HLLY - Why Holley Stock Rocketed Higher Today
2023-08-10 12:15:32 ET
Shares of performance automotive parts company Holley (NYSE: HLLY) were up 23% as of 11:01 a.m. ET on Thursday after the company reported earnings results for the second quarter. Investors were pleased to see improving sales and profit trends after a rough outing in 2022. The stock has soared year to date, up 261%.
Sales fell 2.3% year over year to $175 million. Gross profit fell further, which dropped the company's profit to $13 million, down from $40.6 million in the year-ago quarter. But weak sales trends have been baked in now for over a year, especially coming out of one of the worst years for the auto industry in over a decade.
Investors were more focused on what's coming down the road. The seller of performance aftermarket auto parts reported earnings before interest, taxes, depreciation, and amortization ( EBITDA ) in line with management's long-term targets. Adjusted EBITDA improved slightly year over year to a margin of 21.6%, up from 20.7% last year.
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Why Holley Stock Rocketed Higher Today