Fox Factory Holding Corp. reported earnings more than tripled in the first quarter ended March 31 on a 32.6 percent revenue gain.
“We achieved sales and profitability above our expectations in the first quarter of fiscal 2017, driven by solid momentum across both our bike and powered vehicle product offerings,” said Larry L. Enterline, Fox’s chief executive officer. “As a result of our strong start to the year, we are raising our guidance for fiscal 2017. We believe the diversification of our product offerings and end markets continue to set us apart in the industry and position us well for future growth.”
Sales for the first quarter of fiscal 2017 were $106.3 million, an increase of 32.6 percent as compared to sales of $80.2 million in the first quarter of fiscal 2016. This increase reflects a 54 percent increase in sales of powered vehicle products and a 15.9 percent increase in sales of bike products. The increase in sales of powered vehicle products was primarily due to continued high demand for on- and off-road suspension products, including increased OEM sales. The increase in sales of bike products primarily reflects new product introductions and favorable model year spec placements with OEMs.
Total operating expenses were $21.3 million for the first quarter of fiscal 2017.