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Fox Factory Holding Corp. (NASDAQ: FOXF) is a renowned designer, manufacturer, and marketer of performance-defining products and systems predominantly used in high-adrenaline activities and vehicles. Under the brands FOX, FOX RACING SHOX, and RACE FACE, the company offers top-tier products for bikes, Side-by-Sides, on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, ATVs, snowmobiles, specialty vehicles, motorcycles, and commercial trucks.
For over three decades, Fox Factory has committed itself to redefining ride dynamics, enabling both enthusiasts and professional athletes to push their limits. The company's innovations enhance performance through cutting-edge suspension and ride dynamics technology, earning the trust of users worldwide.
The company's latest strategic move includes the acquisition of Wheelhouse Holdings, Inc., the parent company of Marucci Sports LLC, for $572 million. This acquisition positions Fox Factory as a diverse provider of market-leading branded products. Marucci, known for its premium performance baseball, softball, and other sports-related products, will be integrated into Fox's Specialty Sports Group (SSG). CEO Mike Dennison emphasized that the acquisition aligns with Fox's growth strategy without compromising its core identity and values.
Fox Factory's geographical revenue distribution is primarily in North America, with significant presence in Asia, Europe, and other parts of the world. The company has a robust financial outlook, reaffirming its 2025 target of $2.0 billion in sales and a 25% adjusted EBITDA margin, excluding the Marucci acquisition. Additionally, Fox Factory has announced a share repurchase plan of up to $300 million, equating to roughly 8% of outstanding shares, to further enhance shareholder value.
The company continues to utilize a variety of channels for disseminating material information, including SEC filings, press releases, public conference calls, webcasts, and its investor relations website.
Fox Factory Holding Corp. (FOXF) reported Q3 2024 financial results with net sales of $359.1 million, showing an 8.5% increase year-over-year. The Specialty Sports Group saw significant growth with a 107.6% increase, boosted by Marucci acquisition, while Aftermarket and Powered Vehicles segments declined. Earnings per diluted share dropped to $0.11 from $0.83 in Q3 2023. The company announced cost optimization efforts targeting over $25 million in savings and executed $400 million in interest rate swap hedges. For Q4 2024, Fox Factory expects net sales between $300-340 million with adjusted EPS of $0.25-$0.40.
Fox Factory Holding Corp. (Nasdaq: FOXF) has announced its upcoming third quarter 2024 earnings conference call. The company will release its financial results for the quarter ended September 27, 2024, on Thursday, October 31, 2024, after the market closes. Following the release, Fox Factory will host a conference call featuring executive management to discuss the results and provide additional details.
The conference call is scheduled for 4:30 p.m. ET on October 31, 2024. Investors and interested parties can access the live broadcast via the Investor Relations section of the company's website at www.ridefox.com. The call will also be archived online for one year. For those wishing to dial in, North American listeners can call (800) 225-9448, while international listeners should use (203) 518-9708. The conference ID for the call is FOXFQ324 or 36937324.
Fox Factory Holding Corp. (Nasdaq: FOXF) has announced its debut in the Rebelle Rally 2024, the longest competitive off-road navigation rally in the US. The company is fielding a team in the 4x4 class, featuring professional driver Kristen Matlock and Fox Factory test engineer Ashleigh Ballas. They will drive a Fox Factory-designed King of the Hammers Edition Ford Bronco with a custom suspension package.
Fox is also returning as an official partner through its Trail Trust social impact initiative, which focuses on sustainable adventure and expanding access to outdoor activities. The rally, taking place from October 10 to 19, 2024, will cover over 1,500 miles of desert terrain in California and Nevada, with teams relying solely on map and compass navigation.
Fox Factory Holding Corp. (Nasdaq: FOXF) has released its third annual sustainability report, highlighting progress in 2023 across four strategic areas: Planet, People, Product, and Business Fundamentals. Key achievements include:
Planet: 37% increase in renewable energy use at major facilities, expansion of Trail Trust initiative, and ISO certifications for environmental and safety management.
People: Launch of employee recognition program, new Learning Management System, and Veterans Employee Resource Group.
Product: Increased pre-production testing, new testing facilities, and sustainable packaging initiatives.
The report underscores Fox Factory's commitment to innovation, sustainability, and industry leadership in performance and adventure products.
Fox Factory Holding Corp. (NASDAQ: FOXF) reported its Q2 fiscal 2024 financial results. Net sales were $348.5 million, down 13.0% year-over-year but up 4.5% sequentially. Earnings per diluted share was $0.13, while adjusted earnings per diluted share was $0.38. The company saw a 52% sequential growth in bike revenues and improved net income and adjusted EBITDA margins. However, challenges persist in the Aftermarket Applications Group (AAG) and Powered Vehicles Group (PVG) segments due to macroeconomic headwinds. Fox Factory updated its full-year 2024 guidance and announced leadership changes, including CFO Dennis Schemm taking on the additional role of AAG President.
Fox Factory Holding Corp. (Nasdaq: FOXF) will release its second quarter 2024 financial results on Thursday, August 1, 2024, after market close.
A conference call with the executive management team is scheduled for the same day at 4:30 p.m. ET to discuss the results.
The call will be broadcast live on the Investor Relations section of the Company's website and will be archived for one year.
For North American listeners, the dial-in number is (800) 579-2543, and for international listeners, it's (785) 424-1789. The conference ID is FOXFQ224 or 36937224.
Fox Factory Holding Corp.'s subsidiary, Marucci Sports, has signed a license agreement with MLB, making Marucci and Victus brands the exclusive 'Official Bats' of MLB from January 1, 2025, to December 31, 2028.
This agreement includes exclusive rights to use MLB trademarks with Marucci’s Smart Bat products, featuring embedded Diamond Kinetics bat sensors. Marucci and Victus are the top two most-used bats among MLB players, underscoring their leadership in the market.
Additionally, Lizard Skins, another brand in Marucci’s portfolio, remains the 'Official Bat Grip' of MLB. This collaboration aims to strengthen the presence of these brands in the baseball equipment market.
More details are expected in a future joint announcement with MLB.
Fox Factory Holding Corp. reported financial results for the first quarter fiscal 2024, showcasing a strategic diversification with aftermarket sales increasing to 59%, new product launches, and adjusted earnings per diluted share exceeding expectations. However, net sales decreased by 16.6% due to decreases in the Aftermarket Applications Group, Powered Vehicles Group, and Specialty Sports Group. The company's net income margin decreased, gross margin saw a 240 basis point decrease, and adjusted EBITDA margin improved sequentially. The Company's management expects sequential growth in the second quarter and further acceleration in the second half of fiscal 2024 but narrowed their full-year outlook to the bottom-half of the previous range.
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