Holley Q3 2023 Earnings Report
Key Takeaways
Holley reported a 1.1% increase in net sales to $156.5 million, a 20.6% increase in gross profit to $58.4 million, and a net income of $0.8 million, or $0.01 per diluted share. The company's adjusted EBITDA was $29.7 million, and free cash flow was $21.7 million. Holley also reduced its debt by $25 million in September.
Net sales increased by 1.1% to $156.5 million compared to the prior year.
Gross profit increased by 20.6% to $58.4 million, with a gross margin of 37.3%.
Net income was $0.8 million, or $0.01 per diluted share, compared to $31.6 million, or $0.27 per diluted share, last year.
Adjusted EBITDA was $29.7 million compared to $16.4 million last year, with a margin of 19.0% versus 10.6% last year.
Holley
Holley
Forward Guidance
Holley revised its outlook for 2023 for certain guidance in comparison to the outlook provided by Holley in its earnings release on August 10, 2023.
Positive Outlook
- Net Sales: $645 - $675 million (Previous Outlook: $635 - $675 million)
- Adjusted EBITDA: $123 - $128 million (Previous Outlook: $118 - $128 million)
- Capital Expenditures: $6 - $8 million (Previous Outlook: $5 - $10 million)
- Depreciation and Amortization Expense: $24 - $26 million (Previous Outlook: $23 - $25 million)
- Interest Expense: $58 - $62 million (Previous Outlook: $58 - $62 million)