Holley Clocks ~20% Sales Growth In Q3, Reiterates FY21 Outlook

Holley Inc HLLY reported third-quarter FY21 sales growth of 19.8% year-on-year, to $159.67 million, missing the analyst consensus of $193.04 million.
The gross profit increased 17.4% Y/Y to $65.2 million, with the margin contracting 90 basis points to 40.8%.
The operating expense rose 133.1% Y/Y to $63.3 million.
The operating margin was 1.2%, and operating income for the quarter declined 93.3% to $1.9 million.
Adjusted EBITDA was $35.5 million versus $34.6 million last year.
Adjusted EPS was $0.12 versus $0.20 in Q3 FY20.
The company held $53.9 million in cash and equivalents as of September 26, 2021.
Outlook: Holley reiterated the fiscal 2021 Net Sales outlook of $648 million - $663 million, Pro Forma Net Sales of $655 million - $670 million, and Pro Forma Adjusted EBITDA of $165 million - $170 million.
Price Action: HLLY shares are trading higher by 5.07% at $12.65 on the last check Wednesday.