Achieves Record Quarterly Sales of $378.0 Million
Reports Record Earnings per Diluted Share of $1.13
Reports Record Non-GAAP Adjusted Earnings per Diluted Share of $1.32
DULUTH, GA – May 6, 2022 – (Motor Sports NewsWire) – Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”) today reported financial results for the first quarter ended April 1, 2022.
First Quarter Fiscal 2022 Highlights
Sales increased 34.4% to $378.0 million, compared to $281.1 million in the same period last fiscal year
Gross profit increased 22.8% to $120.3 million, compared to $97.9 million in the same period last fiscal year. Gross margin percentage decreased 300 basis points to 31.8%, compared to 34.8% in the same period last fiscal year; non-GAAP adjusted gross margin percentage decreased 270 basis points to 32.3% compared to 35.0% in the same period last fiscal year
Net income was $48.1 million, or 12.7% of sales and $1.13 of earnings per diluted share, compared to $38.0 million, or 13.5% of sales and $0.90 of earnings per diluted share in the same period last fiscal year
Non-GAAP adjusted net income was $55.8 million, or $1.32 of non-GAAP adjusted earnings per diluted share, compared to $44.5 million, or $1.05 of non-GAAP adjusted earnings per diluted share in the same period last fiscal year
Adjusted EBITDA was $71.8 million, or 19.0% of sales, compared to $60.4 million, or 21.5% of sales in the same period last fiscal year
“We are pleased to report record revenue and profitability in the first quarter of 2022. This accomplishment reflects the focus and continued execution of our people and FOX’s strategic initiatives while responding to various ongoing macro challenges,” commented Mike Dennison, FOX’s Chief Executive Officer. “Our immediate goal is the optimization of our Gainesville facility and while we saw improvements in productivity late in the quarter, we have significant work remaining to deliver our expected results. In addition, while…
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