, we remain focused on the more controllable elements of the business through operational improvements and strategic cost management initiatives. Our decisive actions to improve working capital, strengthen OE partnerships and dealer relationships, and streamline operations are beginning to yield results demonstrated by sequential EBITDA margin improvements in our PVG and AAG segments and in our balance sheet. Combined, these actions improved cash generation allowing us to pay down our debt balance by $63 million in the fourth quarter. Our broader cost and operational initiatives are progressing well, with benefits beginning to flow through toward our $25 million target. As we navigate through uneven end market conditions in 2025, we are committed to delivering improvements in both EBITDA margins and free cash flow generation through our focus on operational excellence and network optimization.” Fourth Quarter 2024 Results Net sales for the fourth quarter of fiscal 2024 were $352.8 million, an increase ...