SCOTTS VALLEY, Calif. (BRAIN) — Fox Factory reported record sales of $127.4 million in the third quarter, up 16.9 percent from the same period last year. In its bicycle division, which includes sales through the Fox, Marzocchi, Race Face and Easton Cycling brands, sales were up 8.8 percent in the quarter. Year to date, Fox's bike-related sales were up 8.5 percent over last year.
Fox does not break out sales dollar totals for its bicycle and power vehicle sales in its quarterly reports. Power vehicle product sales were up 27.3 percent in the quarter and 39.9 percent year to date.
Across all its businesses, gross margin increased 140 basis points to 33.4 percent compared to 32.0 percent in the same period last fiscal year.
Fox raised its fiscal year guidance. It now expects sales in the range of $468.5 million to $473.5 million and non-GAAP adjusted earnings per diluted share in the range of $1.50 to $1.54.
"We are pleased to report another quarter of record sales and earnings results which exceeded our expectations," said Fox's CEO Larry L. Enterline. "Our third quarter results reflect continued broad success across both our powered vehicle and bike businesses. Looking ahead, our team remains committed to further building the FOX brand presence in our existing product categories and consistently pursuing new market opportunities."
The company said the increase in sales of bike products "primarily reflects new product introductions, favorable spec positions, and strong sell through with certain higher growth OEMs."
Fox also reported that it has spent $3.17 million year to date on litigation expenses related to several patent lawsuits with SRAM.
