Earnings ·
Holley reports Q3 net income of $7.8M and reduces debt by $25M to reach 3.5x leverage
HLLYHolley Inc.
Holley Inc. reported third-quarter net income of $7.8 million, or $0.06 per diluted share, compared to a loss of $0.8 million in the prior year period. Net sales grew 2.3% to $141.6 million, while core business sales increased 6.7%. The company generated $14.1 million in operating cash flow and prepaid $25 million in debt, bringing its leverage ratio down to a four-year low of 3.50x ahead of schedule. Holley narrowed its full-year revenue guidance to $610–$625 million and Adjusted EBITDA outlook to $127–$132 million. The company designs, manufactures, and markets automotive aftermarket performance solutions.