Holley cuts FY24 revenue view to $595M-$605M from $605M-$645M

Consensus $625.04M. Cuts FY24 adjusted EBITDA view to $115M-$120M from $117M-$132M. Weaver added, “While our sales were at the low end of the guidance range, this was largely due to continued softness in the industry and our distribution partners taking advantage of the successful out-the-door sales events to clean up their inventories going into the back half of the year. Overall, we’re encouraged by our out-the-door sales numbers relative to the overall market and believe that, despite being down, our efforts to partner more closely with distribution partners and investments in DTC are allowing us to maintain our share gains in this challenging environment. Given the performance in Q3 and the continued softness impacting our consumer base, we have lowered our expectations for the full year. While we’re excited about continuing our expanded channel partnership going into Holley (HLLY) Days, we believe this revised outlook is warranted given current industry trends and the current level of uncertainty around distribution partner inventory adjustments going into 2025.”