Holley rises on Q1 earnings beat

Holley

12/05/2023 17:14

** Shares of car parts maker Holley Inc  HLLY.N  rise 12.7%
to $3.07, hitting a two-month high
    ** HLLY reports Q1 adjusted earnings of 5 cents per share,
beating analysts' estimates of 2 cents per share
    ** Also posts Q1 revenue of $172.21 mln, better than
analysts' expectations of $162.67 mln
    ** "Co made progress in its past due orders and benefited
from cost-saving initiatives" - Raymond James
    ** HLLY reaffirms its FY23 outlook; sees net sales in range
of $625 to $675 mln
    ** Brokerage Raymond James raises PT to $3.75 from $3.5;
brokerage Telsey Advisory group raises PT to $3 from $2.5
    ** Five of 10 analysts rate the stock "buy" or higher and
five "hold"; median PT $3.75 – Refinitiv data
    ** Including session's gains, stock has risen 45.28% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))