Fox Factory Holding Corp. Announces Third Quarter Fiscal 2022 Financial Results

Achieves Record Quarterly Sales of $409.2 Million
Reports Earnings per Diluted Share of $1.20 and Non-GAAP Adjusted Earnings per Diluted Share of $1.35

DULUTH, GA – November 4, 2022 – (Motor Sports NewsWire) – Fox Factory Holding Corp. (Nasdaq: FOXF) (“FOX” or the “Company”) today reported financial results for the third quarter ended September 30, 2022.

Third Quarter Fiscal 2022 Highlights

• Sales increased 17.8% to $409.2 million, compared to $347.4 million in the same period last fiscal year
• Gross profit increased 18.3% to $137.3 million, compared to $116.0 million in the same period last fiscal year. Gross margin percentage increased 10 basis points to 33.5%, compared to 33.4% in the same period last fiscal year; non-GAAP adjusted gross margin percentage increased 10 basis points to 33.9% compared to 33.8% in the same period last fiscal year
• Net income was $50.8 million, or 12.4% of sales and $1.20 of earnings per diluted share, compared to $43.8 million, or 12.6% of sales and $1.03 of earnings per diluted share in the same period last fiscal year
• Non-GAAP adjusted net income was $57.4 million, or $1.35 of non-GAAP adjusted earnings per diluted share, compared to $50.5 million, or $1.19 of non-GAAP adjusted earnings per diluted share in the same period last fiscal year
• Adjusted EBITDA was $85.1 million, or 20.8% of sales, compared to $72.8 million, or 21.0% of sales in the same period last fiscal year

“We are pleased to report another quarter of record sales, crossing one and a half billion in revenue on a trailing twelve month basis. I am incredibly proud of our FOX team members and their unwavering commitment against a backdrop of growing economic headwinds,” commented Mike Dennison, FOX’s Chief Executive Officer. “As the last two years have shown, our agility has been one of our greatest strengths. As we adjust our focus to 2023, which arguably could be more challenging than 2022, we are closely monitoring end-market demand, global resilience and volatility in currency exchange rates. However, even with the heightened risk of a global recession, we remain confident in our ability to achieve our 2025 vision.”

Sales for the third quarter of fiscal 2022 were $409.2 million, an increase of 17.8% as compared to sales of $347.4 million in the third quarter of fiscal 2021. This increase reflects a 25.1% increase in Powered Vehicles Group sales and a 9.1% increase in Specialty Sports Group sales. The increase in Powered…