March 25, 2022: -Holley is pursuing growth through managing supply chain issues currently dogging the auto industry, chief executive Tom Tomlinson told CNBC on Wednesday.
“Supply chain has definitely been a challenge, but we’ve managed it effectively,” Tomlinson said.
“We’ve have left some dollars on the table though still, and we’re operating with a bigger book of a business backlog than we’ve ever had, and so that’s one of our focuses, to unlock more growth by working through those supply chain issues,” he added.
The stock of Holley, making aftermarket auto parts for high-performance vehicles, decreased 0.78% on Wednesday to $14.01. The company released its fourth-quarter earnings results on March 3, which reports better-than-expected sales and EBITDA and an upbeat 2022 outlook.
When Cramer asked whether Holley could become a “consolidator for the industry” through mergers and acquisitions, Tomlinson said that the company “absolutely” could. Holley is adding Arizona Desert Shocks, Baer Brakes, Brothers Trucks, and Rocket Racing Wheels to its brand portfolio during the fourth quarter.
“We’ve had a lot of experience, very successful experience with M&A, we have a very methodic program, and it’s part of our plan to accelerate the company’s growth,” he said.
Holley went public in 2021 through a merger with a SPAC, featuring on Cramer’s list of profitable, newly public stocks to watch in January.
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