Harley-Davidson's Q3 2021 results showed a 17% increase in consolidated revenue, driven by growth in the Motorcycles segment due to stronger unit sales and a favorable unit mix. Net income grew by 36%, influenced by growth in both the Motorcycles and Financial Services segments. The company reported GAAP diluted EPS of $1.05, up $0.27 over Q3 2020.
GAAP diluted EPS of $1.05, up $0.27 over Q3 2020.
Total HDI revenue grew 17 percent behind increased shipments and favorable motorcycle unit mix.
Motorcycles segment operating margin was 8.4 percent, which was 3.6 percentage points better than Q3 2020.
Financial Services segment operating income growth of $15 million over Q3 2020 driven by lower interest expense.
For the full-year 2021, the company now expects Financial Services segment operating income growth of 95 to 105 percent, an increase from the previously communicated range of 75 to 85 percent and Capital expenditures of $135 million to $150 million, a decrease from the previously communicated range of $190 million to $225 million. Additionally, our full-year 2021 Motorcycles segment guidance remains unchanged relative to prior guidance. The company continues to expect Motorcycles segment revenue growth to be 30 to 35 percent and GAAP Motorcycles segment operating income margin of 6 to 8 percent given the EU’s decision to keep the current tariff at 31 percent while tariff negotiations occur.
Visualization of income flow from segment revenue to net income
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