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Mar 29, 2024
Fox Q1 2024 Earnings Report
Fox's first quarter of fiscal year 2024 financial results were reported, showing net sales in line with expectations and adjusted EPS exceeding expectations.
Key Takeaways
Fox Factory reported net sales of $333.5 million, a 16.6% decrease compared to the previous year. The company experienced a net loss of $3.5 million, with a loss per diluted share of $0.08. However, adjusted earnings per diluted share were $0.29, and the adjusted EBITDA margin improved sequentially to 12.1%. The company is narrowing its full year fiscal 2024 outlook towards the bottom-half of its previous range.
Strategic diversification demonstrated with aftermarket sales increasing to 59% of net sales from 46% in the prior year quarter.
New product launches ramp led by the first Fox Factory’s branded off-road upfitted truck, model year ’25 bike releases and the introduction of side-by-side upfits.
Net sales for the first quarter of fiscal 2024 were $333.5 million, aligning with expectations.
Loss per diluted share for the first quarter of fiscal 2024 was $0.08, while adjusted earnings per diluted share was $0.29, exceeding expectations.
Revenue by Segment
Forward Guidance
For the second quarter of fiscal 2024, the Company expects net sales in the range of $340 million to $360 million and adjusted earnings per diluted share in the range of $0.30 to $0.40. For the fiscal year 2024, the Company expects net sales in the range of $1.53 billion to $1.61 billion, adjusted earnings per diluted share in the range of $2.30 to $2.55, and a full year effective tax rate in the range of 15% to 18%.
Positive Outlook
- Net sales are expected to be in the range of $340 million to $360 million for the second quarter of fiscal 2024.
- Adjusted earnings per diluted share are expected to be in the range of $0.30 to $0.40 for the second quarter of fiscal 2024.
- Net sales are expected to be in the range of $1.53 billion to $1.61 billion for the fiscal year 2024.
- Adjusted earnings per diluted share are expected to be in the range of $2.30 to $2.55 for the fiscal year 2024.
- The full year effective tax rate is expected to be in the range of 15% to 18%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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