Holley Inc · Q1 2023 earnings

Briefing

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.

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.

Headline financials

Revenue & EPS history

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