Fox Factory (NASDAQ:FOXF) Releases Q2 Earnings Guidance

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

Fox Factory Price Performance

FOXF traded up $4.10 on Friday, hitting $43.52. 1,149,487 shares of the stock were exchanged, compared to its average volume of 638,720. The business has a 50-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 price-to-earnings ratio of 24.31, a PEG ratio of 3.66 and a beta of 1.68. 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 12 month low of $37.98 and a 12 month high of $117.68.

Fox Factory (NASDAQ:FOXF) last issued its earnings results on Thursday, May 2nd. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.10. Fox Factory had a return on equity of 10.50% and a net margin of 5.41%. The firm had revenue of $333.50 million for the quarter, compared to the consensus estimate of $327.58 million. During the same quarter last year, the business posted $1.20 EPS. The company’s revenue was down 16.6% compared to the same quarter last year. Sell-side analysts forecast that Fox Factory will post 2.42 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. B. Riley lowered their target price on shares of Fox Factory from $50.00 to $45.00 and set a neutral rating for the company in a research note on Friday. Roth Mkm reduced their price objective on Fox Factory from $55.00 to $45.00 and set a neutral rating for the company in a research note on Friday. Stifel Nicolaus lowered their target price on Fox Factory from $56.00 to $45.00 and set a hold rating on the stock in a research report on Wednesday, April 24th. StockNews.com downgraded shares of Fox Factory from a hold rating to a sell rating in a research report on Monday, February 26th. Finally, Truist Financial lowered their price objective on shares of Fox Factory from $60.00 to $50.00 and set a buy rating on the stock in a report on Friday. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average 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.