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Jun 28, 2024
Fox Q2 2024 Earnings Report
Fox's financial performance demonstrated sequential improvements in net sales and profitability amidst challenging market conditions.
Key Takeaways
Fox Factory Holding Corp. reported Q2 2024 net sales of $348.5 million, a 13.0% decrease compared to Q2 2023. Earnings per diluted share was $0.13, while adjusted earnings per diluted share was $0.38. The company is adjusting its full year 2024 guidance due to ongoing industry challenges and macroeconomic headwinds.
Net sales for the second quarter of fiscal 2024 were $348.5 million, a sequential increase of 4.5%.
Bike revenues grew 52% sequentially.
Earnings per diluted share for the second quarter of fiscal 2024 was $0.13, and adjusted earnings per diluted share was $0.38.
Net income margin increased 260 basis points sequentially and adjusted EBITDA margin improved sequentially to 12.7% from 12.1%.
Revenue by Segment
Forward Guidance
For the third quarter of fiscal 2024, the Company expects net sales in the range of $355 million to $385 million and adjusted earnings per diluted share in the range of $0.35 to $0.50. For the fiscal year 2024, the Company now expects net sales in the range of $1.407 billion to $1.477 billion, adjusted earnings per diluted share in the range of $1.40 to $1.72, and a full year effective tax rate in the range of 15% to 18%.
Positive Outlook
- Bike stabilizing and launch of new products into the entry-premium Bike market
- Marucci’s launch of CATX2 and growth from its diversified portfolio
- Improving chassis mix and availability in AAG
- New product launches in the Aftermarket space
Challenges Ahead
- Ongoing industry challenges
- Macroeconomic headwinds
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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