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Apr 01, 2022
Fox Q1 2022 Earnings Report
Fox reported record quarterly revenue and earnings per share, driven by strong performances in both Specialty Sports and Powered Vehicles product groups.
Key Takeaways
Fox Factory Holding Corp. reported record first-quarter revenue of $378 million, a 34.4% increase year-over-year, driven by record-breaking performances in both the Specialty Sports Group (SSG) and Powered Vehicles Group (PVG). The company also delivered record earnings per share, with GAAP EPS of $1.13 and non-GAAP adjusted EPS of $1.32, despite ongoing global pandemic and macroeconomic challenges.
First quarter sales were $378 million, an increase of 34.4% compared to the first quarter of last year.
Specialty Sports Group sales were a little shy of $170 million, a 43.5% revenue growth on a quarter-over-quarter basis.
Powered Vehicles Group delivered first quarter sales of $208 million, an increase of 27.9% over the same period last year.
Earnings per diluted share of $1.13 versus $0.90 in the same period last year, an increase of 25.6% quarter-over-quarter.
Revenue by Segment
Forward Guidance
For the second quarter of 2022, the company expects sales in the range of $385 million to $405 million and non-GAAP adjusted earnings per diluted share in the range of $1.10 to $1.25 per share. For the fiscal year 2022, the company expects sales in the range of $1.5 billion to $1.53 billion, and non-GAAP adjusted earnings per diluted share in the range of $5 to $5.30.
Positive Outlook
- Sales in the range of $385 million to $405 million for Q2 2022.
- Non-GAAP adjusted earnings per diluted share in the range of $1.10 to $1.25 per share for Q2 2022.
- Sales in the range of $1.5 billion to $1.53 billion for fiscal year 2022.
- Non-GAAP adjusted earnings per diluted share in the range of $5 to $5.30 for fiscal year 2022.
- Expect tax rate to be in the higher end of the previously guided 11% to 15% range for full year 2022.
Challenges Ahead
- Lingering signs of some cost pressures.
- Continued supply chain obstacles for the balance of the year.
- Potential negative impact of approximately $0.05 of EPS in the second quarter due to new credit facility.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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