Harley-Davidson Announces Fourth Quarter, Full-Year 2019 Results

MILWAUKEE, January 28, 2020 -
Harley-Davidson, Inc. (NYSE:HOG) today reported fourth quarter and full-year 2019 results. Fourth quarter earnings per share (EPS) was up year-over-year and overall performance in the quarter and full-year was in line with company expectations. The company advanced its More Roads to Harley-Davidson plan and is on-track to realize its expectation of significant growth in 2021.

2019 Highlights and Results

Delivered fourth quarter GAAP diluted EPS of $0.09; up year-over-year
Advanced More Roads plan, on-track for significant 2021 growth
Increased focus on rider commitment; in the U.S., 527,000 riders joined in 2019, up year-over-year1 
Tempered worldwide year-over-year retail sales rate of decline
Completed steps to mitigate the majority of recent EU and China tariff impacts in 2020
Completed key milestones of the manufacturing optimization initiative and exceeded expected full-year savings
Repurchased $286.7 million of shares; increased dividends 1.4 percent versus prior year to $1.50 per share

Fourth quarter 2019 GAAP diluted EPS was $0.09. Year-ago GAAP diluted EPS was $0.00. Excluding restructuring plan costs and the impact of recent EU and China tariffs, adjusted fourth quarter 2019 diluted EPS was $0.20 compared to $0.17 in the fourth quarter of 2018. Fourth quarter 2019 net income was $13.5 million on consolidated revenue of $1.07 billion versus net income of $0.5 million on consolidated revenue of $1.15 billion in the fourth quarter of 2018.
Full-year 2019 GAAP diluted EPS was $2.68. Year-ago GAAP diluted EPS was $3.19. Excluding restructuring plan costs and the impact of recent EU and China tariffs, adjusted 2019 diluted EPS was $3.36 compared to $3.78 in 2018. Full-year 2019 net income was $423.6 million on consolidated revenue of $5.36 billion versus net income of $531.5 million on consolidated revenue of $5.72 billion in 2018.
“Our performance in Q4 and the full year was in line with our expectations and indicative of increased business stability driven by the tremendous efforts of our employees and dealers,” said Matt Levatich, president and chief executive officer of Harley-Davidson. “In 2019, we took important steps toward returning to significant growth in 2021 - including launching LiveWire, our first electric motorcycle, optimizing our global dealer network and expanding our international footprint,” said Levatich.

Strategy to Build Riders; Accelerated plan for growth

Harley-Davidson’s strategy to build the next generation of Harley-Davidson riders globally is supported by these strategic objectives from 2017 through 2027: expand to 4 million total Harley-Davidson riders in the U.S., grow international business to 50 percent of annual Harley-Davidson Motor Company (HDMC) revenue, launch 100 new high impact motorcycles, deliver superior return on invested capital for HDMC (S&P 500 top 25%) and grow its business without growing its environmental impact.

More Roads to Harley-Davidson is the company’s accelerated plan for growth that aims to deliver sustainable growth and build committed riders from 2018 through 2022. The company is focusing investment and building new capabilities to invigorate the Harley-Davidson brand to spark passion that deepens rider commitment. The company’s More Roads plan leverages and integrates new products, broader access, stronger dealers and amplifying the brand as catalysts to ignite and sustain momentum and deliver growth.

The company plans to maintain its targeted investment and return profile and capital allocation strategy, while it funds strategic opportunities expected to drive significant revenue growth and expand operating margin starting in 2021.

In 2019, Harley-Davidson continued to advance its More Roads plan initiatives, including:

Asserted its leadership in the electrification of motorcycles with the launch of LiveWire™, the company’s first electric motorcycle, and IRONe™, an electric-powered two-wheeler for kids
Launched new high impact models and delivered significant technology to its class-leading model year 2020 motorcycles to inspire new and existing riders
Commissioned Thailand manufacturing facility and established a China distribution center, increasing customer access with more competitive prices
Improved and expanded global ecommerce and digital capabilities
Advanced good-to-great dealers - meeting its customer experience and sales conversion targets

1

The following information was filed by Harley Davidson Inc (HOG) on Tuesday, January 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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