Harley-Davidson Delivers Strong Third Quarter Financial Results

MILWAUKEE, WI – October 27, 2022 – (Motor Sports NewsWire) – Harley-Davidson, Inc. (“Harley-Davidson”) (NYSE: HOG) today reported third quarter results.

“Harley-Davidson delivered a strong third quarter with solid growth for both revenue and operating income, aligned to our Hardwire strategic initiatives,” said Jochen Zeitz, Chairman, President and CEO, Harley-Davidson. “We are reaffirming our outlook for the year, and as we approach our 120^th anniversary that we will be celebrating in our hometown Milwaukee and around the world, we are excited about the potential of Harley-Davidson, the most desirable motorcycle company in the world.”

Third Quarter 2022 Summary of Results

• Global motorcycle shipments grew 19 percent in Q3 vs prior year as production largely recovered from the previously announced unexpected production suspension in Q2
• HDMC Revenue grew 24 percent behind this profitable unit growth and global pricing
• HDMC Operating Income margin of 17.9 percent was up 9.5 points
• HDFS Operating Income declined 24 percent as the credit environment normalizes
• GAAP diluted EPS of $1.78 was up 70 percent
• The Company reaffirms its full-year 2022 outlook on HDMC Revenue, HDMC Margin and HDFS performance
• Merger transaction between LiveWire and AEA-Bridges Impact Corporation was completed on September 26^th, the first day of fiscal Q4

Third Quarter 2022 Results

Harley-Davidson, Inc. Consolidated Financial Results 

Consolidated revenue was up 21 percent in the third quarter versus Q3 2021 driven primarily by HDMC revenue up 24 percent. The increase in HDMC revenue was driven by a strong recovery in global motorcycle shipments after being adversely impacted by an unexpected production suspension in Q2. Consolidated operating income growth of 66 percent, reflected 164 percent growth at HDMC and a decline of 24 percent at HDFS. In line with expectations, the HDFS decline was a result of a higher provision for credit losses as the credit environment normalizes, and higher interest expense.

HDMC Results: Motorcycles and Related Products