MILWAUKEE, WI – February 2, 2023 – (Motor Sports NewsWire)- Harley-Davidson, Inc. (“Harley-Davidson,” “HDI,” or the “Company”), (NYSE: HOG) today reported fourth quarter and full year 2022 results.
“As we conclude the second year of the Hardwire, Harley-Davidson delivered a strong finish to the year, with solid execution of our strategic pillars,” said Jochen Zeitz, Chairman and CEO, Harley-Davidson. “Since 1903, Harley-Davidson has pioneered American motorcycle design, technology, and performance – this year we’ll be marking our 120th Anniversary with a year-long celebration, at locations across the globe and our biggest event ever in our hometown, Milwaukee. We are excited about what is going to be an unforgettable milestone for the company, celebrating the history, culture and community of Harley-Davidson with our riders, families and fans, reaching new customers and bringing more people to the brand.”
2022 Highlights and Results
- Delivered full year diluted EPS of $4.96, up 18 percent versus prior year
- Grew HDMC and LiveWire combined revenue by 9 percent behind higher wholesale shipments and global pricing realization
- Achieved 12% combined operating margin for HDMC and LiveWire, an increase of 3 points versus prior year as pricing and productivity offset cost inflation
- HDFS operating income finished down 23 percent and in-line with expectations as loss rates normalized throughout the year
- Completed carve-out and stand-up of LiveWire as a separate public company
Fourth Quarter 2022 Summary of Results
- Delivered diluted EPS of $0.28 – up 100 percent versus prior year
- Grew HDMC global motorcycle shipments by 18 percent vs prior year as production levels rebounded from the Q2 production shutdown
- Achieved HDMC revenue growth of 14 percent behind unit growth and global pricing
- HDFS Operating Income declined 32 percent due primarily to expected loss rate normalization
2023 Financial Outlook
For the full year 2023, the Company expects:
- HDMC: revenue growth of 4 to 7% and operating income margin of 14.1 to 14.6%
- HDFS: operating income decline of 20 to 25%
- LiveWire: motorcycle wholesale units 750–2,000 and operating income loss of $115 to $125 million
- Harley-Davidson, Inc: capital investments of $225 to $250 million
New Segment Reporting Structure
LiveWire Group, Inc. (“LiveWire Group”) became a separate public company trading on the New York Stock Exchange (Ticker: LVWR) on September 27, 2022. Following the close,…
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