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Jan 03, 2025
Fox Q4 2024 Earnings Report
Fox Factory Holding Corp. reported its financial results for the fourth fiscal quarter ended January 3, 2025, with net sales of $353 million and breakeven earnings per diluted share.
Key Takeaways
Fox Factory Holding Corp. delivered on its financial commitments for Q4 2024, with net sales of $352.8 million, an increase of 6.1% year-over-year. The company achieved a gross margin of 28.9% and adjusted gross margin of 29.2%. Earnings per diluted share were breakeven, while adjusted earnings per diluted share were $0.31. Working capital improvements led to a $63 million debt paydown.
Net sales for the fourth quarter of fiscal 2024 were $353 million, up $20 million over the prior year.
Gross margin achieved 28.9%, an increase of 120 basis points over the prior year.
Adjusted earnings per diluted share was $0.31.
Working capital improvements generated $63 million in debt paydown.
Revenue by Segment
Forward Guidance
For the first quarter of fiscal 2025, Fox Factory Holding Corp. expects net sales between $320 million and $350 million, and adjusted earnings per diluted share between $0.12 and $0.32. For the full fiscal year 2025, net sales are projected to be between $1.385 billion and $1.485 billion, with adjusted earnings per diluted share in the range of $1.60 to $2.60, and a full year adjusted tax rate between 15% and 18%.
Positive Outlook
- Commitment to delivering improvements in both EBITDA margins and free cash flow generation.
- Focus on operational excellence and network optimization.
- Strategic initiatives to improve performance are beginning to yield results.
- Working capital improvements drove debt paydown.
- Cost reduction initiatives are progressing in line with expectations.
Challenges Ahead
- End markets remain uneven and challenging to navigate.
- Expectation that market instability will continue into 2025.
- Ongoing channel inventory recalibration remains a headwind for bike sales.
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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