NASDAQ$FOXF
Fox Factory Holding Corp. · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported third quarter fiscal 2023 financial results and announced agreement to acquire Marucci Sports.
Fox Factory Holding Corp. reported a decrease in net sales by 19.1% to $331.1 million compared to the third quarter of fiscal 2022. Despite the sales decline, the company maintained a strong adjusted EBITDA margin of 19.2%. They also announced a share repurchase plan and an agreement to acquire Marucci Sports, LLC.
- Net sales decreased by 19.1% to $331.1 million compared to Q3 2022.
- Net income was $35 million, with earnings per diluted share of $0.83 and a net income margin of 10.7%.
- Adjusted EBITDA margin remained strong at 19.2%, despite lower revenue.
- The company announced a share repurchase plan for up to $300 million of common stock and signed an agreement to acquire Marucci Sports, LLC.
Headline financials
Revenue & EPS history
Fox · Revenue · Quarterly
$331M
Revenue by segment
Fox · $331M total across 3 segments · Q3 2023
- Aftermarket Applications Group$136M—41.1%
- Powered Vehicles Group$123M-52.1%37.2%
- Specialty Sports Group$72M-52.6%21.7%
Forward guidance
The company expects net sales in the range of $300 million to $340 million and adjusted earnings per diluted share in the range of $0.75 to $1.00 for Q4 2023. For the full fiscal year 2023, they anticipate net sales at the low end of $1.43 billion to $1.47 billion and adjusted earnings per diluted share at the low end of the range of $4.20 to $4.45.
Tailwinds
- Expected net sales between $300 million and $340 million for Q4 2023.
- Q4 2023 adjusted earnings per diluted share are projected to be between $0.75 and $1.00.
- Full-year net sales are expected to be at the lower end of the $1.43 billion to $1.47 billion range.
- Full-year adjusted earnings per diluted share are expected to be at the lower end of the $4.20 to $4.45 range.
- Company reaffirms 2025 vision of $2 billion sales and 25.0% adjusted EBITDA margin
Headwinds
- Full year 2023 sales guidance adjusted to $1.43 - $1.47 billion primarily due to impact from the United Auto Workers strike
- continued inventory destocking in SSG markets
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+0.4%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+1.8%
Avg return
30 days after
46%
26 / 56 earnings
Positive
+24.2%
Q2 2018
Best reaction
-27.0%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.1% | -7.5% | -4.3% | |
| Q4 2025 | -8.4% | -2.8% | -8.2% | |
| Q3 2025 | +2.6% | +4.0% | -32.8% | |
| Q1 2025 | +11.5% | +23.3% | +24.0% | |
| Q4 2024 | +8.8% | +4.7% | -4.8% | |
| Q3 2024 | -8.2% | -7.6% | -12.3% | |
| Q2 2024 | -22.3% | -24.9% | -24.2% | |
| Q1 2024 | +12.4% | +15.9% | +18.3% | |
| Q4 2023 | -27.0% | -22.3% | -24.9% | |
| Q3 2023 | -25.5% | -25.8% | -21.4% | |
| Q2 2023 | +2.4% | +5.2% | +1.2% | |
| Q1 2023 | -11.7% | -13.8% | -16.3% | |
| Q4 2022 | -6.8% | -2.3% | -2.0% | |
| Q3 2022 | +11.4% | +17.2% | +41.4% | |
| Q2 2022 | +7.8% | +6.7% | -8.3% | |
| Q1 2022 | -7.3% | -10.1% | -4.4% | |
| Q4 2021 | +5.5% | -7.1% | -15.5% | |
| Q3 2021 | +4.0% | +6.2% | +2.2% | |
| Q2 2021 | +2.0% | +3.2% | -2.2% | |
| Q1 2021 | +6.8% | +3.4% | +0.2% | |
| Q4 2020 | -10.3% | -9.3% | -8.4% | |
| Q3 2020 | +12.2% | +2.1% | +18.0% | |
| Q2 2020 | +14.6% | +14.8% | -5.2% | |
| Q1 2020 | +4.2% | +11.4% | +70.5% | |
| Q3 2019 | -5.2% | -2.1% | +2.5% | |
| Q2 2019 | -6.7% | -10.6% | -13.0% | |
| Q1 2019 | -2.9% | -1.0% | -13.6% | |
| Q4 2018 | +0.9% | +2.6% | +10.9% | |
| Q3 2018 | +22.3% | +26.1% | +23.3% | |
| Q2 2018 | +24.2% | +25.9% | +32.9% | |
| Q1 2018 | -1.5% | -0.3% | +13.8% | |
| Q4 2017 | -6.6% | -9.1% | -13.2% | |
| Q3 2017 | -5.5% | -5.9% | -8.0% | |
| Q2 2017 | +1.7% | +2.0% | +4.6% | |
| Q1 2017 | +6.5% | +5.3% | +8.1% | |
| Q4 2016 | +6.9% | +6.0% | +7.1% | |
| Q3 2016 | -2.2% | +0.5% | +22.0% | |
| Q2 2016 | +7.2% | +6.6% | +11.8% | |
| Q1 2016 | -0.4% | — | — | |
| Q4 2015 | +13.6% | — | — | |
| Q3 2015 | +2.6% | — | — | |
| Q2 2015 | +6.9% | — | — | |
| Q1 2015 | +3.5% | — | — | |
| Q4 2014 | -0.7% | — | — | |
| Q3 2014 | -9.4% | — | — | |
| Q2 2014 | -1.6% | — | — | |
| Q1 2014 | -0.1% | — | — | |
| Q1 2013 | -0.1% | — | — | |
| Q4 2013 | -0.4% | — | — | |
| Q1 2012 | -0.4% | — | — | |
| Q4 2011 | -0.4% | — | — | |
| Q3 2012 | -3.1% | — | — | |
| Q3 2013 | -3.1% | — | — | |
| Q2 2013 | -2.0% | — | — | |
| Q2 2012 | -2.0% | — | — | |
| Q4 2012 | -2.0% | — | — |
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