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Jul 01, 2022
Fox Q2 2022 Earnings Report
Fox delivered a record quarter with the highest revenue in company history, driven by record-breaking performance in both Specialty Sports and Powered Vehicles product groups, and the all-time highest earnings per share.
Key Takeaways
Fox Factory Holding Corp. reported record second-quarter results, with sales reaching $406.7 million, a 23.9% increase compared to the same period last year. The company's net income was $53.5 million, or $1.26 per diluted share, while non-GAAP adjusted earnings per diluted share were $1.38, a 15% increase year-over-year.
Second quarter sales were $406.7 million, an increase of 23.9% compared to the second quarter of last year.
Earnings per diluted share of $1.26, an increase of 20% from the same period last year.
Non-GAAP adjusted earnings per diluted share of $1.38, increasing 15% in the same period last year.
Adjusted EBITDA increased by 26.5% to $88.1 million for second quarter of 2022 compared to $69.7 million in the same quarter last year.
Revenue by Segment
Forward Guidance
For the third 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 $1.15 to $1.35 per share. For the fiscal year 2022, the Company expects sales in the range of $1.535 billion to $1.565 billion and non-GAAP adjusted earnings per diluted share in the range of $5 to $5.30.
Positive Outlook
- Strong demand across diversified portfolio
- Gainesville plant optimization showing traction
- Expect leverage off OpEx in the back half of the year.
- Labor force has stabilized in Gainesville.
- M&A starting to open up.
Challenges Ahead
- Expected change in product mix
- Lingering signs of some cost pressures
- Amplified supply chain obstacles
- Uncertainties related to the macroeconomic environment.
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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