Fox Factory Holding (NASDAQ: FOXF) reported Q3 EPS of $1.07, $0.20 better than the analyst estimate of $0.87. Revenue for the quarter came in at $260.7 million versus the consensus estimate of $252.49 million.

Third Quarter Fiscal 2020 Highlights

• Sales increased 23.4% to $260.7 million, compared to $211.3 million in the same period last fiscal year
• Gross margin increased 130 basis points to 34.3%, compared to 33.0% in the same period last fiscal year; non-GAAP adjusted gross margin increased 110 basis points to 34.5% compared to the same period last fiscal year
• Net income attributable to FOX stockholders was $38.0 million, or 14.6% of sales and $0.90 of earnings per diluted share, compared to $29.5 million, or 14.0% of sales and $0.75 of earnings per diluted share in the same period last fiscal year
• Non-GAAP adjusted net income was $45.4 million, or $1.07 of adjusted earnings per diluted share, compared to $32.7 million, or $0.83 of adjusted earnings per diluted share in the same period last fiscal year
• Adjusted EBITDA was $60.1 million, or 23.1% of sales, compared to $43.6 million, or 20.6% of sales in the same period last fiscal year

"Our record third quarter results demonstrate not only the success of our superior products but also the phenomenal resilience and execution by our entire global team. With swift allocation of resources, we were able to take advantage of the strong demand trends within our end markets, while still driving gross margin improvement amid an uncertain and complex manufacturing environment" commented Mike Dennison, FOX’s Chief Executive Officer. "The FOX brand is resonating with consumers who are seeking innovative products with high performance and industry defining capabilities, which is evident in the exceptional 32% revenue growth of our Specialty Sports Group. FOX’s premium brand positioning is a key differentiator for OEM partners and aftermarket enthusiasts, and our Powered Vehicles Group is the beneficiary of our long heritage as an industry pioneer. Based on the strength of our year-to-date results and our expectation for momentum to continue through the fourth quarter, we are pleased to reinitiate annual guidance for 2020.”

GUIDANCE:

Fox Factory Holding sees Q4 2020 EPS of $0.72-$0.80, versus the consensus of $0.69. Fox Factory Holding sees Q4 2020 revenue of $240-250 million, versus the consensus of $225.3 million.

Fox Factory Holding sees FY2020 EPS of $2.84-$2.92, versus the consensus of $2.60. Fox Factory Holding sees FY2020 revenue of $868.2-878.2 million, versus the consensus of $845.1 million.

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