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Dec 31, 2021
Harley-Davidson Q4 2021 Earnings Report
Harley-Davidson delivered strong financial results, completing the first year of The Hardwire Strategic Plan.
Key Takeaways
Harley-Davidson reported a 40% increase in total revenue for Q4 2021, driven by higher units, profitable unit mix, and pricing. GAAP diluted EPS was $0.14 compared to a loss of $0.63 in Q4 2020. The company successfully completed the first year of its Hardwire Five-year Strategic Plan.
Delivered GAAP diluted EPS of $0.14, compared to a loss of $0.63 in Q4 2020.
Grew Harley-Davidson's total revenue by 40% due to higher units, profitable unit mix and pricing.
HDMC achieved improved GAAP operating margin as Hardwire actions take effect.
HDFS operating income grew by $18 million, a 24% increase compared to the previous year, driven by lower interest expense.
Revenue by Segment
Forward Guidance
For the full year 2022, the company expects 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. The outlook assumes that supply chain challenges improve in the second half of the year.
Positive Outlook
- HDMC revenue growth of 5 to 10%
- HDMC operating income margin of 11 to 12%
- Cash allocation priorities are to fund growth through The Hardwire initiatives
- Cash allocation priorities are to pay dividends
- Cash allocation priorities are to execute discretionary share repurchases.
Challenges Ahead
- HDFS operating income to decline by 20 to 25%
- Supply chain challenges
- COVID-19 pandemic, including the length and severity of the pandemic across the globe and the pace of recovery following the pandemic
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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