Holley Q1 2023 Earnings Report
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.
Holley
Holley
Forward Guidance
Holley reaffirmed its full year 2023 outlook, expecting net sales in the range of $625-$675 million and Adjusted EBITDA of $108-$122 million.