Fox Factory Holding Corp. · Q3 2024 earnings

Briefing

Fox's financial performance reflected sequential and year-over-year revenue growth, but OEM customer challenges impacted results.

Fox Factory Holding Corp. reported net sales of $359.1 million for the third quarter of fiscal 2024, an 8.5% increase compared to the prior year. Despite revenue growth, OEM customer challenges and broader market conditions impacted consumer discretionary spending, pushing results towards the lower end of expectations. The company has initiated strategic actions to improve margins and reduce costs.

• Net sales for the third quarter of fiscal 2024 were $359.1 million, an 8.5% increase over the prior year.
• Bike revenues grew 21.9% sequentially, and 38.7% over the prior year.
• Strategic actions were initiated in the AAG segment to improve inventory position.
• Expanded cost optimization efforts are targeting more than $25 million across the enterprise to recapture margin.

Headline financials

Revenue & EPS history

For the fourth quarter of fiscal 2024, the Company expects net sales in the range of $300 million to $340 million and adjusted earnings per diluted share in the range of $0.25 to $0.40. For the fiscal year 2024, the Company now expects net sales in the range of $1.341 billion to $1.381 billion and adjusted earnings per diluted share in the range of $1.27 to $1.42.