Fox Factory Holding (FOXF) Tops Q4 EPS by 11c, Revenues Beat; Offers 1Q EPS/Revenue Guidance Above Consensus, Provides FY21 EPS/Revenue Outlook

February 25, 2021 5:08 PM EST

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Fox Factory Holding (NASDAQ: FOXF) reported Q4 EPS of $0.90, $0.11 better than the analyst estimate of $0.79. Revenue for the quarter came in at $262.4 million versus the consensus estimate of $248.15 million.

Fourth Quarter Fiscal 2020 Highlights

  • Sales increased 41.2% to $262.4 million, compared to $185.9 million in the same period last fiscal year
  • Gross margin decreased 30 basis points to 31.8%, compared to 32.1% in the same period last fiscal year; non-GAAP adjusted gross margin decreased 10 basis points to 32.0% compared to 32.1% in the same period last fiscal year
  • Net income attributable to FOX stockholders was $31.8 million, or 12.1% of sales and $0.75 of earnings per diluted share, compared to $22.5 million, or 12.1% of sales and $0.58 of earnings per diluted share in the same period last fiscal year
  • Non-GAAP adjusted net income was $38.2 million, or $0.90 of adjusted earnings per diluted share, compared to $25.4 million, or $0.65 of adjusted earnings per diluted share in the same period last fiscal year
  • Adjusted EBITDA was $51.2 million, or 19.5% of sales, compared to $34.4 million, or 18.5% of sales in the same period last fiscal year

"We are pleased to report record revenue and profitability in 2020, despite the numerous labor, supply chain, and production challenges created by the pandemic. This feat was only made possible because of our teams’ sheer resilience, dedication, and adaptability as we came back from the unprecedented global shut down, delivering back to back record quarters to wrap up 2020," commented Mike Dennison, FOX’s Chief Executive Officer. "We feel optimistic about our prospects as we move into 2021 with solid business momentum, expanded OEM relationships, and enhanced production capabilities. We are excited about the growth opportunities ahead of us with our compelling and diversified performance-defining product offerings, expanding end user customer base, and world class team."

GUIDANCE:

Fox Factory Holding sees Q1 2021 EPS of $0.75-$0.85, versus the consensus of $0.73. Fox Factory Holding sees Q1 2021 revenue of $255-275 million, versus the consensus of $242.65 million.

Fox Factory Holding sees FY2021 EPS of $3.30-$3.60, versus the consensus of $3.50. Fox Factory Holding sees FY2021 revenue of $1.035-1.085 billion, versus the consensus of $1.04 billion.

  • For the first quarter of fiscal 2021, the Company expects sales in the range of $255.0 million to $275.0 million and non-GAAP adjusted earnings per diluted share in the range of $0.75 to $0.85.
  • For the fiscal year 2021, the Company expects sales in the range of $1,035 million to $1,085 million and non-GAAP adjusted earnings per diluted share in the range of $3.30 to $3.60. The Company’s full year 2021 guidance assumes a tax rate range of 15.0% to 19.0%.

For earnings history and earnings-related data on Fox Factory Holding (FOXF) click here.



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