Unbelievable Stories Of: Fox Factory Holding Corp. (NASDAQ: FOXF)

On 13 Nov 2019, Fox Factory Holding Corp. (NASDAQ: FOXF) spotted trading -27.65% off 52-week high price. On the other end, the stock has been noted 19.59% away from the low price over the last 52-weeks. The stock changed -0.54% to recent value of $62.88. The stock transacted 131194 shares during most recent day however it has an average volume of 233.18K shares. The company has 38.45M of outstanding shares and 38.24M shares were floated in the market.

Fox Factory Holding Corp. (FOXF) recently stated financial results for the third quarter ended September 27, 2019.

Third Quarter Fiscal 2019 Highlights

  • Sales increased 20.2% to a record $211.3M contrast to $175.8M in the same period last fiscal year
  • Gross margin reduced 140 basis points to 33.0% contrast to 34.4% in the same period last fiscal year; Non-GAAP adjusted gross margin reduced 100 basis points contrast to the same period last fiscal year
  • Net income attributable to FOX stockholders was a record $29.5M, or 14.0% of sales and $0.75 of earnings per diluted share, contrast to $24.3M, or 13.8% of sales and $0.62 of earnings per diluted share in the same period last fiscal year
  • Non-GAAP adjusted net income was a record $32.7M, or $0.83 of adjusted earnings per diluted share, contrast to $28.1M, or $0.72 of adjusted earnings per diluted share in the same period last fiscal year
  • Adjusted EBITDA was $43.6M, or 20.6% of sales, contrast to $39.3M, or 22.4% of sales in the same period last fiscal year

Gross margin was 33.0% for the third quarter of fiscal 2019, a 140 basis point decrease from gross margin of 34.4% in the third quarter of fiscal 2018. On a non-GAAP basis, adjusted gross margin reduced 100 basis points, not including the effects of acquisition related costs. The decrease in non-GAAP gross margin was primarilyBecause of a shift in consumer and product mix as the Company’s larger North American OEMs represented a higher proportion of sales. Additionally, FOX continued to experience manufacturing and supply chain inefficiencies as a result of the increase in demand which negatively influenced gross margin.  A reconciliation of gross profit to non-GAAP adjusted gross profit and the resulting non-GAAP adjusted gross margin is provided at the end of this press release.

Total operating expenses were $34.5M for the third quarter of fiscal 2019 contrast to $29.1M in the third quarter of fiscal 2018. The increase in operating expenses is primarilyBecause of personnel costs as the Company continues to invest in product innovation, operating costs relating to the Company’s recently purchased Ridetech subsidiary, as well as increases in facility and various other administrative expenses to support FOX’s growing business, partially offset by lower patent litigation-related expenses.

 As a percentage of sales, operating expenses were 16.3% for the third quarter of fiscal 2019 contrast to 16.5% in the third quarter of fiscal 2018. Non-GAAP operating expenses were $31.5M, or 14.9% of sales in the third quarter of fiscal 2019 contrast to $25.1M, or 14.3% of sales, in the third quarter of the previous fiscal year. Reconciliations of operating expense to non-GAAP operating expense are provided at the end of this press release.

The Company’s effective tax rate was 12.9% in the third quarter of fiscal 2019, contrast to a tax rate of 19.0% in the third quarter of fiscal 2018.

Its earnings per share (EPS) expected to touch remained 58.90% for this year while earning per share for the next 5-years is expected to reach at 15.00%. FOXF has a gross margin of 32.40% and an operating margin of 15.20% while its profit margin remained 12.60% for the last 12 months.   According to the most recent quarter its current ratio was 2.9 that represents company’s ability to meet its current financial obligations. The price moved ahead of -1.41% from the mean of 20 days, -1.47% from mean of 50 days SMA and performed -10.68% from mean of 200 days price. Company’s performance for the week was -1.43%, -2.36% for month and YTD performance remained 6.81%.

 

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