Holley Tops Q1 Amid Supply Chain Disruptions, Inflationary Headwinds - Holley (NYSE:HLLY)

Holley Inc HLLY reported first-quarter FY22 sales growth of 24.8% year-on-year, to $200.1 million, beating the consensus of $189.97 million.
The gross profit increased 25.9% Y/Y to $82.7 million, with the margin expanding 30 basis points to 41.3%.
Selling, general and administrative expenses increased 43% to $34.3 million.
The operating margin was 18%, and operating income for the quarter rose 182% to $36 million.
The company held $44.1 million in cash and equivalents as of April 3, 2022.
Adjusted EBITDA for the quarter rose 5% to $46 million.
Adjusted EPS of $0.19 topped the Street view.
"While we are facing persistent supply chain disruptions and inflationary headwinds, we've kept our foot on the gas and continued to invest in the development of innovative new products that will be exciting to our enthusiast consumers," said CEO Tom Tomlinson.
Outlook: Holley reaffirmed the FY22 sales outlook of $765 million - $790 million, versus the consensus of $790.4 million.
The company expects FY22 adjusted EBITDA of $186 million - $194 million.
CFO Dominic Bardos stated, "While it is not our policy to provide quarterly guidance, I believe it is important to recognize that current economic conditions and supply chain headwinds may continue to impact margins in the near term."
Price Action: HLLY shares are trading higher by 6.80% at $9.11 on the last check Thursday.