Harley-Davidson Stock Gains After Q4 Earnings Beat

  • Harley-Davidson Inc HOG reported fourth-quarter FY21 consolidated sales growth of 40% year-on-year, to $1.01 billion, driven by an increase in HDMC revenue resulting from stronger unit sales and mix.
  • Adjusted EPS of $0.15 beat the analyst consensus of $(0.37).
  • Revenue from Motorcycles and Related Products segment (HDMC) was $816.01 million, up 54% Y/Y, beating the consensus of $663.84 million.
  • Revenue from Motorcycles increased 71%, parts & accessories rose 13%, general merchandise climbed 46%, and licensing rose 88%.
  • The gross profit margin in HDMC contracted 210 basis points Y/Y to 19.5%. Selling, administrative, and engineering expenses fell 6.1% Y/Y to $259.4 million.
  • Net cash provided by operating activities for twelve months was $975.7 million. It held cash and equivalents of $1.9 billion as of December 31, 2021.
  • "Looking ahead, we are fully committed to achieving our long-term Hardwire Strategy, as the most desirable motorcycle brand and company in the world," said Jochen Zeitz, Chairman, President, and CEO, Harley-Davidson.
  • Outlook: Harley-Davidson 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 higher by 7.83% at $38.95 in premarket on the last check Tuesday.
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