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Jul 02, 2023
Holley Q2 2023 Earnings Report
Holley's financial performance showed resilience with sequential improvements in sales and profitability, and EBITDA margins aligned with long-term targets.
Key Takeaways
Holley reported a slight decrease in net sales but an increase in Adjusted EBITDA for Q2 2023. The company has raised its full-year 2023 sales and Adjusted EBITDA guidance ranges, reflecting confidence in its brand portfolio and ability to deliver profitability.
Net Sales decreased 2.3% to $175.3 million compared to $179.4 million last year.
Net Income was $13.0 million, or $0.11 per diluted share, compared to $40.6 million, or $0.35 per diluted share, last year.
Adjusted EBITDA was $37.9 million versus $37.2 million last year with a margin of 21.6% versus 20.7% last year.
Free Cash Flow was $29.0 million compared to $(1.3) million last year.
Forward Guidance
Holley revised its outlook for 2023 with increased expectations for net sales and Adjusted EBITDA.
Positive Outlook
- Net Sales revised to $635 - $675 million (previously $625 - $675 million).
- Adjusted EBITDA revised to $118 - $128 million (previously $108 - $122 million).
- Capital Expenditures revised to $5 - $10 million (previously $10 - $15 million).
- Depreciation and Amortization Expense maintained at $23 - $25 million.
- Interest Expense revised to $58 - $62 million (previously $60 - $65 million).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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