Fox Factory reports Q3 EPS 23c, consensus 55c

Reports Q3 revenue $376.4M, consensus $382.59M. Mike Dennison, FOX’s Chief Executive Officer, commented, “Our third quarter results reflect overall improvement year-over-year, in a challenging environment. We delivered net sales growth of 5% and improved adjusted EBITDA by 6%. The increases were driven by organic growth in AAG up 17% with continued strength in aftermarket components-and the PVG segment up 15% in two wheel automotive. However, SSG underperformed expectations as OEMs, distributors and retail partners actively managed toward leaner inventories ahead of year-end, which impacted our third quarter results and is reflected in our updated full-year outlook. Despite these challenges, we strengthened our balance sheet, reducing debt by $17 million and extending our credit agreement through 2030.”