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Holley Inc. (HLLY-3.04%) has submitted its 10-Q filing for the quarterly period ended September 29, 2024.
The filing includes financial statements for the quarter, showing net sales of $134,038,000, a decrease from $156,530,000 in the same quarter the previous year. The decrease is attributed to lower sales volume across major product categories.
Cost of goods sold for the quarter was $81,732,000, representing 61% of net sales, compared to 63% in the same quarter of the previous year. This decrease in cost ratio is due to lower freight costs and product mix.
The company reported a gross profit of $52,306,000 for the quarter, compared to $58,374,000 in the previous year, with the decline attributed to reduced sales volume.
Restructuring costs increased to $954,000 from $415,000, reflecting restructuring and integration activities associated with resource allocation efforts.
Net loss for the quarter was $6,288,000, compared to net income of $752,000 in the previous year. The loss is due to lower sales and increased restructuring costs.
Cash provided by operating activities was $42,773,000, while cash used in investing and financing activities was $2,727,000 and $30,314,000, respectively.
Holley had cash and cash equivalents of $50,751,000 as of September 29, 2024. The company highlights its efforts to mitigate the impact of macroeconomic conditions on its supply chain and operations.
The filing also details a $7,505,000 write-down of assets held-for-sale related to the anticipated sale of Detroit Speed Engineering.
Holley does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on its strategic transformation initiatives and highlights its efforts to improve operational efficiencies.
The filing includes a cautionary note regarding forward-looking statements and identifies various risks and uncertainties that could impact future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Holley Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.