Holley Inc · Q4 2023 earnings

Briefing

Holley's Q4 2023 results showed year-over-year improvement in profitability due to organizational transformation.

Holley Inc. reported a 1.0% increase in net sales to $155.7 million and a significant improvement in net income to $1.2 million, compared to a net loss of $(15.2) million in the prior year period. Adjusted EBITDA increased by 89% to $28.5 million. The company is in the early stages of an organizational transformation, which is positively impacting financial performance.

• Net sales increased 1.0% to $155.7 million.
• Gross profit increased 27.5% to $60.3 million, with a gross margin of 38.7%.
• Net income was $1.2 million, a significant improvement from the prior year's net loss of $(15.2) million.
• Adjusted EBITDA increased 89% to $28.5 million.

Headline financials

Revenue & EPS history

Holley anticipates a soft Q1 2024 due to lower consumer demand and high inventory levels at key distribution partners, but expects growth in the second half of the year. The company provided net sales outlook for Q1 2024 between $150 million and $160 million, and adjusted EBITDA between $27 million and $33 million. For the full year 2024, net sales are expected to be between $640 million and $680 million, and adjusted EBITDA between $125 million and $145 million.