Fox Factory reports Q1 EPS 29c, consensus 19c

Reports Q1 revenue $333.5M, consensus $327.58M.”We delivered net sales that were in line with our expectations and adjusted EPS that exceeded our plan,” commented Mike Dennison, FOX’s Chief Executive Officer. “While the OEMs that we serve continue to face unique challenges in the near-term, we remain focused on delivering long term growth through our uncompromising commitment to innovation and product development while also being vigilant on managing costs and improving our balance sheet in the short term.” Mr. Dennison continued, “We continue to expect sequential growth in the second quarter and further acceleration in the second half of fiscal 2024 due to new product launches that are led by our first Fox Factory-branded off-road upfitted truck, model year ’25 bike releases, which are showing signs of improvement, and the introduction of side-by-side upfits. However, we are narrowing our full year fiscal 2024 outlook towards the bottom-half of our previous range, effectively removing the upside scenario from our plan to align with the market’s latest expectations that interest rate relief will be pushed out beyond fiscal 2024. Our entire team at Fox Factory remains focused on controlling the aspects of the business that we can, including expense controls and productivity optimization, in order to improve margins while keeping our business positioned to reaccelerate growth as macro conditions improve.”