Holley Inc. reports news on its automotive aftermarket performance business, including earnings, operational highlights, product launches and portfolio actions. The company designs, manufactures and distributes performance products for car and truck enthusiasts under brands such as Holley, Holley EFI, MSD, Simpson, Flowmaster, EDGE, Cataclean and Accel.
Recurring updates cover the company’s American Performance, Modern Truck & Off-Road, Euro & Import, and Safety & Racing verticals; new engine-swap, EFI, chemicals, car-care and motorsports products; flagship enthusiast events; acquisitions such as HRX; portfolio optimization; distribution-channel activity; debt reduction and full-year outlook commentary.
Flowmaster, part of Holley Performance Brands (NYSE: HLLY), has launched the Flowmaster Signature Series, a new premium exhaust line for modern trucks. This next-generation system offers increased power and performance, a finely tuned sound, and features brushed stainless steel for durability and aesthetics. Available for popular truck models, it delivers significant gains in power and torque over stock systems.
Key features include:
- More aggressive sound performance
- Cat-Back and Axle-Back systems maintaining emissions compliance
- Simple installation with factory hanger locations
- Hand-welded and made in the USA
Holley Performance Brands (NYSE: HLLY) is hosting the annual Haus Party event through its European aftermarket brands APR and Dinan. The event, taking place on October 12, 2024, at their Opelika, Alabama headquarters, will showcase new products and connect with customers in the Euro and import vehicle market.
The event features interactive exhibits, a VW, Audi, and BMW-focused car show, and product innovations. It's free and open to the public, offering enthusiasts a tour of the 80,000-square-foot facility. Prior to the Haus Party, Holley will welcome dealers globally on October 10-11, emphasizing their investment in APR and Dinan.
APR and Dinan offer a wide range of products for European vehicles, including tuners, intakes, exhaust systems, and more. With a $14 billion addressable market in the U.S., both brands are introducing comprehensive solutions for vehicle enhancement.
Baer Brakes, a Holley Performance Brands (NYSE: HLLY) company, has launched Baer BIG Claw Performance Brake Kits and Baer Claw Rotors for modern trucks. These products are designed to enhance stopping power and style for popular vehicles like Ford F-150, Ford Bronco, Ram Trucks, Jeep JL/JT, Chevrolet Silverado 1500, and Chevrolet Suburban.
The Baer BIG Claw platform reduces stopping distance by over 20 feet compared to stock brakes. Key features include:
- Improved stopping performance
- Use of factory caliper and pads
- Simple bolt-on installation
Holley Performance Brands (NYSE: HLLY) reported a record-breaking attendance at its 15th annual Holley LS Fest East in Bowling Green, Kentucky. The three-day event attracted nearly 45,000 automotive enthusiasts and featured 2,752 vehicles, setting new records for the flagship event. Highlights included sold-out autocross and drag race events, a blockbuster car show, and a competitive drift event. The company also introduced a new Road Course High-Performance Driving Experience at NCM Motorsports Park.
CEO Matthew Stevenson emphasized the event's success and the valuable opportunity to engage with customers. Holley's event season will conclude with two more flagship events: Holley MoParty (September 13-15) and Holley Ford Festival (September 26-29) at Beech Bend Raceway Park.
Simpson, a Holley Performance Brand (NYSE: HLLY), has unveiled the Devil Ray 3.0 and Desert Devil 3.0 racing and off-road helmets. These updated designs set new standards for lightweight construction, improved safety features, and aggressive styling. The Devil Ray 3.0 is tailored for long races, while the Desert Devil 3.0 is designed for challenging off-road environments. Both helmets are available in carbon or composite variations with four color options.
Key enhancements include improved aerodynamics, redesigned ventilation, and better accessory integration. The Devil Ray 3.0 features an enhanced interior for comfort and is Snell certified. The Desert Devil 3.0 comes with pre-installed radio, top air system, and neck skirt for dust protection. This release aligns with Holley's strategy to deliver high-performance solutions across its key consumer verticals, including Safety & Racing and Modern Truck & Off-Road.
Holley Performance Brands (NYSE: HLLY) announced that Moody's Ratings has upgraded the company's corporate family rating (CFR) to B2 from B3, with a stable outlook. The upgrade reflects Moody's expectation that Holley will maintain healthy profitability and moderate financial leverage while generating solid free cash flow over the next 12-18 months. Despite revenue headwinds expected in 2024, Holley has successfully implemented operational initiatives to improve earnings and free cash flow, which has been used to repay debt. CFO Jesse Weaver emphasized the company's progress on financial priorities, including strengthening the balance sheet and maintaining robust free cash flow. The upgrades from both Moody's and S&P affirm Holley's financial improvements, with a continued focus on decreasing debt, enhancing profitability, and generating strong free cash flow.
Holley Performance Brands (NYSE: HLLY) reported Q2 2024 results with net sales of $169.5 million, down 3.3% year-over-year. Net income increased 31% to $17.1 million, or $0.14 per diluted share. Adjusted EBITDA was $37.4 million, slightly down from $37.9 million last year, but with a 50bps improvement in margin.
Key highlights include:
- S&P Global Ratings upgraded Holley's credit rating to 'B' from 'B-'
- Completed an additional $10 million early debt paydown
- Exited the Covenant Relief Period with a bank-adjusted EBITDA leverage ratio of 4.02x
- Appointed Alex Buccilli as new SVP of Operations and Supply Chain
Despite macroeconomic challenges, Holley is making progress on its transformation strategy, focusing on digital capabilities, distributor partnerships, and product innovation. The company provided a conservative outlook for H2 2024 due to economic uncertainties.
Holley Performance Brands (NYSE: HLLY), a leader in automotive aftermarket performance solutions, has announced its second quarter 2024 financial results will be released on August 7, 2024. The company will host a conference call and live webcast at 8:30 am Eastern Time to discuss the results. President and CEO Matthew Stevenson and CFO Jesse Weaver will lead the call.
The earnings release and presentation will be available on the company's Investor Relations page before market open. Investors can join via phone or webcast, with replay options available until August 14. Holley Performance Brands specializes in designing, manufacturing, and marketing high-performance automotive products across various enthusiast segments, including Domestic Muscle, Modern Truck & Off-Road, Euro & Import, and Safety & Racing.
Dinan, a Holley Performance Brand (NYSE: HLLY), has reintroduced its popular Foundation & Experience Packages for late-model BMWs. These packages combine various performance-enhancing components, such as intakes, exhausts, and chassis parts, into a single offering. This move aims to meet the growing demand in the European and Import car market, which represents nearly half of the existing car population. CEO Matthew Stevenson highlights the company's commitment to customer focus and innovation with these comprehensive packages designed to enhance vehicle performance without compromising safety. The packages are also available for the Toyota GR Supra.
S&P Global Ratings has upgraded Holley Performance Brands' (NYSE: HLLY) issuer credit rating from 'B-' to 'B' and senior secured issue-level rating from 'B-' to 'B' as of June 13, 2024.
This upgrade reflects Holley's improved leverage ratio, stronger profitability, debt paydown, and consistent free cash flow generation. CFO Jesse Weaver attributed this milestone to the company's focused financial strategies and emphasized the ongoing commitment to reduce leverage, enhance profitability, and improve cash flow.