Fox Factory (NASDAQ:FOXF) Releases Q2 Earnings Guidance

Fox Factory (NASDAQ:FOXF) updated its second quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.30-0.40 for the period, compared to the consensus earnings per share 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.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on FOXF shares. StockNews.com lowered Fox Factory from a hold rating to a sell rating in a report on Monday, February 26th. Stifel Nicolaus dropped 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 reduced 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. Truist Financial lowered their price target on shares of Fox Factory from $60.00 to $50.00 and set a buy rating on the stock in a report on Friday. Finally, Bank of America cut Fox Factory from a buy rating to a neutral rating and set a $55.00 price objective for the company. in a report on Friday, February 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $48.00.

Fox Factory Price Performance

FOXF traded up $4.10 on Friday, reaching $43.52. The stock had a trading volume of 1,149,487 shares, compared to its average volume of 638,720. The firm has a 50-day moving average of $46.45 and a 200-day moving average of $59.53. Fox Factory has a fifty-two week low of $37.98 and a fifty-two week high of $117.68. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 24.31, a price-to-earnings-growth ratio of 3.66 and a beta of 1.68. The company has a current ratio of 3.70, a quick ratio of 1.91 and a debt-to-equity ratio of 0.61.

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

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.