Fox Factory Holds Q2 Net Sales Drop of 13%

By Bobby Samwell • Friday, August 02 08:05 • Permanent Link

Fox Factory Holding Corp. has recently released its 10-Q report, providing insight into the company's financial performance. Fox Factory Holding Corp. is a global company that designs, engineers, manufactures, and markets performance-defining products and systems for various vehicles, including powered vehicles, trucks, all-terrain vehicles, specialty vehicles, and applications such as military, motorcycles, and commercial trucks. The company also offers suspension tuning services, wheels, off-road tires, and accessories, as well as performance cycling components and baseball and softball products under the Marucci brand. Fox Factory Holding Corp. was incorporated in 2007 and is based in Duluth, Georgia.

In the 10-Q report, the company's net sales for the three months ended June 28, 2024, were reported at $348.5 million, a decrease of 13.0% compared to the same period in 2023 when net sales were $400.7 million. The cost of sales for the same period was $237.5 million, representing an 11.6% decrease from the previous year's $268.7 million. The gross profit for the three months ended June 28, 2024, was $111.0 million, down from $132.0 million in the same period in 2023.

The company's income from operations for the three months ended June 28, 2024, was $18.6 million, a significant decrease of 64.8% from the $52.8 million reported for the same period in 2023. The net income for the three months ended June 28, 2024, was $5.4 million, down by 86.4% from the $39.7 million reported for the same period in 2023.

The report also provides a segment review, indicating that the Powered Vehicles Group's net sales decreased by 16.0%, the Aftermarket Applications Group's net sales decreased by 31.2%, and the Specialty Sports Group's net sales increased by 17.8% for the three months ended June 28, 2024, compared to the same period in 2023.

Additionally, the report highlights that the company's adjusted EBITDA for the three months ended June 28, 2024, was $44.2 million, a decrease of 44.3% from the $79.4 million reported for the same period in 2023.

These figures provide a comprehensive overview of Fox Factory Holding Corp.'s financial performance for the specified period, reflecting both positive and negative trends in its operations and sales across different segments. Following these announcements, the company's shares moved -7.2%, and are now trading at a price of $49.53. Check out the company's full 10-Q submission here.

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