Fox Factory (NASDAQ:FOXF) Releases FY24 Earnings Guidance

Fox Factory (NASDAQ:FOXF - Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.30-2.55 for the period, compared to the consensus 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.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FOXF. Stifel Nicolaus dropped their target price 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. StockNews.com downgraded shares of Fox Factory from a hold rating to a sell rating in a research report on Monday, February 26th. Truist Financial dropped their target price on shares of Fox Factory from $90.00 to $60.00 and set a buy rating on the stock in a research report on Friday, February 23rd. Finally, Bank of America downgraded shares of Fox Factory from a buy rating to a neutral rating and set a $55.00 target price on the stock. in a research report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $66.00.

Fox Factory Stock Performance

Shares of FOXF stock traded up $0.53 during trading hours on Thursday, hitting $39.42. The company's stock had a trading volume of 1,145,717 shares, compared to its average volume of 614,721. The company has a 50 day moving average of $46.53 and a 200 day moving average of $60.13. The stock has a market cap of $1.66 billion, a PE ratio of 13.83, a price-to-earnings-growth ratio of 3.28 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 has a 12-month low of $37.98 and a 12-month high of $117.68.

Fox Factory (NASDAQ:FOXF - Get Free Report) last released its quarterly earnings data on Thursday, February 22nd. The company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.34). The business had revenue of $332.50 million during the quarter, compared to analysts' expectations of $327.07 million. Fox Factory had a net margin of 8.25% and a return on equity of 13.86%. The firm's revenue was down 18.6% on a year-over-year basis. During the same period last year, the company earned $1.43 earnings per share. On average, sell-side analysts forecast that Fox Factory will post 2.42 EPS for the current fiscal 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.