Holley Performance Brands reported third-quarter 2024 net sales of $134.0 million, a 14.4% decrease compared to the prior year period. The company recorded a net loss of $6.288 million, or $0.05 per basic share, compared to net income of $0.752 million, or $0.01 per basic share, in Q3 2023.
Adjusted EBITDA for the quarter was $27.3 million, a 25.0% decrease year-over-year, while gross profit declined by 10.4% to $52.3 million. Despite overall sales decline, the direct-to-consumer channel saw a 16% year-over-year increase, and B2B out-the-door sales experienced a 10% median lift during event windows.
Holley's operational efforts contributed to a year-over-year improvement in Gross Margin, a 133% increase in revenue per SKU year-to-date, and a 25% rise in new product revenue year-to-date. Moody’s Ratings upgraded Holley’s Corporate Family Rating to B2 in August, reflecting progress in strengthening the balance sheet.
The company lowered its full-year 2024 outlook, projecting net sales between $595 million and $605 million and Adjusted EBITDA between $115 million and $120 million. This revised outlook accounts for continued industry softness and distribution partners normalizing inventory levels, despite successful out-the-door sales events.
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