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- Harley-Davidson Inc (NYSE:HOG) reported first-quarter FY22 sales growth of 5% year-on-year to $1.49 billion. Revenue from the Motorcycles and Related Products segment (HDMC) was $1.3 billion, up 6% Y/Y.
- Harley-Davidson's EPS of $1.45 was in line with the analyst consensus.
- Revenue from Motorcycles increased 4%, Parts & Accessories rose 11%, Apparel climbed 2%, and Licensing rose 18%.
- Gross profit margin in HDMC contracted 280 basis points Y/Y to 31.3%. Selling, administrative, and engineering expenses rose 5.9% Y/Y to $204.9 million.
- Operating income fell 16% Y/Y to $289 million. Operating income from HDMC fell 11% Y/Y to $202.89 million.
- Harley-Davidson generated $139 million in cash from operating activities. It held cash and equivalents of $1.4 billion as of March 27, 2022.
- "Our teams continue to work through the impact of the ongoing global supply chain disruption, and despite the challenging macro environment, we are optimistic for improvements in the second half of the year," the company said.
- Outlook: Harley-Davidson reaffirmed its initial guidance and expects FY22 HDMC sales growth of 5% - 10%, HDMC operating income margin of 11% - 12%, HDFS operating income to decline by 20% - 25%.
- Price Action: HOG shares are trading lower by 0.60% at $36.27 in premarket on the last check Wednesday.
- Photo Via Wikimedia Commons
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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