Fox Factory (NASDAQ:FOXF) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Fox Factory (NASDAQ:FOXF) issued its quarterly earnings results on Thursday. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.10, Briefing.com reports. Fox Factory had a return on equity of 10.50% and a net margin of 5.41%. The business had revenue of $333.50 million for the quarter, compared to analyst estimates of $327.58 million. During the same quarter in the prior year, the firm posted $1.20 earnings per share. The firm’s revenue for the quarter was down 16.6% compared to the same quarter last year. Fox Factory updated its Q2 guidance to $0.30-0.40 EPS and its FY24 guidance to $2.30-2.55 EPS.

Fox Factory Trading Up 10.4 %

Shares of NASDAQ:FOXF opened at $43.52 on Friday. The stock has a market cap of $1.83 billion, a PE ratio of 24.31, a P/E/G ratio of 3.66 and a beta of 1.68. The company has a quick ratio of 1.91, a current ratio of 3.70 and a debt-to-equity ratio of 0.61. Fox Factory has a 12-month low of $37.98 and a 12-month high of $117.68. The business has a 50 day moving average of $46.45 and a 200-day moving average of $59.53.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Bank of America cut shares of Fox Factory from a “buy” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research report on Friday, February 23rd. Stifel Nicolaus cut their price objective 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. Truist Financial decreased their price target on shares of Fox Factory from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Friday. Roth Mkm lowered their target price on Fox Factory from $55.00 to $45.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Robert W. Baird dropped their price objective on Fox Factory from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $48.00.

About Fox Factory

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.