Fox Factory Q1 sales up 34% to record $378M; GAAP EPS $1.13, adj. EPS $1.32; guides FY22 sales $1.5-1.53B

FOX FACTORY HOLDING CORP

2022-Q1 EPS reported $1.13 revenue$377,977,000

Record quarterly sales of $378.0M (+34.4% YoY); GAAP diluted EPS $1.13 vs $0.90; non-GAAP adj. diluted EPS $1.32 vs $1.05.
Gross margin contracted 300bps to 31.8%; non-GAAP adj. gross margin 32.3% (down 270bps) due to supply chain costs and Watsonville-to-Gainesville transition.
Specialty Sports Group sales +43.5%; Powered Vehicles Group +27.9%, driven by strong OEM/aftermarket demand and upfitting product lines.
Q2 FY2022 guidance: sales $385M-$405M, non-GAAP adj. EPS $1.10-$1.25. Full-year FY2022 guidance: sales $1,500M-$1,530M, non-GAAP adj. EPS $5.00-$5.30.
Adjusted EBITDA $71.8M (19.0% margin) vs $60.4M (21.5% margin); effective tax rate fell to 4.8% from 9.5% due to release of valuation allowance.

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