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OE sales drive up Fox Factory sales 5%

Published October 30, 2019

BRASELTON, Ga. (BRAIN) — Fox Factory's sales through its bike brands — Fox suspension, Marzocchi, RaceFace and Easton — were up 4.6% for the first three quarters this year, and up 0.5% in the third quarter, which ended Sept. 27.

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In its Specialty Sports division, which is made up of the bike brands, the company racked up sales of $223 million in the first three quarters, up from $213 million in the same period last year. In the quarter, Specialty Sports sales were $81.3 million, up from $80.9 million last year. 

The company said sales to original equipment manufacturers (OEMs) drove the increase.

“Our team continues to execute at a high-level across both our Powered Vehicles and Specialty Sports Groups and we expect our solid growth to continue in the fourth quarter," said Mike Dennison, Fox's CEO.

Sales in the Powered Vehicle division were up 37% in the quarter and up at the same rate for the first three quarters. 

Across both divisions, sales for the nine months were $565.1 million, an increase of 22.2% compared to the same period in 2018. Gross margin decreased 140 basis points to 33.0% compared to 34.4% in the same period last fiscal year; Non-GAAP adjusted gross margin decreased 100 basis points compared to the same period last fiscal year

The company increased its guidance for the full year based on the results. It now expects sales in the range of $740 million to $746 million for the year and non-GAAP adjusted earnings per diluted share in the range of $2.64 to $2.69.

Topics associated with this article: Earnings/Financial Reports

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