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Sep 30, 2022
Fox Q3 2022 Earnings Report
Fox reported record quarterly sales and increased earnings per share.
Key Takeaways
Fox Factory Holding Corp. announced record sales of $409.2 million for the third quarter of fiscal year 2022, a 17.8% increase compared to the same period last year. Earnings per diluted share were reported as $1.20, and non-GAAP adjusted earnings per diluted share were $1.35. The company is closely monitoring end-market demand, global resilience, and volatility in currency exchange rates as they adjust their focus to 2023.
Sales increased by 17.8% to $409.2 million compared to the same period last fiscal year.
Earnings per diluted share increased to $1.20, compared to $1.03 in the same period last fiscal year.
Non-GAAP adjusted earnings per diluted share increased to $1.35, compared to $1.19 in the same period last fiscal year.
Gross profit increased by 18.3% to $137.3 million, compared to $116.0 million in the same period last fiscal year.
Revenue by Segment
Forward Guidance
For the fourth quarter of fiscal 2022, the Company expects sales in the range of $370 million to $390 million and non-GAAP adjusted earnings per diluted share in the range of $1.10 to $1.30. For the fiscal year 2022, the Company expects sales in the range of $1,565 million to $1,585 million and non-GAAP adjusted earnings per diluted share in the range of $5.15 to $5.35.
Positive Outlook
- Expected sales in the range of $370 million to $390 million for Q4 2022.
- Expected non-GAAP adjusted earnings per diluted share in the range of $1.10 to $1.30 for Q4 2022.
- Expected sales in the range of $1,565 million to $1,585 million for fiscal year 2022.
- Expected non-GAAP adjusted earnings per diluted share in the range of $5.15 to $5.35 for fiscal year 2022.
- Full year effective tax rate to be approximately 16%.
Challenges Ahead
- Uncertainty in predicting all elements necessary for a quantitative reconciliation of non-GAAP adjusted earnings per diluted share.
- Potential impact of COVID-19 on the Company’s business and operations.
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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