Fox Factory (NASDAQ:FOXF) Releases Q2 Earnings Guidance

Fox Factory (NASDAQ:FOXF) updated its second quarter earnings guidance on Thursday. The company provided EPS guidance of $0.30-0.40 for the period, compared to the consensus EPS estimate of $0.53. The company issued revenue guidance of $340-360 million, compared to the consensus revenue estimate of $379.40 million. Fox Factory also updated its FY24 guidance to $2.30-2.55 EPS.

Fox Factory Stock Performance

NASDAQ FOXF traded up $0.53 during trading on Thursday, reaching $39.42. The company’s stock had a trading volume of 1,142,888 shares, compared to its average volume of 611,695. The business’s fifty day moving average price is $47.04 and its 200-day moving average price is $60.27. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.91 and a current ratio of 3.70. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of 13.65, a P/E/G ratio of 3.28 and a beta of 1.68. Fox Factory has a twelve month low of $37.98 and a twelve month high of $117.68.

Fox Factory (NASDAQ:FOXF) last released its earnings results on Thursday, February 22nd. The company reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.34). Fox Factory had a net margin of 8.25% and a return on equity of 13.86%. The company had revenue of $332.50 million during the quarter, compared to analyst estimates of $327.07 million. During the same period in the previous year, the firm posted $1.43 EPS. The company’s revenue for the quarter was down 18.6% on a year-over-year basis. As a group, analysts anticipate that Fox Factory will post 2.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FOXF shares. StockNews.com lowered shares of Fox Factory from a hold rating to a sell rating in a research note on Monday, February 26th. Bank of America cut Fox Factory from a buy rating to a neutral rating and set a $55.00 price target for the company. in a report on Friday, February 23rd. Truist Financial dropped their price objective on Fox Factory from $90.00 to $60.00 and set a buy rating on the stock in a report on Friday, February 23rd. Finally, Stifel Nicolaus decreased their target price on shares of Fox Factory from $56.00 to $45.00 and set a hold rating on the stock in a research report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and an average price target of $66.00.

Fox Factory Company Profile

Fox Factory Holding Corp. designs, engineers, manufactures, and markets performance-defining products and system worldwide. The company offers powered vehicle products for side-by-side vehicles, on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, all-terrain vehicles, snowmobiles, and specialty vehicles and applications, such as military, motorcycles, and commercial trucks; lift kits and components with shock products and aftermarket accessory packages for trucks; and mid-end and high-end front fork and rear suspension products.