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Mar 31, 2023
Fox Q1 2023 Earnings Report
Fox's Q1 2023 financial performance reflected a blend of growth and challenges, marked by increased sales and gross profit alongside a decrease in net income and earnings per share.
Key Takeaways
Fox Factory Holding Corp. reported a 5.8% increase in sales to $399.9 million for the first quarter of fiscal 2023. Gross profit increased by 10.8% to $133.3 million. However, net income decreased to $41.8 million, with earnings per diluted share at $0.98.
Sales increased by 5.8% year-over-year, reaching $399.9 million.
Gross profit rose by 10.8% to $133.3 million, with gross margin increasing to 33.3%.
Net income decreased to $41.8 million, or $0.98 per diluted share.
Powered Vehicles Group sales increased by 35.0%, while Specialty Sports Group sales decreased by 30.0%.
Forward Guidance
For the second quarter of fiscal 2023, the Company expects sales in the range of $390 million to $410 million and non-GAAP adjusted earnings per diluted share in the range of $1.00 to $1.20. For the fiscal year 2023, the Company expects sales in the range of $1,670 million to $1,700 million and non-GAAP adjusted earnings per diluted share in the range of $5.00 to $5.30.
Positive Outlook
- Sales are expected to be between $390 million and $410 million for Q2 2023.
- Non-GAAP adjusted earnings per diluted share are projected to be between $1.00 and $1.20 for Q2 2023.
- Full fiscal year 2023 sales are anticipated to range from $1,670 million to $1,700 million.
- Non-GAAP adjusted earnings per diluted share for fiscal year 2023 are expected to be between $5.00 and $5.30.
- The company expects its full year effective tax rate to be within the range of 15% to 18%.
Challenges Ahead
- Amortization of purchased intangibles will impact non-GAAP adjusted earnings per diluted share.
- Litigation and settlement-related expenses will affect non-GAAP adjusted earnings per diluted share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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