FOX FACTORY HOLDING Reports Q2 Revenue of $400.7M, Just Shy of Analysts’ Estimate

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Fox Factory Holding ($NASDAQ:FOXF) Corp. reported their second quarter revenue of $400.7 million, slightly lower than analysts’ estimates of $401.6 million. Fox Factory Holding Corp. is a leading designer, engineer, manufacturer, and marketer of performance-defining products and systems for customers all over the world. The company designs and develops proprietary suspension and powertrain components for mountain bikes, side-by-sides, on-road vehicles, off-road vehicles, all-terrain vehicles, snowmobiles, specialty vehicles, and aftermarket parts and accessories. Fox Factory Holding Corp. has seen steady revenue growth in recent years as its products and services become increasingly popular in the global markets. Their product portfolio includes shocks, drivetrain components, power steering systems, and accessories for a variety of vehicles. The company has also been integrating advanced technologies such as software, digital mapping, and 3D printing into their products to cater to the ever-evolving needs of their customers.

Fox Factory Holding Corp. has a strong commitment to innovation and customer satisfaction. Their extensive research and development efforts have enabled them to develop cutting-edge products that offer superior performance and reliability. This, coupled with their comprehensive support services, has enabled the company to become an industry leader in the suspension and powertrain components space. With its unique offerings and capabilities, Fox Factory Holding Corp. is well-positioned to continue growing its revenue base in the coming quarters.

Earnings

Total revenue was 328.16M USD, with net income of 44.28M USD; this shows a 19.3% decrease in total revenue and a 17.2% decrease in net income compared to the previous year. Despite this, FOX FACTORY HOLDING has seen a steady increase in total revenue over the past three years, rising from 328.16M USD to 400.72M USD.

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for FOXF. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for FOXF. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for FOXF. More…

Key Ratios Snapshot

Some of the financial key ratios for FOXF are shown below. More…

Share Price

The stock opened at $103.1 in the morning, higher than its previous closing price of 106.3. It closed at 110.5, up by 4.0% from its last closing price. However, FOX FACTORY HOLDING missed analysts’ estimates due to the impact of the COVID-19 pandemic on its business operations. Additionally, lower than expected sales in its snowmobile and consumer products segments also contributed to the shortfall in revenue. Live Quote…

Analysis

GoodWhale has conducted an analysis of FOX FACTORY HOLDING’s fundamentals, and determined that it is classified as a ‘gorilla’ on the Star Chart. This classification refers to companies that have achieved stable and high revenue or earnings growth due to their strong competitive advantage. It is clear that investors who are looking for strong asset, growth, and profitability may be interested in FOX FACTORY HOLDING. However, it is worth noting that FOX FACTORY HOLDING does not have a strong dividend yield, so investors who are seeking income and share appreciation may not be interested. Despite this, FOX FACTORY HOLDING has a high health score of 10/10 with regard to its cashflows and debt, indicating that the company is capable of paying off debt and funding future operations. This makes it an attractive investment opportunity for those looking for a strong growth stock. More…

Peers

The Company’s products are sold to original equipment manufacturers and aftermarket customers. Fox Factory Holding Corp was founded in 1974 and is headquartered in Scotts Valley, California. Hankook & Co is a South Korean company that manufactures and sells tires. The company was founded in 1941 as the Chosun Tire Company and changed its name to Hankook Tire in 1968. Hankook Tire has manufacturing plants in South Korea, China, Hungary, and Indonesia. The company sells its tires under the Hankook, Kumho, and Nexen brands. Federal Corp is a Taiwanese company that manufactures and sells tires. Federal Corp was founded in 1954 and is headquartered in Taipei, Taiwan. The company has manufacturing plants in Taiwan, China, and Thailand. Federal Corp sells its tires under the Federal, Achilles, and Atturo brands. PT Multistrada Arah Sarana Tbk is an Indonesian company that manufactures and sells tires. PT Multistrada Arah Sarana Tbk was founded in 1976 and is headquartered in Jakarta, Indonesia. The company has manufacturing plants in Indonesia and Vietnam. PT Multistrada Arah Sarana Tbk sells its tires under the Multistrada, Tristar, and Maxxis brands.

– Hankook & Co ($KOSE:000240)

Hankook & Co is a South Korean conglomerate with a market cap of 1.17T as of 2022. The company has a Return on Equity of 5.05%. Hankook & Co is involved in a variety of businesses including tires, chemicals, and auto parts. The company has a strong presence in South Korea and is a major player in the global market.

– Federal Corp ($TWSE:2102)

Federal Corp is a publicly traded company with a market capitalization of 8.5 billion as of 2022. The company has a negative return on equity of 13.91%. Federal Corp is engaged in the business of manufacturing and selling automotive parts and systems.

– PT Multistrada Arah Sarana Tbk ($IDX:MASA)

PT Multistrada Arah Sarana Tbk has a market cap of 18.64T as of 2022, a Return on Equity of 19.35%. The company is engaged in the manufacturing of passenger car radial tyres and motorcycle tyres in Indonesia. It also exports its products to over 60 countries worldwide.

Summary

FOX FACTORY HOLDING recently reported its second quarter earnings and revenue exceeding analysts’ expectations. This is a positive sign for investors, as the stock price moved up the same day. Going forward, investors should watch the company’s performance to see if the positive trend continues.

It is important to consider the company’s products, research and development activities, and its competitive position in the market. Investors may also want to look at product launches, sales trends, and customer feedback to analyze FOX FACTORY HOLDING’s long-term potential.