Record Fox Factory sales nudge business into Billion dollar club

Fox Factory has 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.

The second quarter takings, up 79.2% on the same period last year, tipping the group past the milestone. In large part down to a 92.4% increase in Powered Vehicles Group sales, for both OEM and aftermarket customers the quarter tallied $382 million versus last year’s $183.1 million. Specialty Sports Group sales, which is made up largely of the bicycle business trade, were no less impressive, up 63.9%.

“I am proud to report that we have not only delivered a fourth consecutive quarter of record revenue in a complex manufacturing environment but also surpassed the one billion revenue mark on a TTM basis for the first time in our company’s history. In addition, we made two acquisitions during the second quarter, welcoming SOLA Sport in Australia and Outside Van in Portland, Oregon to the Fox family. These acquisitions fit perfectly with our growth strategy, providing us with geographic and new market expansion respectively,” commented Mike Dennison, Fox’s Chief Executive Officer. “The ongoing growth story is a testament to the experience, resilience, and dedication of our world-class team, despite the challenging manufacturing and supply chain environment in the world today. Achieving one billion in sales is a major milestone for Fox, and we are very excited about our plans for future growth.”

Helping profitability along, Fox Factory managed an 110 basis point increase in gross margin to reach 33.9%. Adjusted EBITDA was $69.7 million, or 21.2% of sales, compared to $33.7 million, or 18.4% of sales in the same period last fiscal year.

For stakeholders the reward was $44.3 million, or 13.5% of sales and $1.05 of earnings per diluted share, compared to $12.6 million, or 6.9% of sales and $0.32 of earnings per diluted share in the same period last fiscal year.

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