Friday, 29 March 2024
Market DataNews

Fox Factory reports 57.8% rise in cycling product sales

Fox Factory this week reported sales for the year ended December 31, 2021, were $1,299.1 million, an increase of 45.9% compared to fiscal year 2020.

With the release of Fourth Quarter and Fiscal 2021 Financial Results, Fox saw Specialty Sports Group sales (largely made up of bicycle industry trade) increase by 57.8%, driven by strong demand, primarily in OEM channel, whilst also noting that the prior fiscal year (2020) includes the impact of shutdowns at a majority of our OEM partners due to the COVID-19 pandemic.

Net income attributable to FOX stockholders in fiscal 2021 was $163.8 million, compared to $90.7 million in the prior fiscal year (this figure combines both Specialty Sports Group and Powered Vehicles Group sales).

For the first quarter of fiscal 2022, the Company expects a combined Specialty Sports Group and Powered Vehicles Group sales in the range of $325 million to $340 million.

“I am pleased to report yet another year of record revenue and profitability in 2021, despite an incredibly volatile operating environment filled with numerous inflationary, labor, and supply chain challenges, which were only further exacerbated by the ongoing COVID-19 pandemic,” commented Mike Dennison, FOX’s Chief Executive Officer.

“This year’s performance continues to demonstrate our team’s ability to overcome obstacles while laying the foundation for our future success. We recently completed the acquisition of Shock Therapy, a high-performance suspension tuning services company located in Phoenix, Arizona. The addition of Shock Therapy fits seamlessly with our growth strategy by super-charging our services and off-road aftermarket businesses, while establishing a meaningful eco-system around our end consumers. We are optimistic about our prospects as we move into 2022 with solid business momentum, expanded customer relationships, and enhanced production capabilities to serve our customers better than ever.”

The full investor summary is viewable here.

In August of 2021 CI.N reported that Fox Factory had, for the fourth quarter running, broken revenue records, taking the company past one billion dollars in income on a trailing twelve months basis for the first time.