Holley Reports Adj. Profit In Q3; Net Sales Up 1.1%

(RTTNews) - Holley Inc. (HLLY) reported third quarter net income of $0.8 million, or $0.01 per share, compared to $31.6 million, or $0.27 per share, last year. Adjusted net income was $3.5 million compared to a loss of $4.1 million. Adjusted profit per share was $0.03 compared to a loss of $0.04. Adjusted EBITDA increased to $29.7 million from $16.4 million. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.03, for the quarter. Analysts' estimates typically exclude special items.

Third quarter net sales were $156.5 million, up 1.1% from prior year. Analysts on average had estimated $155.82 million in revenue.

For full year 2023, the company now expects adjusted EBITDA in a range of $123 million to $128 million, revised from prior guidance range of $118 million - $128 million. Net sales are estimated in a range of $645 million - $675 million, revised from previous guidance range of $635 million - $675 million.

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