HOG - Harley-Davidson beats Q1 top and bottom line estimates; reaffirms FY23 outlook

2023-04-27 07:07:31 ET

• Harley-Davidson press release ( NYSE: HOG ): Q1 GAAP EPS of $2.04 beats by $0.62 .
• Revenue of $1.79B (+19.3% Y/Y) beats by $410M .
• Consolidated operating income margin in the first quarter was 21 percent relative to 19 percent in the first quarter a year ago, representing a 132 basis-point improvement.
• HDMC Revenue was up 21 percent versus prior year behind wholesale shipment growth, favorable unit mix and global pricing realization
• Achieved HDMC Operating Income margin of 21.6%, an increase of 4.6 points versus prior year, as pricing, unit mix and cost productivity more than offset inflation
• HDFS operating income finished down 32 percent on higher interest expense and higher credit losses.
• Company reaffirms its full-year 2023 outlook : For the full year 2023, the Company reaffirms its initial guidance and continues to expect: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 unit sales of 750–2,000 and operating loss of $115 to $125 million; Harley-Davidson, Inc.: capital investments of $225 to $250 million.

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