Fox Factory Holding Corp. - FOXF STOCK NEWS

Fox Factory Holding Corp. (NASDAQ: FOXF) reported fourth quarter sales of $408.6 million, marking a 19.4% increase from the previous year. Earnings per diluted share rose to $1.25, up from $0.89. Gross profit grew 22.0% to $130.9 million, with a gross margin of 32.0%. For fiscal 2022, total sales reached $1.602 billion, a 23.4% increase year-over-year. The company anticipates fiscal 2023 sales between $1.67 billion and $1.70 billion, with non-GAAP adjusted earnings per diluted share projected at $5.15 to $5.45. The recent acquisition of Custom Wheel House, LLC is expected to enhance market diversification.

Fox Factory Holding Corp. (NASDAQ: FOXF) has announced the acquisition of Custom Wheel House, LLC (CWH) for $131.6 million, financed through cash and a line of credit. The acquisition will enhance FOX's position in the aftermarket vehicle performance sector, particularly in off-road products. CWH's portfolio includes Method Race Wheels and Tensor Tire, aligning with FOX's existing offerings. This strategic move is set to broaden FOX's market reach and is expected to be accretive to fiscal 2023 results. The deal is anticipated to close by the end of Q1 2023, pending customary conditions.

Fox Factory Holding Corp. (Nasdaq: FOXF) will release its fourth-quarter financial results for the period ending December 30, 2022, on February 23, 2023, after market close. A conference call with the executive management team will occur at 4:30 p.m. ET on the same day, providing details and insights into the results. The call will be accessible live on the Company's Investor Relations website and archived for one year. Fox Factory specializes in designing and manufacturing ride dynamics products for various vehicles, serving original equipment manufacturers and aftermarket retailers.

Fox Factory’s Trail Trust initiative has donated over $1 million to over 70 nonprofit organizations across seven countries since its launch in November 2021. The initiative focuses on promoting sustainable adventure and inclusivity in outdoor recreation. It aims to invest $10 million globally by 2030, targeting expanded access for 100,000 underrepresented adventurers. Partnerships with organizations like the Kootenay Adaptive Sport Association and the National Off-Highway Vehicle Conservation Council help facilitate trail access and education on responsible recreation.

Fox Factory Holding Corp. (NASDAQ: FOXF) reported third-quarter fiscal 2022 sales of $409.2 million, marking a 17.8% increase year-over-year. Gross profit rose 18.3% to $137.3 million, with a gross margin of 33.5%. Net income was $50.8 million, resulting in earnings per diluted share of $1.20, up from $1.03 in the same quarter last year. Adjusted EBITDA stood at $85.1 million, or 20.8% of sales. Despite strong performance, increased operating expenses and global economic challenges were noted. Guidance for Q4 sales is projected between $370 million and $390 million.

Fox Factory Holding Corp. (Nasdaq: FOXF) is set to announce its third-quarter results for the period ending September 30, 2022, on November 3, 2022, after market close. Following this announcement, the company will host a conference call at 4:30 p.m. ET to discuss the financial results and provide additional insights. Investors can tune in via the company’s investor relations website, with options for North American and international callers.

Fox Factory has announced a partnership with the Society of Women Engineers (SWE) to enhance diversity and inclusion in engineering roles. This partnership aligns with Fox's presence at the SWE National Conference in Houston from Oct. 20-22. The initiative aims to support women in engineering through mentorship, training, and professional development. Fox is investing in its female workforce by providing SWE memberships. This collaboration is expected to attract skilled professionals and foster innovation within the company.

Fox Factory Holding Corp. reported record quarterly sales of $406.7 million, up 23.9% from $328.2 million year-over-year. Earnings per diluted share soared to $1.26, compared to $1.05 last year. Gross profit rose by 28.7% to $142.9 million, with gross margins improving to 35.1%. Despite strong demand across its product lines, the company announced a cautious outlook due to ongoing macroeconomic challenges. For fiscal 2022, FOXF expects sales between $1.535 billion to $1.565 billion and non-GAAP adjusted earnings per diluted share in the $5.00 to $5.30 range.

Fox Factory's Trail Trust initiative awarded over $210,000 to 24 nonprofit organizations to enhance outdoor education and experiences. This funding supports diverse vehicle categories including mountain bikes and ATVs, benefiting communities in the U.S., Canada, Germany, Mexico, and Armenia. Notable projects include adaptive biking programs and community bike parks aimed at expanding access to outdoor adventures. Trail Trust has now allocated more than $800,000 since its launch in November 2021, reflecting Fox Factory's commitment to sustainable outdoor experiences.