Fox Factory Holding Corp. expects to report net sales grew nearly 15 percent in the fourth quarter ended Dec. 31, 2013 of 2013 thanks in part to $3 million in sales it had not expected to occur until early this spring.
FOXF, which went public late last year, said it expects revenues to reach approximately $65 million in the fourth quarter. The Scotts Valley, CA-based company designs and manufactures high-performance suspension products for mountain bikes as well as on- and off-road vehicles, including snowmobiles, motorcycles and Ford pickup trucks.
FOXF expects to report earnings per diluted share in the range of 11 to 13 cents for the quarter based on approximately 38 million weighted average diluted shares outstanding, up from 5 cents per 34.0 million weighted average diluted shares in the fourth quarter of 2012.
“We are pleased to report strong fourth quarter and full year 2013 preliminary sales and earnings results in our first year as a public company,” stated Fox CEO Larry L. Enterline. “Our operations team continued its focused execution of our long-term strategy which enabled us to generate approximately 280 basis point improvement in gross margin compared to 2012. As we begin fiscal year 2014, we believe we are well positioned to deliver another year of solid top and bottom line growth.”
The report directly contradicts a recent update from bike manufacturer Dorel Industries Inc., which last week warned investors its fourth quarter earnings would come in below expectations because independent bike dealers postponed deliveries of 2014 model of its Cannondale, Schwinn, GT and other bikes until 2014.