HOG - Harley-Davidson rallies after knocking out strong revenue shipments growth in Q1
2023-04-27 07:12:25 ET
Harley-Davidson ( NYSE: HOG ) reported a 19.7% jump in revenue in Q1 to $1.79B vs. $1.39B consensus and 28% increase in operating income to $370M. Net income rose 37% to $304M.
Motorcyle shipments were up 14% during the quarter to 62,200 in advance of the key riding season. Global retail motorcycle sales in the quarter fell 12%. North America retail performance was down 17%, driven by the timing of new product launches, as well as the shifting macro conditions. Growth in Asia Pacific was driven by continued strong demand across key markets, including Japan and Australia. A drop in EMEA of 6% was primarily driven by market exits, in addition to a planned unit mix shift towards the profitable core product segments, following the sunsetting of Sportster. Latin America continued to be adversely impacted by regional economic conditions during the quarter.
The Livewire electric motorcycle business reported revenue of $8M for the quarter vs. $17M consensus and a loss of $25M.
Looking ahead, HOG sees full-year capital expenditure spending of $225M to $250M.
Shares of HOG jumped 8.40% in premarket trading to $40.00.
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Harley-Davidson rallies after knocking out strong revenue, shipments growth in Q1