Vehicles

New record: Porsche 911 GT3 masters Nürburgring-Nordschleife in 6:56.294 Minutes

Fastest manual production car at the Nürburgring Previous record lap...

Nissan Premieres All-New Frontier Pro Plug-in Hybrid

Debut of all-new Frontier Pro, Nissan’s first electrified pickup Frontier...

GENESIS MAGMA RACING DEBUTS FULL-SCALE GMR-001 HYPERCAR, USHERING IN A NEW ERA OF ATHLETIC ELEGANCE

Genesis Magma Racing has unveiled the first full-scale GMR-001...

RETURN OF AN ICON: LAND ROVER CLASSIC LAUNCHES CLASSIC DEFENDER V8 SOFT TOP

The most desirable classic Defender variant returns ‑ as...

All-New 2025 INFINITI QX80 Reimagines the Luxury SUV

Evocative exterior showcases the newest evolution of INFINITI design...

Lifestyle

A Young Photographer’s First Snap at the Petersen Automotive Museum

This past Sunday, April 27, 2025, marked a memorable...

Devin Booker and Nike release Chevy Blazer-inspired sneaker collection

4/23/2025 NBA All-Star Devin Booker recently dropped his first Chevrolet-inspired...

The Fab School Repair Team Has Your Back at NORRA’s Baja Mexican 1000

The Fab School Repair Team will be covering the...

LeMay America’s Car Museum – Free Racing Simulator Days in April & May

Throughout April and May 2025, enjoy FREE racing simulator...

Business

Charged Up: Toyota West Virginia Invests $88 Million in New Hybrid Transaxle Line

4/23/2025 Company celebrates announcement with $100,000 donation supporting workforce development BUFFALO,...

Niki Lauda 1977 Original Ferrari Front Wing

Niki Lauda remains one of the most influential characters...

CEO Search Process Confirmed

04/08/2025 MILWAUKEE, April 8, 2025 /PRNewswire/ -- The Board of Directors of...

Hankook Tire to Supply Original Equipment Tires for Lucid’s Electric SUV, ‘Lucid Gravity’

4/17/2025 - ‘iON evo AS SUV’ All-Season Tires Optimized Specifically...

Fireball Tool Fabricator Package Square Kit

Build with 4 of the fastest squares, fit up...

Aftermarket

Ford Performance 427 Cubic Inch 535 HP Boss Crate Engine

The company that created the famous 427 FE engine...

Fireball Tool Fabricator Package Square Kit

Build with 4 of the fastest squares, fit up...

Jackpoint Jack Stands – The ultimate jack stand solution for your Porsche Cayman or Boxster

April 2, 2025Share When it comes to maintaining and working...

’15+ F150 & ’17+ Ford Raptor 5 Link Conversion Kit

2015+ F150 / Gen 2 Raptor 5 Link Conversion...

Real-World Test: 718 GT4 RS LabRat Performance Package Delivers 5-Second Gain at COTA

Every track day driver dreams of chasing that perfect...

Motorsport

Mercedes-AMG GT3 Teams Sweep Sunday Victories in GT World Challenge America at Circuit of The Americas

Mercedes-AMG Motorsport Customer Racing teams Regulator Racing, JMF Motorsports...

Rolex Monterey Motorsports Reunion Reconfirms Unwavering Commitment to Car Eligibility Standards

448 Cars Accepted into August’s Historic Racing Eventat WeatherTech...

GRIDLIFE South Carolina Ignites the 2025 Season with a Record-Breaking Season Opener

From large crowds to 30+ hours of drifting and...

Chip Ganassi Racing to run special HRC livery at Barber Motorsports Park

Reigning and three-time NTT INDYCAR SERIES champion Alex Palou’s...

Samantha Tan Extends BMW M Motorsport Global Ambassador role for 2025 and 2026

BMW of North America, LLC announced today that Samantha...

Jobs

Automakers Feeling Not So Tariff-ic

In a bold, tantrumatic move, President Donald Trump has...

American Tire Distributor New Job Opportunities

American Tire Distributors (ATD), a leader in the wholesale...

People

McLaren Automotive Announces Leadership Change

Former automotive business CEO, Michael Leiters steps down McLaren Group...

Mustang How-To Series: Performance Breakdown with Vaughn Gittin Jr.

In Part 2 of our Mustang How-To series, Vaughn...

Hyundai Motor Company Office of the CEO Announces Leadership Appointments

Szymon Walus promoted to Senior Vice President, Head of...

A Young Photographer’s First Snap at the Petersen Automotive Museum

This past Sunday, April 27, 2025, marked a memorable...

A few minutes with GM Formula 1 aerodynamics engineer Anthony Heenan

By Stephen Harber, content strategist, talent marketing 4/25/2025 It’s official: GM...

Events

Air|Water puts down Californian roots | Mega Gallery

4/28/2025 The third Air|Water event took place at the weekend,...

Racing Rages On Day One – Mexican 1000 Recap

4/27/2025 Mike Ingalsbee You would think that everyone would ease into...

NORRA’s Baja Begins!

4/26/2025 NORRA’s Baja Mexican 1000 is underway. The 1400 mile...

Five-star Friday for Rovanperä and Toyota in Gran Canaria

Kalle Rovanperä was in a league of his own...

NORRA Doubles Prize Money If 11 Class 11’s Enter Mexican 1000

NORRA’s Baja Mexican 1000 is the longest rally in...

ZENDO

A Young Photographer’s First Snap at the Petersen Automotive Museum

This past Sunday, April 27, 2025, marked a memorable...

Slate.

I think they are on to something.

Trending Stories

The Acura Grand Prix of Long Beach generated considerable...

Get Lost and Don’t Come Back: The Off-Road Elise Reborn

April 15, Surrey, UK – This is not a...

Upcoming Events

NORRA MEXICAN 1000: April 24 - May 2 -...

Company

Vehicles

New record: Porsche 911 GT3 masters Nürburgring-Nordschleife in 6:56.294 Minutes

Fastest manual production car at the Nürburgring Previous record lap...

Nissan Premieres All-New Frontier Pro Plug-in Hybrid

Debut of all-new Frontier Pro, Nissan’s first electrified pickup Frontier...

GENESIS MAGMA RACING DEBUTS FULL-SCALE GMR-001 HYPERCAR, USHERING IN A NEW ERA OF ATHLETIC ELEGANCE

Genesis Magma Racing has unveiled the first full-scale GMR-001...

RETURN OF AN ICON: LAND ROVER CLASSIC LAUNCHES CLASSIC DEFENDER V8 SOFT TOP

The most desirable classic Defender variant returns ‑ as...

All-New 2025 INFINITI QX80 Reimagines the Luxury SUV

Evocative exterior showcases the newest evolution of INFINITI design...

Lifestyle

A Young Photographer’s First Snap at the Petersen Automotive Museum

This past Sunday, April 27, 2025, marked a memorable...

Devin Booker and Nike release Chevy Blazer-inspired sneaker collection

4/23/2025 NBA All-Star Devin Booker recently dropped his first Chevrolet-inspired...

The Fab School Repair Team Has Your Back at NORRA’s Baja Mexican 1000

The Fab School Repair Team will be covering the...

LeMay America’s Car Museum – Free Racing Simulator Days in April & May

Throughout April and May 2025, enjoy FREE racing simulator...

Business

Charged Up: Toyota West Virginia Invests $88 Million in New Hybrid Transaxle Line

4/23/2025 Company celebrates announcement with $100,000 donation supporting workforce development BUFFALO,...

Niki Lauda 1977 Original Ferrari Front Wing

Niki Lauda remains one of the most influential characters...

CEO Search Process Confirmed

04/08/2025 MILWAUKEE, April 8, 2025 /PRNewswire/ -- The Board of Directors of...

Hankook Tire to Supply Original Equipment Tires for Lucid’s Electric SUV, ‘Lucid Gravity’

4/17/2025 - ‘iON evo AS SUV’ All-Season Tires Optimized Specifically...

Fireball Tool Fabricator Package Square Kit

Build with 4 of the fastest squares, fit up...

Aftermarket

Ford Performance 427 Cubic Inch 535 HP Boss Crate Engine

The company that created the famous 427 FE engine...

Fireball Tool Fabricator Package Square Kit

Build with 4 of the fastest squares, fit up...

Jackpoint Jack Stands – The ultimate jack stand solution for your Porsche Cayman or Boxster

April 2, 2025Share When it comes to maintaining and working...

’15+ F150 & ’17+ Ford Raptor 5 Link Conversion Kit

2015+ F150 / Gen 2 Raptor 5 Link Conversion...

Real-World Test: 718 GT4 RS LabRat Performance Package Delivers 5-Second Gain at COTA

Every track day driver dreams of chasing that perfect...

Motorsport

Mercedes-AMG GT3 Teams Sweep Sunday Victories in GT World Challenge America at Circuit of The Americas

Mercedes-AMG Motorsport Customer Racing teams Regulator Racing, JMF Motorsports...

Rolex Monterey Motorsports Reunion Reconfirms Unwavering Commitment to Car Eligibility Standards

448 Cars Accepted into August’s Historic Racing Eventat WeatherTech...

GRIDLIFE South Carolina Ignites the 2025 Season with a Record-Breaking Season Opener

From large crowds to 30+ hours of drifting and...

Chip Ganassi Racing to run special HRC livery at Barber Motorsports Park

Reigning and three-time NTT INDYCAR SERIES champion Alex Palou’s...

Samantha Tan Extends BMW M Motorsport Global Ambassador role for 2025 and 2026

BMW of North America, LLC announced today that Samantha...

Jobs

Automakers Feeling Not So Tariff-ic

In a bold, tantrumatic move, President Donald Trump has...

American Tire Distributor New Job Opportunities

American Tire Distributors (ATD), a leader in the wholesale...

People

McLaren Automotive Announces Leadership Change

Former automotive business CEO, Michael Leiters steps down McLaren Group...

Mustang How-To Series: Performance Breakdown with Vaughn Gittin Jr.

In Part 2 of our Mustang How-To series, Vaughn...

Hyundai Motor Company Office of the CEO Announces Leadership Appointments

Szymon Walus promoted to Senior Vice President, Head of...

A Young Photographer’s First Snap at the Petersen Automotive Museum

This past Sunday, April 27, 2025, marked a memorable...

A few minutes with GM Formula 1 aerodynamics engineer Anthony Heenan

By Stephen Harber, content strategist, talent marketing 4/25/2025 It’s official: GM...

Events

Air|Water puts down Californian roots | Mega Gallery

4/28/2025 The third Air|Water event took place at the weekend,...

Racing Rages On Day One – Mexican 1000 Recap

4/27/2025 Mike Ingalsbee You would think that everyone would ease into...

NORRA’s Baja Begins!

4/26/2025 NORRA’s Baja Mexican 1000 is underway. The 1400 mile...

Five-star Friday for Rovanperä and Toyota in Gran Canaria

Kalle Rovanperä was in a league of his own...

NORRA Doubles Prize Money If 11 Class 11’s Enter Mexican 1000

NORRA’s Baja Mexican 1000 is the longest rally in...

ZENDO

A Young Photographer’s First Snap at the Petersen Automotive Museum

This past Sunday, April 27, 2025, marked a memorable...

Slate.

I think they are on to something.

Trending Stories

The Acura Grand Prix of Long Beach generated considerable...

Get Lost and Don’t Come Back: The Off-Road Elise Reborn

April 15, Surrey, UK – This is not a...

Upcoming Events

NORRA MEXICAN 1000: April 24 - May 2 -...

Company

Subscribe to newsletter

ZENDO NEWS

Monday, May 5, 2025

Top 5 This Week

Related Posts

Holley Reports Fourth Quarter Net Sales Decreased 10.1% & Overall 2024 Decreased 8.7%

Delivered strong fourth quarter and full year financial results within guidance range on a comparable basis
Proactive amendment to revolver enhances financial flexibility

Holley Performance Brands (NYSE: HLLY), a leader in automotive aftermarket performance solutions, today announced financial results for its fourth quarter and full year ended December 31, 2024.

Fourth Quarter Highlights vs. Prior Year Period

  • Net Sales decreased (10.1%) to $140.1 million compared to $155.7 million last year
  • Net Loss was $(37.8) million, or $(0.32) per diluted share, compared to a Net Income of $1.2 million, or $0.01 per diluted share, last year
    • Includes non-cash goodwill and trademark impairment charges of $40.9 million and $7.7 million, respectively
  • Net Cash Provided by Operating Activities was $4.1 million compared to Net Cash Provided by Operating Activities of $31.2 million last year
  • Adjusted Net Income1was $12.6 million compared to Adjusted Net Loss of $(0.5) million last year
  • Adjusted EBITDA1was $29.1 million compared to $28.5 million last year
  • Free Cash Flow1was $1.8 million compared to $29.9 million last year

Full Year 2024 Highlights vs. Prior Year Period

  • Net Sales decreased (8.7%) to $602.2 million compared to $659.7 million last year
  • Net Loss was $(23.2) million, or $(0.20) per diluted share, compared to a Net Income of $19.2 million, or $0.16 per diluted share, last year
  • Net Cash Provided by Operating Activities was $46.9 million compared to Net Cash Provided by Operating Activities of $88.1 million last year
  • Adjusted Net Income1was $24.8 million compared to Adjusted Net Income of $25.0 million last year
  • Adjusted EBITDA1was $110.52million compared to $130.9 million last year
  • Free Cash Flow1was $41.8 million compared to $83.6 million last year

1 See “Use and Reconciliation of Non-GAAP Financial Measures” below.
2 Adjusted EBITDA for 2024 includes the impact of $8.2 million non-cash related to a previously announced strategic product rationalization.

“2024 was an incredibly transformative year for Holley, marked by meaningful enhancements across the entire organization,” said Matthew Stevenson, President and Chief Executive Officer of Holley. “We achieved several years’ worth of progress in only twelve months, transforming Holley into a fundamentally more sophisticated organization. Despite operating in a challenging macroeconomic environment for consumers, we are demonstrating significant strides that, we believe, are coming to fruition in several areas of our business.”

Stevenson continued, “These efforts translated into several wins in 2024 for Holley, such as DTC and National Retailer growth of 8% and 12%, respectively, and a 75% increase in revenue per SKU for new product launches, eclipsing $100 million in eCommerce sales, and growing 16 brands in our portfolio, including power brands such as Stilo, Simpson, Dinan, ADS, and Cataclean. Additionally, we remain deeply engaged with our enthusiast customer base through a series of world-class events, an enhanced social media presence, a dedicated customer engagement center, the launch of a new CRM system, and our solutions-focused approach that distinguishes us in the market as a comprehensive provider for their performance needs. We continue to strengthen our relationships with our distribution partners by developing additional programs and solutions intended to drive increased collaboration and to create growth.”

“The progress made in 2024 positions Holley well for continued success in 2025. Our strategic plan for 2025 is based on the underlying principles of fueling our teammates, funding our growth, and supporting our customers. By empowering and investing in our people, we ensure that our team is equipped with the skills, resources, and motivation to drive success. Through careful investment in growth initiatives and innovation, we will aim to expand our capabilities and market reach. At the same time, we remain committed to delivering exceptional value and service to our customers, making sure that their needs are met with the highest level of support. Together, these pillars provide a robust framework that will guide our efforts in 2025 and beyond.”

“As we look ahead, while we believe our market may continue to be challenged early in the year due to consumer confidence, distributor inventories are in a better position than they were a year ago, and by focusing on continuing to strengthen our B2B relationships, we aim to continue gaining market share and driving growth in 2025. Excluding $12.8 million of revenue from divested businesses in 2024 and $14.0 million in clearance sales from the Strategic Product Rationalization, our Full Year 2025 revenue guidance indicates an expected 0.8% to 4.3% revenue growth in 2025. We are committed to positioning Holley to not only navigate the challenges ahead but to thrive and drive growth for years to come.”

Strategic Business Highlights

  • Growth in significant areas of the business, including DTC and 17 brands in our portfolio, including power brands such as Stilo, Simpson, Dinan, ADS, and Cataclean.
  • Proactively amended senior secured revolving credit facility, to a covenant-lite structure that includes a springing covenant of 5.0x total net leverage that is only tested when the revolver is drawn. The amendment also extends the maturity date to November 18, 2029 and updates available borrowing to $100 million.
  • Proactively entered into a cash-less collar that further reduces interest rate exposure to the maturity date of the Term Loan in November 2028.
  • Inventory turns improved to 2.0x compared to 1.9x last year1
  • In January, announced a perpetual exclusive license agreement with Cataclean for the North American market which allows Holley to develop, manufacture, market distribute and sell Cataclean branded products in the U.S., Canada, and Mexico for a total purchase price of $23.8 million.

1 We define Inventory Turns as the trailing twelve-month (“TTM”) Cost of Goods Sold divided by the TTM average Inventory. We define TTM average Inventory as the total of each month-end Inventory amount during the year, divided by twelve.

Key Operating and Financial Metrics

Financial ProgressFourth Quarter 2024Fourth Quarter 2023B/(W)
Total Inventor y$192.5 million$192.3 million$0.2 million
Bank-Adjusted EBITDA Leverage Ratio14.17x4.21x0.04x

1 See “Use and Reconciliation of Non-GAAP Financial Measures” below. We define the Bank-adjusted EBITDA Leverage Ratio as Net Debt divided by our Bank-adjusted EBITDA for the TTM period, as defined under our Credit Agreement entered into in November 2021, as amended, which is used in calculating covenant compliance.

 November FY24 Guidance2024 Adjusted Guidance*Full Year 2024 ActualB/(W)
Adjusted EBITDA$115 – $120 million$106.8 – $111.8 million$110.5 million$1.2 million
*Adjusted Guidance Includes the $8.2MM FY Non-Cash Impact of The Strategic Product Rationalization

Outlook

Holley is providing the following outlook for the full-year 2025:

MetricFull Year 2025 Outlook
Net Sales%YOY*$580 – $600 million0.8% to 4.3%
Adjusted EBITDA$113 – $130 million
Capital Expenditures$12 – $16 million
Depreciation and Amortization Expense$22 – $24 million
Interest Expense$47 – $52 million
*PY Comparison Excludes $12.8 million from Divested Non-Core Businesses and $14.0 million in Clearance Sales of Strategic Product Rationalization; Guidance does not include any potential incremental impact related to tariffs

* Holley is not providing reconciliations of forward-looking full year 2025 Adjusted EBITDA outlook and full year 2025 Bank-adjusted EBITDA Leverage Ratio outlook because certain information necessary to calculate the most comparable GAAP measure, net income, is unavailable due to the uncertainty and inherent difficulty of predicting the occurrence and the future financial statement impact of certain items. Therefore, as a result of the uncertainty and variability of the nature and amount of future adjustments, which could be significant, Holley is unable to provide these forward-looking reconciliations without unreasonable effort. Accordingly, Holley is relying on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude these reconciliations.

Holley notes that its outlook for the full-year 2025 may vary due to changes in assumptions or market conditions and other factors described below under “Forward-Looking Statements.”

Conference Call

A conference call and audio webcast has been scheduled for 8:30 a.m. Eastern Time today to discuss these results. Investors, analysts, and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call available on the investor relations portion of the Company’s website at investor.holley.com. For those that cannot join the webcast, you can participate by dialing 877-407-4019 (Toll Free) or 201-689-8337 (Toll) using the access code of 13750870.

For those unable to participate, a telephone replay recording will be available until Tuesday, March 18, 2025. To access the replay, please call 877-660-6853 (Toll Free) or 201-612-7415 (Toll) and enter confirmation code 13750870. A web-based archive of the conference call will also be available on the Company’s website.

Additional Financial Information

The Investor Relations page of Holley’s website, investor.holley.com contains a significant amount of financial information about Holley, including our earnings presentation, which can be found under Events & Presentations. Holley encourages investors to visit this website regularly, as information is updated, and new information is posted.

About Holley Performance Brands

Holley Performance Brands (NYSE: HLLY) leads in the design, manufacturing and marketing of high-performance products for automotive enthusiasts. The company owns and manages a portfolio of iconic brands, catering to a diverse community of enthusiasts passionate about the customization and performance of their vehicles. Holley Performance Brands distinguishes itself through a strategic focus on four consumer vertical groupings, including Domestic Muscle, Modern Truck & Off-Road, Euro & Import, and Safety & Racing, ensuring a wide-ranging impact across the automotive aftermarket industry. Renowned for its innovative approach and strategic acquisitions, Holley Performance Brands is committed to enhancing the enthusiast experience and driving growth through innovation. For more information on Holley Performance Brands and its dedication to automotive excellence, visit https://www.holley.com.

Forward-Looking Statements

Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Holley’s future financial or operating performance. For example, projections of future revenue and adjusted EBITDA and other metrics, along with statements regarding the impact of organizational changes, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “or” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Holley and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: 1) the ability of Holley to grow and manage growth profitably which may be affected by, among other things, competition; to maintain relationships with customers and suppliers; and to retain its management and key employees; 2) Holley’s ability to compete effectively in our market; 3) Holley’s ability to successfully design, develop, and market new products; 4) Holley’s ability to respond to changes in vehicle ownership and type; 5) Holley’s ability to maintain and strengthen demand for our products; 6) Holley’s ability to effectively manage our growth; 7) Holley’s ability to attract new customers in a cost-effective manner; 8) Holley’s ability to expand into additional consumer markets; 9) costs related to Holley being a public company; 10) disruptions to Holley’s operations, including as a result of cybersecurity incidents; 11) changes in applicable laws or regulations; 12) the outcome of any legal proceedings that have been or may be instituted against Holley; 13) general economic and political conditions, including the current macroeconomic environment, political tensions, and war (including the conflict in Ukraine, the conflict in the Middle East, and the possible expansion of such conflicts and potential geopolitical consequences); 14) the possibility that Holley may be adversely affected by other economic, business, and/or competitive factors, including recent events affecting the financial services industry (such as the closures of certain regional banks); 15) Holley’s estimates and expectations of its financial performance and future growth prospects; 16) Holley’s ability to anticipate and manage through disruptions and higher costs in manufacturing, supply chain, logistical operations, and shortages of certain company products in distribution channels; 17) disruptions and costs associated with doing business in certain countries; 18) Holley’s ability to adopt and react to risks posed by new technology and 19) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2024, and/or disclosed in any subsequent filings with the SEC. Although Holley believes the expectations reflected in the forward-looking statements are reasonable, nothing in this press release should be regarded as a representation by any person that the forward-looking statements or projections set forth herein will be achieved or that any of the contemplated results of such forward looking statements or projections will be achieved. There may be additional risks that Holley presently does not know or that Holley currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Holley undertakes no duty to update these forward-looking statements, except as otherwise required by law.

AJ Grasso
AJ Grasso
25 years in the automotive industry with experience in Motorsports, Dealerships, Mechanic, Manufacturing, Wholesale, and Retail Shops. Irvine, CA

Popular Articles