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Mar 27, 2022
Harley-Davidson Q1 2022 Earnings Report
Harley-Davidson's first quarter results were delivered, showing revenue growth driven by global motorcycle pricing and growth across Parts & Accessories and Apparel.
Key Takeaways
Harley-Davidson reported a 5% increase in consolidated revenue, driven by HDMC revenue growth of 6%. The company reaffirms its full-year 2022 outlook. GAAP diluted EPS was $1.45, and the company repurchased $248 million of shares.
HDMC revenue growth of 6 percent driven by global motorcycle pricing and growth across Parts & Accessories and Apparel
HDMC Operating Income margin of 15.6%, which was down 2.9 points versus last year
GAAP diluted EPS of $1.45; repurchased $248 million of shares (or 6.2 million shares) on a discretionary basis in Q1
Company reaffirms its full-year 2022 outlook
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the full year 2022, the Company reaffirms its initial guidance and continues to expect: HDMC revenue growth of 5 to 10%, HDMC operating income margin of 11 to 12%, HDFS operating income to decline by 20 to 25%, and Capital investments of $190 million to $220 million.
Positive Outlook
- HDMC revenue growth of 5 to 10%
- HDMC operating income margin of 11 to 12%
- Capital investments of $190 million to $220 million
- The outlook assumes that logistics and manufacturing moderately improve in the back-half the year
- Company’s cash allocation priorities are to fund growth through The Hardwire initiatives, pay dividends, and execute discretionary share repurchases.
Challenges Ahead
- HDFS operating income to decline by 20 to 25%
- The outlook assumes semi-conductor supply stabilizes
- Company now expects raw material inflation to continue through the balance of the fiscal year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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