Holley Inc · Q3 2022 earnings

Briefing

Holley's financial performance was impacted by supply chain constraints and inflationary pressures, but direct-to-consumer sales increased.

Holley Inc. reported a decrease in net sales by 3.1% to $154.8 million for the third quarter of 2022, while net income was $31.6 million, or $0.27 per diluted share. The company's performance was affected by supply chain constraints and higher costs, but direct-to-consumer sales saw an increase of 11%.

• Net sales decreased by 3.1% to $154.8 million compared to the prior year's third quarter.
• Gross profit decreased by 25.8% to $48.4 million compared to the prior year's third quarter.
• Net income was $31.6 million, or $0.27 per diluted share, compared to a net loss of $(30.2) million in the prior year's third quarter.
• Adjusted EBITDA was $16.4 million compared to $35.5 million in the prior year's third quarter.

Headline financials

Revenue & EPS history

Holley revised its outlook for 2022 due to challenges with the supply chain, manufacturing inefficiencies, freight costs and elevated expenses. Net Sales are expected to be in the range of $695-$710 million and Adjusted EBITDA of $118-$124 million.