Holley reports Q3 net sales down 3.1%, gross profit down 25.8%; appoints interim COO

Holley Inc.

2022-Q3 EPS reported $0.32 revenue$534,250,000

Net sales of $154.8M vs $159.7M YoY (-3.1%); gross profit $48.4M vs $65.2M (-25.8%).
Net income of $31.6M ($0.27/diluted) vs net loss of $(30.2)M in Q3 2021.
Adjusted net loss of $(4.1)M; adjusted EBITDA of $16.4M vs $35.5M YoY.
Full-year 2022 outlook updated to reflect supply chain pressures and higher costs.
Brian Appelgate appointed interim COO effective Nov 14; base salary $200K, $750K in RSUs.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed (interim)

Brian Appelgate

interim Chief Operating Officer

HLLY · Holley Inc.

Effective: 2022-11-14
Filed: November 14, 2022, 6:59 PM ET

On November 14, 2022, the Company announced that the Board of Directors of the Company approved the appointment of Brian Appelgate as the Company’s interim Chief Operating Officer, effective immediately.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Holley Inc. reported third quarter ended October 2, 2022 results: revenue $154.8 million, net income $31.6 million, EPS $0.27 per diluted share.

Period: third quarter ended October 2, 2022
Revenue: $154.8 million
Net income: $31.6 million
EPS: $0.27 per diluted share
Result: reported results

Exact text from the filing

Holley Inc. (NYSE: HLLY), the leading platfor m serving performance automotive enthusiasts, today announced financial results for its third quarter ended October 2, 2022. Third Quarter Highlights vs. Prior Year Period ● Net Sales de creased 3.1% to $154.8 million compared to $159.7 million in the prior year's third quarter ● Gross Profit decreased 25.8% to $48.4 million compared to $65.2 million in the prior year's third quarter ● Net Income of $31.6 million , or $0.27 per diluted share, compared to a Net Loss of $(30.2) million , or $(0.28) per diluted share, in the prior year's third quarter

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Executive change SEC 8-K Item 5.02 confidence 0.95

Brian Appelgate was appointed as interim Chief Operating Officer at Holley Inc..

Action: appointed
Role: interim Chief Operating Officer

Exact text from the filing

On November 14, 2022, the Company announced that the Board of Directors of the Company approved the appointment of Brian Appelgate as the Company’s interim Chief Operating Officer, effective immediately.

View on SEC.gov

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Source: SEC EDGAR

accession 0001437749-22-027270

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