Fox Factory Holding ( (FOXF) ) has released its Q4 earnings. Here is a breakdown of the information Fox Factory Holding presented to its investors.
Fox Factory Holding Corp. is a global leader in the design, engineering, and manufacturing of premium performance products for specialty sports and on and off-road vehicles, known for its innovative brands like FOX and Marucci.
In its fourth-quarter fiscal 2024 earnings report, Fox Factory Holding Corp. announced net sales of $353 million, marking a $20 million increase from the previous year, with a gross margin improvement to 28.9%. However, the company experienced a breakeven in earnings per diluted share, while adjusted earnings per diluted share stood at $0.31.
Key financial highlights include an 8.3% growth in bike revenues and a significant $63 million reduction in debt through working capital improvements. The Specialty Sports Group saw a 33.3% sales increase, primarily due to the acquisition of Marucci, while the Aftermarket Applications Group and Powered Vehicles Group experienced declines due to market challenges.
Despite facing uneven market conditions, Fox Factory remains focused on operational improvements and strategic cost management. The company aims to enhance EBITDA margins and free cash flow generation, with a commitment to operational excellence and network optimization.
Looking ahead, Fox Factory’s management remains cautious about market instability but is optimistic about achieving improvements in EBITDA margins and cash flow through continued focus on operational strategies.
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