Holley

May 11, 2023

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Apr 02, 2023

Holley Q1 2023 Earnings Report

Holley's first quarter results for 2023 were reported, showing a decrease in net sales and net income compared to the prior year, but significant sequential profitability increase driven by sales leverage, operational improvements and cost initiatives.

Key Takeaways

Holley Inc. reported a decrease in net sales by 13.9% to $172.2 million and a decrease in net income to $4.3 million, or $0.04 per diluted share, for the first quarter of 2023. However, the company reaffirmed its full year 2023 outlook and noted significant sequential top and bottom-line improvements relative to the fourth quarter of 2022, driven by sales leverage and cost savings initiatives.

Net sales decreased by 13.9% to $172.2 million compared to the prior year's first quarter.

Net income was $4.3 million, or $0.04 per diluted share, compared to $16.9 million, or $0.15 per diluted share, in the prior year's first quarter.

Adjusted EBITDA was $33.9 million compared to $46.0 million in the prior year's first quarter.

The company reaffirmed its full year 2023 outlook, expecting net sales in the range of $625-$675 million and Adjusted EBITDA of $108-$122 million.