Shares of Fox Factory Holding Corp. (FOXF) plummeted over 13% on Thursday after the company reported disappointing Q3 2024 results that missed expectations and slashed its full-year guidance, citing ongoing challenges from weak consumer demand and a deteriorating macroeconomic environment.

For the third quarter, the racing vehicle maker posted adjusted earnings of $0.35 per share, well below the consensus estimate of $0.42. Net sales of $359.1 million also narrowly missed expectations of $366.9 million. The company attributed the earnings miss to shifts in product mix, reduced operating leverage, and margin pressure.

More concerning for investors was Fox Factory's significantly lowered outlook for fiscal 2024. The company now expects full-year adjusted earnings between $1.27 and $1.42 per share on net sales of $1.34 billion to $1.38 billion. This is down from its prior guidance of $1.40 to $1.72 EPS on sales of $1.41 billion to $1.48 billion, and misses Wall Street's projection of $1.57 EPS on $1.42 billion in revenue.