MILWAUKEE, October 23, 2018 - Harley-Davidson, Inc. (NYSE:HOG) today reported third quarter 2018 results. During the quarter, earnings per share was up year-over-year and the company made progress on the initiatives included in its More Roads to Harley-Davidson accelerated plan for growth.
Third Quarter 2018
More Roads accelerated plan for growth unveiled and progress made
EPS $0.68, up vs prior year ($0.78 excluding manufacturing optimization costs)
HDFS earnings up year-over-year on improved loss performance
Repurchased 1.9 million shares; paid $0.37 per share dividend, up 1.4 percent versus prior year quarter
International retail sales growth accelerated
Manufacturing optimization initiative on track, reduced total cost estimate
Confirmed full-year shipment and operating margin guidance
2019 motorcycle innovation enhances product leadership in Touring and Cruiser segments
115th anniversary celebrations demonstrated power of iconic global brand
Third quarter 2018 GAAP diluted EPS was $0.68, up 70.0 percent. Excluding manufacturing optimization costs, diluted EPS was $0.78. Year ago GAAP diluted EPS was $0.40. Third quarter 2018 net income was $113.9 million on consolidated revenue of $1.32 billion versus net income of $68.2 million on consolidated revenue of $1.15 billion in 2017.
Harley-Davidson international retail motorcycle sales were up 2.6 percent in the third quarter of 2018 compared to 2017 and U.S. retail sales were down 13.3 percent. Worldwide retail sales decreased 7.8 percent.
“Third quarter progress tracked to our plans with numerous highlights including another quarter of improved international retail sales growth and increased year-over-year earnings per share. We unveiled our More Roads to Harley-Davidson accelerated plan for growth, and made strong progress already through September,” said Matt Levatich, president and chief executive officer, Harley-Davidson, Inc. “As we manage our business with resilience in a challenging time in our history, we are leveraging our strengths for a more promising road ahead. We are investing to build the next generation of Harley-Davidson riders and we are optimizing our business to drive profitability and cash flow. Through September, cash flow was very strong and revenue was up over 3 percent despite lower motorcycle shipments.”
During the quarter, Harley-Davidson made progress on the initiatives included in its More Roads to Harley-Davidson accelerated plan for growth to build the next generation of riders globally. Leveraging core strengths in the business, brand and dealer network, the company is investing in opportunities that inspire increased ridership sooner and deliver sustainable growth for the future. Harley-Davidson’s More Roads plan supports the company’s strategy and 2027 objectives to: build 2 million new riders in the U.S., grow international business to 50 percent of annual volume, launch 100 new high impact motorcycles and do so profitably and sustainably.
Through 2022, the Company’s More Roads to Harley-Davidson plan will deliver:
The following information was filed by Harley Davidson Inc (HOG) on Tuesday, October 23, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: HOG CIK: 793952 Form Type: 10-Q Quarterly Report Accession Number: 0000793952-18-000057 Submitted to the SEC: Thu Nov 08 2018 6:58:06 AM EST Accepted by the SEC: Thu Nov 08 2018 Period: Sunday, September 30, 2018 Industry: Motorcycles Bicycles And Parts