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Dec 29, 2023
Fox Q4 2023 Earnings Report
Reported a challenging quarter due to macro and industry headwinds, including OEM destocking, UAW strike impact, and higher interest rates, while aftermarket product lines saw growth.
Key Takeaways
Fox Factory Holding Corp. reported Q4 2023 net sales of $332 million, a decrease of 18.6% compared to Q4 2022. Net income was $4 million, with earnings per diluted share of $0.10. The company faced headwinds from OEM challenges, including inventory recalibration, the UAW strike, and higher interest rates, but saw growth in aftermarket product lines.
Net sales reached $332 million, including $17 million from the Marucci acquisition.
Net income was $4 million, with earnings per diluted share at $0.10.
Adjusted EBITDA margin was 11.7%, impacted by the UAW strike, OEM destocking, and higher interest rates.
Aftermarket product lines experienced growth as customers upgraded existing vehicles.
Revenue by Segment
Forward Guidance
For the first quarter of fiscal 2024, the Company expects net sales in the range of $315.0 million to $350.0 million and adjusted earnings per diluted share in the range of $0.17 to $0.27. For the fiscal year 2024, the Company expects net sales in the range of $1.53 billion to $1.68 billion, adjusted earnings per diluted share in the range of $2.30 to $2.60, and a full year effective tax rate in the range of 15% to 18%.
Positive Outlook
- Expects net sales in the range of $315.0 million to $350.0 million for Q1 2024.
- Expects adjusted earnings per diluted share in the range of $0.17 to $0.27 for Q1 2024.
- Expects net sales in the range of $1.53 billion to $1.68 billion for fiscal year 2024.
- Expects adjusted earnings per diluted share in the range of $2.30 to $2.60 for fiscal year 2024.
- Expects a full year effective tax rate in the range of 15% to 18% for fiscal year 2024.
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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