Harley-Davidson Announces Fourth Quarter, Full-Year 2018 Results

MILWAUKEE, January 29, 2019 -
Harley-Davidson, Inc. (NYSE:HOG) today reported fourth quarter and full-year 2018 results. On a full-year basis, earnings per share (EPS) was up year-over-year on positive revenue growth. The company achieved all stated 2018 milestones associated with its More Roads to Harley-Davidson accelerated plan for growth.

Full-Year 2018
More Roads accelerated plan for growth unveiled; all 2018 milestones achieved
Diluted EPS up 5.6 percent over prior year
Record Financial Services segment operating income
Cash from operations up over $200 million or 20 percent compared to 2017
Building new riders - over 52,000 more Harley-Davidson riders added in the U.S.
Motorcycles and Related Products segment (Motorcycles segment) revenue growth of 1.1 percent compared to 2017
International retail sales up year-over-year behind strong emerging market growth
Manufacturing optimization remains on track; 2018 costs lower than originally expected
Repurchased $382 million of shares; paid dividends totaling $1.48 per share, up 1.4 percent versus prior year

Full-year 2018 GAAP diluted EPS was $3.19, up 5.6 percent. Year ago GAAP diluted EPS was $3.02. Excluding restructuring plan costs (including manufacturing optimization) and the impact of incremental tariffs, 2018 diluted EPS was $3.78. Full-year 2018 net income was $531.5 million on consolidated revenue of $5.72 billion versus net income of $521.8 million on consolidated revenue of $5.65 billion in 2017.
Fourth quarter 2018 GAAP diluted EPS was $0.00. Year ago GAAP diluted EPS was $0.05. Excluding restructuring plan costs (including manufacturing optimization) and the impact of incremental tariffs, fourth quarter 2018 diluted EPS was $0.17. Fourth quarter 2018 net income was $0.5 million on consolidated revenue of $1.15 billion versus net income of $8.3 million on consolidated revenue of $1.23 billion in 2017.
Harley-Davidson international retail motorcycle sales for the full-year finished slightly ahead of 2017. U.S. retail sales fell 10.2 percent behind ongoing declines in the U.S. motorcycle industry. Worldwide retail sales decreased 6.1 percent in 2018.

“In 2018 we delivered value to our shareholders through improved earnings and cash from operations. The challenges we experienced during the year reinforced the commitment we have for our More Roads to Harley-Davidson accelerated plan for growth,” said Matt Levatich, president and chief executive officer, Harley-Davidson, Inc. “Our plan addresses the challenges of today and the opportunities we see for growth ahead, and we are energized by the momentum we are building. New and different people, riders and non-riders, are taking notice of Harley-Davidson and the thrill of riding.”

Strategy Acceleration
During the quarter, Harley-Davidson continued to make 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-


The following information was filed by Harley Davidson Inc (HOG) on Tuesday, January 29, 2019 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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