Harley-Davidson Gains Post Solid Q4 Performance

  • Harley-Davidson Inc HOG reported fourth-quarter FY22 sales growth of 12% year-on-year to $1.14 billion.
  • Harley-Davidson Motor Company (HDMC) revenue grew 14% to $919 million, beating the consensus of $912 million.
  • The increase in HDMC revenue was driven by the increase in wholesale shipments and continued global pricing, partially offset by unfavorable foreign exchange.
  • Harley-Davidson's EPS of $0.28 beat the consensus of $0.06.
  • Revenue from Motorcycles climbed 23%, Parts & Accessories dropped 8%, Apparel remained flat, and Licensing fell 30%.
  • Gross profit margin in HDMC expanded 680 basis points Y/Y at 26.5%. Operating loss in HDMC was $(32) million.
  • Harley-Davidson generated $548 million in cash from operating activities in the year. It held cash and equivalents of $1.4 billion as of Dec. 31, 2022.
  • "As we conclude the second year of the Hardwire, Harley-Davidson delivered a strong finish to the year, with solid execution of our strategic pillars," said Jochen Zeitz, Chairman and CEO, Harley-Davidson.
  • Outlook: Harley-Davidson sees FY23 HDMC revenue growth of 4% - 7%.
  • It anticipates FY23 capital investments of $225 million - $250 million.
  • Price Action: HOG shares are trading higher by 8.94% at $50.90 on the last check Thursday.
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