MILWAUKEE, WI – April 27, 2022 – (Motor Sports NewsWire) – Harley-Davidson, Inc. (“Harley-Davidson”) (NYSE: HOG) today reported first quarter results.
“As we enter the second year of our five-year Hardwire strategic plan, we are pleased to see strong consumer demand for Harley-Davidson products across all regions. Our teams continue to work through the impact of the ongoing global supply chain disruption, and despite the challenging macro environment, we are optimistic for improvements in the second half of the year.”
First Quarter 2022 Highlights and Results
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; global pricing was able to offset cost inflation, but margin was negatively impacted by lower shipments due to the ongoing semi-conductor shortage
HDFS Operating Income decline of -27 percent driven by the significant loss reserve release in 2021 and the normalization of losses in 2022 in-line with expectations
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
Merger transaction between LiveWire and AEA-Bridges Impact Corporation on track to close in mid-2022
First Quarter 2022 Results
Harley-Davidson, Inc. Consolidated Financial Results
$ in millions (except EPS)
1st quarter
2022
2021
Change
Revenue
$1,495
$1,423
5%
Operating Income
$289
$346
(16%)
Net Income
$223
$259
(14%)
GAAP Diluted EPS
$1.45
$1.68
(14%)
Consolidated revenue was up 5 percent in the first quarter versus Q1 2021 driven primarily by HDMC revenue growth of 6 percent. Operating income decline of 16 percent is a result of higher supply chain inflation, production challenges due to semi-conductor availability and HDFS losses returning to…
Click Here to Read the Full Original Article at Motor Sports NewsWire…