|Over a week ago|
Holley price target lowered to $5 from $9 at DA Davidson » 08:2711/1511/15/22
DA Davidson analyst…
DA Davidson analyst Michael Baker lowered the firm's price target on Holley to $5 from $9 but keeps a Buy rating on the shares after its Q3 results. The analyst states that he had previously written that the worst of the supply chain was behind Holley, and this still appears to be the case as the company's ability to ship product to retailers improved throughout the quarter. Baker adds however that even though the situation looks much better than three months ago, the issues are not fully solved, leading to a Q4 guide-down. The analyst still contends however that Holley did a "good job showing that it is not a demand issue, but a supply issue, which is improving".
Holley price target lowered to $5 from $9 at Raymond James » 07:1211/1511/15/22
Raymond James analyst…
Raymond James analyst Joseph Altobello lowered the firm's price target on Holley to $5 from $9 and keeps an Outperform rating on the shares. Holley reported very choppy Q3 results that generally fell short of expectations, again weighed down by several ongoing headwinds, most notably microchip supply chain issues and channel destocking, Altobello tells investors in a research note.
Fly Intel: After-Hours Movers » 19:0011/1411/14/22
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Holley sees FY22 revenue $695M-$710M, consensus $706.7M » 16:1211/1411/14/22
Sees FY22 adjusted EBITDA…
Sees FY22 adjusted EBITDA of $118M-$124M and Capital Expenditures in the range of $14M-$15M.
Holley reports Q3 EPS 27c, consensus 6c » 16:1111/1411/14/22
Reports Q3 revenue…
Reports Q3 revenue $154.8M, consensus $152.8M. CEO Tom Tomlinson says: "While we are encouraged by the sequential improvement we saw late in the quarter, earnings fell short of expectations. Supply chain constraints peaked in July and then began to ease, allowing us to steadily produce and ship more product in August and September. Underlying demand remained solid, direct to consumer sales were up 11%, and enthusiast engagement accelerated at our Holley-owned events. Channel inventories continued their decline in July and August, before partially recovering on the back of stronger shipments to resellers in September. As supply chain pressures eased throughout the quarter, we saw increased deliveries of key inputs. Our suppliers of automotive-grade microchips also began to resume shipments in the quarter which allowed us to ship more of our popular electronic products in September. These suppliers have also provided better visibility to future shipments. While challenges remain in the supply chain, we are focused on improving availability of parts and increasing shipments. Profitability was negatively impacted by lower production volumes that drove negative operating leverage and manufacturing inefficiencies, especially earlier in the quarter. We also saw higher input costs from both inflationary pressures and from the scarcity of certain automotive-grade microchips. Warranty costs were higher as resellers caught up on a backlog of warranty returns, and higher inbound freight and other overhead costs from earlier in the year are continuing to impact our results as they work their way through inventory. Pricing actions taken mid-year partially offset these cost headwinds. In this challenging environment, we're pleased with the solid demand we've seen for our products at a time when consumers are stressed by inflationary pressures. We believe we are now positioned to convert more of this demand to sales, as supply chain conditions improve, and as we continue to execute operationally. While there is still more work to do on lowering our cost structure and reducing our inventory levels, we are aggressively pursuing numerous improvement opportunities and continue to make solid progress integrating acquired businesses to drive further synergies. We remain confident in the underlying profitability and cash flow generation potential of our business, and we firmly believe that Holley's position as an industry leader with ample runway for long-term profitable growth is unchanged."
Holley names Brian Appelgate as interim COO » 16:0911/1411/14/22
Holley "announced the appointment of Brian Appelgate, an industry veteran and operating leader with decades of experience leading teams in the performance automotive aftermarket, to Interim Chief Operating Officer (COO). Mr. Appelgate, who has advised Holley since 2018 as Head of Mergers and Acquisitions, will further align Holley's operations in support of the Company's highest priorities and largest near-term opportunities."
|Over a month ago|
Holley price target lowered to $8 from $10 at Truist » 07:3510/0510/05/22
Truist analyst Michael…
Truist analyst Michael Swartz lowered the firm's price target on Holley to $8 from $10 and keeps a Buy rating on the shares as part of a broader research note on Recreation & Leisure. The analyst is updating his model to reflect the impact of rising interest rates and a stronger U.S. dollar over the past 60 days. Concerns regarding the general macro environment and the uncertainty pertaining to consumer spending are also factors that are likely to further pressure near-term earnings outlooks when these companies report their Q3 results over the next 4-6 weeks, Swartz tells investors in a research note.
|Over a quarter ago|
Shoals Technologies names Dominic Bardos as CFO » 06:3708/1508/15/22
Shoals Technologies Group…
Shoals Technologies Group (SHLS) announced that Dominic Bardos has been appointed as CFO, effective October 3. Prior to joining Shoals, Bardos served as CFO of Holley (HLLY), a manufacturer and distributor of performance automotive products.
Holley price target lowered to $10 from $15 at Truist » 09:0008/1208/12/22
Truist analyst Michael…
Truist analyst Michael Swartz lowered the firm's price target on Holley to $10 from $15 but keeps a Buy rating on the shares. The company's Q2 results were not "pretty" and its FY22 performance may not play out in a linear fashion, but many of the issues impacting the quarter should be short-term or transitory in nature, the analyst tells investors in a research note. Swartz adds that he is maintaining his positive long-term view of Holley and continues to recommend the name to longer-term oriented inventors.
Holley files to sell 8.3M shares of common stock 16:0808/1108/11/22