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Mar 31, 2024
Holley Q1 2024 Earnings Report
Estimated Revenue:$155M
-7.2% YoY
Estimated EPS:$0.0501
+389.2% YoY
Key Takeaways
Holley Performance Brands reported a decrease in net sales to $158.6 million compared to $172.2 million in the prior year period. Net income was $3.7 million, a slight decrease from $4.2 million year-over-year. The company paid down $15 million of debt and improved free cash flow generation by $15 million year-over-year. Holley is reiterating its full year 2024 outlook and providing Q2 outlook.
Net sales decreased by 7.9% to $158.6 million compared to the prior year.
Net income was $3.7 million, or $0.03 per diluted share, compared to $4.2 million, or $0.04 per diluted share, last year.
The company paid down $15 million of debt and improved free cash flow generation by $15 million year-over-year.
Holley initiated a strategic rebranding to Holley Performance Brands.
Holley
Holley
Forward Guidance
Holley is providing the following outlook for the second quarter and full-year 2024:
Positive Outlook
- Net Sales: $165 - $175 million (Q2 2024 Outlook)
- Net Sales: $640 - $680 million (Full Year 2024 Outlook)
- Adjusted EBITDA: $34 - $40 million (Q2 2024 Outlook)
- Adjusted EBITDA: $125 - $145 million (Full Year 2024 Outlook)
- Bank-adjusted EBITDA Leverage Ratio: 4.0x - 3.5x (Full Year 2024 Outlook)
Challenges Ahead
- Capital Expenditures: $8 - $12 million (Full Year 2024 Outlook)
- Depreciation and Amortization Expense: $24 - $26 million (Full Year 2024 Outlook)
- Interest Expense: $50 - $55 million (Full Year 2024 Outlook)
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Key Statistics
Market Cap
$486M
P/E Ratio
12.85
Sector
Producer Manufacturing
Industry
Auto Parts OEM
52-Week High
$4.05
52-Week Low
$1.76
Adjusted EBITDA
$30.7M