Net income increased 11% to $22,530,000 from $20,368,000 in the fourth quarter on 19% higher sales of $185,881,000 from $156,810,000, including an 11% gain in Specialty Sports Group bike products and a 24% jump from the Powered Vehicles Group. FOXF’s soaring profit growth has been tempered as a larger share of revenues comes from lower margin OEM customers for both bike and motorized vehicle products. Gross margin was down 40 basis points to 32.1%, hit by manufacturing and supply chain inefficiencies due to the increased demand. SG&A increased $3.8 million on higher personnel costs and other administrative expenses to support ... Log in to view full article.