Q1 2024 Fox Factory Holding Corp Earnings Call Transcript
Key Points
- Diversified product portfolio across multiple sectors and markets helps mitigate risks and drives future growth.
- First quarter revenue of $333.5 million met expectations, with adjusted earnings per share of $0.29 exceeding plans.
- Strong demand in the automotive space from major OEMs, particularly for model-year 25 products.
- Positive signs of recovery in Q2, especially in the bike segment, with expectations of sequential improvement in operating results.
- Robust product roadmap and spec share gains in the OEM market expected to drive growth in the second half of the year.
- Ongoing inventory recalibration in the bike segment impacting results, with slow recovery anticipated.
- Powersports segment affected by dealer inventory levels leading to reduced OEM demand and lower sales.
- High interest rates causing consumer fatigue, impacting discretionary spending and cautious inventory management by dealerships and OEMs.
- Net sales in the Powered Vehicle Group and Specialty Sports Group saw declines due to challenging market conditions.
- Full year 2024 outlook adjusted to the lower end of previous range due to prolonged high interest rates and less favorable macroeconomic conditions.
Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to Fox Factory Holding Corporation's First Quarter Fiscal 2024 earnings conference call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded. And now at this time, I would like to turn things over to Toby MARGIN, Chief Legal Officer at Fox Factory Holding Corp. Please go ahead.
Thank you. Good afternoon, and welcome to Fox Factory's First Quarter 2024 earnings conference call. I'm joined today by Mike Dennison, Chief Executive Officer, and Dennis Shim, Chief Financial Officer and Treasurer. First, Mike will provide business updates, and then Dennis will review the quarterly results and outlook. Mike will then provide some closing remarks before we open up the call for your questions.
By now, everyone should have access to the earnings release, which went out
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