MILWAUKEE, WI – February 8, 2024 – (Motor Sports NewsWire) – Harley-Davidson, Inc. (“Harley-Davidson,” “HDI,” or the “Company”) (NYSE: HOG) today reported fourth quarter and full year 2023 results.
“In the third year of our Hardwire strategy we have made progress in key elements of our strategic plan – focusing on our most profitable products and markets, which we believe will continue to yield benefits to the business and have set us up for long-term value creation despite the current challenging environment for the industry,” said Jochen Zeitz, Chairman, President and CEO, Harley-Davidson. “We are excited by the early read of our new Model Year launch, the most comprehensive product development in the touring platform in well over 10 years, that will redefine the Harley-Davidson Grand American Touring experience for years to come and lay the foundation to drive retail sales growth in ’24.”
2023 Highlights and Results
- Delivered diluted EPS of $4.87
- Achieved 13.6% operating margin at HDMC
- HDMC unit profitability returned to historically healthy levels
- HDMC global motorcycle shipments of 179,984, down 7% year-over-year
- HDFS operating income finished down 26%
- LiveWire launched the Del Mar electric motorcycle – the first bike off the S2 platform
Fourth Quarter 2023 Summary of Results
- Delivered diluted EPS of $0.18
- HDMC global motorcycle shipments of 29,544, down 13% year-over-year
- HDFS operating income declined 10%
- LiveWire sold 514 electric motorcycles
2024 Financial Outlook
For the full year 2024, the Company expects:
- HDMC: revenue flat to down 9% and operating income margin of 12.6% to 13.6%
- HDFS: operating income flat to up 5%
- LiveWire: electric motorcycle unit sales of 1,000 to 1,500 and operating loss of $115 to $125 million
- Harley-Davidson, Inc: capital investments of $225 to $250 million
Fourth Quarter and Full Year 2023 Results
Harley-Davidson, Inc. Consolidated Financial Results
|
$ in millions (except EPS) |
4th quarter |
Full Year |
||||
|
2023 |
2022 |
Change |
2023 |
2022 |
Change |
|
|
Revenue |
$1,053 |
$1,142 |
-8 % |
$5,836 |
$5,755 |
1 % |
|
Operating Income (Loss) |
($21) |
$4 |
nm |
$779 |
$909 |
-14 % |
|
Net Income Attributable to HDI |
$26 |
$42 |
-38 % |
$707 |
$741 |
-5 % |
|
Diluted EPS |
$0.18 |
$0.28 |
-36 % |
$4.87 |
$4.96 |
-2 % |
In the fourth quarter, consolidated revenue was down 8 percent, driven by a revenue decline of 14 percent at HDMC, partially offset by revenue…
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