DULUTH, Ga. (BRAIN) — Fox Factory sales were up 23.4% last year, to a company record of $1,602.5 million. Sales in Fox's powered vehicle business was up 28% while sales in its specialty sports business, which comprises its bicycle brands, were up 17.6% for the year.
In the fourth quarter, company-wide sales were up 19.4%; however, sales in Fox's speciality sports businesses were down 1.9%, which the company attributed to a return to seasonality after several years of quarter-over-quarter sales growth due to the pandemic bike boom. Fox Factory's bike-related brands are Fox, Easton, RaceFace and Marzocchi.
"Thanks to a strong finish in the fourth quarter, Fox had another record year for both revenue and earnings in 2022. Our team stayed focused on our mission, leveraging our diverse portfolio to combat supply chain and labor constraints, as well as threats from inflation. In the fourth quarter, we also saw continued improvement in our Gainesville, Georgia, facility, which provides a solid foundation for continued improvement in 2023," said Mike Dennison, FOX's Chief Executive Officer.
"As we enter 2023, we are aware that the global economy will continue to experience some challenges under the weight of inflationary pressures and tightening monetary conditions. As we navigate these challenges we will continue to fine-tune our product lines, while exploring investments to ensure our future success. Our achievements in 2022 provide us with confidence in our ability to execute our tactical objectives as well as deliver on our long-term strategic vision."
Fox announced last week that it had acquired Custom Wheel House, a California company that makes wheels for cars, trucks and offroad vehicles. Fox spent $132 million to buy the company.
For the full year, Fox's gross margin was 33.2%, a 10 basis point decreas from 2021. Net income in fiscal year 2022 was $205.3 million, compared to $163.8 million in the prior fiscal year. Earnings per diluted share for fiscal year 2022 was $4.84, compared to $3.87 in fiscal year 2021.
For the first quarter of fiscal 2023, Fox said it expects sales in the range of $380 million to $400 million and non-GAAP adjusted earnings per diluted share in the range of $1.10 to $1.30. For the fiscal year 2023, Fox expects sales in the range of $1,670 million to $1,700 million and non-GAAP adjusted earnings per diluted share in the range of $5.15 to $5.45.
Fox's shares are traded on Nasdaq under the FOXF symbol. Stock quotes are available at investor.ridefox.com.
