Fox Factory Holding sales increase in Q2
Fox Factory Holding Corp. reported financial results for the second quarter and six months ended June 30, 2017.
Sales for the second quarter of fiscal 2017 were $120.8 million, an increase of 18.1 percent as compared to sales of $102.3 million in the second quarter of fiscal 2016. This increase reflects a 42.7 percent increase in sales of powered vehicle products and a 2.9 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 spec positions with certain higher growth OEMs.
“We were pleased to continue to grow our business across both our powered vehicle and bike product offerings to generate record sales and adjusted EBITDA in the second quarter. Our business benefited from positive demand for on- and off-road suspension products, new bike product introductions and favorable model year spec positions in the quarter,” said Larry L. Enterline, Fox’s CEO. “As a result of year-to-date financial results and our current view of our business, we are pleased to be able to raise our outlook for fiscal year 2017.”
Sales for the six months ended June 30, 2017, were $227.1 million, an increase of 24.4 percent compared to the same period in 2016. Sales of bike and powered vehicle products increased 8.2 percent and 48 percent, respectively, for the first six months of 2017 compared to the prior year period.
