Holley Rallies On Better-than-expected Q2 Results, Increased Revenue Outlook

(RTTNews) - Shares of automotive aftermarket products maker Holley Inc. (HLLY) are rising more than 25% Thursday morning after the company reported second-quarter results above analysts' view. It also raised its full-year revenue outlook.

Looking forward, Jesse Weaver, Holley's Chief Financial Officer commented, "On the back of strong year-to-date performance, we are raising our full year 2023 net sales and Adjusted EBITDA guidance ranges. Our financial results have demonstrated the strength and resiliency of our brand portfolio in uncertain times, and we are increasingly confident in our ability to deliver profitability in line with our long-term margin targets and strong free cash flow."

For the second quarter, the company has reported net Income of $13.0 million, or $0.11 per share, lower than $40.6 million, or $0.35 per diluted share, last year, but beat the average estimate of analysts polled by Thomson-Reuters of $0.06 per share.

Net Sales decreased 2.3% to $175.3 million compared to $179.4 million a year ago. Analysts were looking for sales of $172.61 million.

Holley now expects full-year sales to be in the range of $635 million - $675 million, up from the previous outlook of $625 - $675 million. The consensus estimate stands at $659.07 million.

HLLY shares, currently at $7.78, has traded in the range of $1.88 - $7.99 in the last one year.