Fox Factory (NASDAQ:FOXF) Releases FY24 Earnings Guidance

Fox Factory (NASDAQ:FOXF) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.30-2.55 for the period, compared to the consensus earnings per share estimate of $2.43. The company issued revenue guidance of $1.53-1.61 billion, compared to the consensus revenue estimate of $1.56 billion. Fox Factory also updated its Q2 guidance to $0.30-0.40 EPS.

Fox Factory Price Performance

Shares of NASDAQ FOXF traded up $4.10 during mid-day trading on Friday, reaching $43.52. The company’s stock had a trading volume of 1,149,487 shares, compared to its average volume of 638,720. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.70 and a quick ratio of 1.91. Fox Factory has a 52 week low of $37.98 and a 52 week high of $117.68. The stock has a fifty day moving average of $46.45 and a two-hundred day moving average of $59.53. The firm has a market capitalization of $1.83 billion, a PE ratio of 24.31, a P/E/G ratio of 3.66 and a beta of 1.68.

Fox Factory (NASDAQ:FOXF) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.10. The company had revenue of $333.50 million for the quarter, compared to analysts’ expectations of $327.58 million. Fox Factory had a return on equity of 10.50% and a net margin of 5.41%. The firm’s revenue was down 16.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.20 EPS. As a group, sell-side analysts anticipate that Fox Factory will post 2.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FOXF. Truist Financial decreased their price objective on Fox Factory from $60.00 to $50.00 and set a buy rating on the stock in a research report on Friday. Bank of America downgraded Fox Factory from a buy rating to a neutral rating and set a $55.00 price target for the company. 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. Roth Mkm lowered their target price on shares of Fox Factory from $55.00 to $45.00 and set a neutral rating for the company in a report on Friday. Finally, StockNews.com downgraded shares of Fox Factory from a hold rating to a sell rating in a report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $48.00.

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.