Harley-Davidson Announces First Quarter 2019 Results

MILWAUKEE, April 23, 2019 -
Harley-Davidson, Inc. (NYSE:HOG) today reported first quarter 2019 results. Company actions resulted in earnings per share and retail sales finishing stronger than expected during the quarter. The company’s More Roads to Harley-Davidson accelerated plan for growth continued to progress and delivered results.

First Quarter 2019
GAAP diluted EPS of $0.80 per share, ahead of company expectations
Encouraged by U.S. retail sales performance; Harley-Davidson U.S. market share up
Global dealer inventory down, well positioned for spring selling season
Intensified brand focus; hired President, Harley-Davidson Brand
Acquired StaCyc, a producer of electric-powered two-wheelers for kids
Broadened reach with new Electra Glide® Standard at $18,999 U.S. MSRP
Manufacturing optimization remained on-track
Thailand manufacturing strategy accelerated retail sales growth in ASEAN emerging markets
Increased dividend 1.4 percent, repurchased $52.6 million of shares

First quarter 2019 GAAP diluted EPS was $0.80. Year-ago GAAP diluted EPS was $1.03. Excluding restructuring plan costs and the impact of incremental tariffs, first quarter 2019 diluted EPS was $0.98 compared to $1.24 in the first quarter of 2018. First quarter 2019 net income was $127.9 million on consolidated revenue of $1.38 billion versus net income of $174.8 million on consolidated revenue of $1.54 billion in 2018.
Harley-Davidson worldwide retail sales decreased 3.8 percent in the first quarter. International retail sales were down 3.3 percent. U.S. retail sales were down 4.2 percent in the first quarter driven by continued weak industry sales which were down 4.7 percent. First quarter worldwide retail sales were impacted by the limited availability of Street motorcycles due to the recall we announced in January.

“We are acting with agility and discipline to take full advantage of rapidly evolving global markets. Harley-Davidson’s U.S. market share growth and retail sales performance in the first quarter are further evidence of the effects we are having as we continue to implement and dial-in our More Roads efforts,” said Matt Levatich, president and chief executive officer, Harley-Davidson, Inc. “We are driven by our un-paralleled rider focus and deep analytics that are guiding our efforts today and into the future. We, along with our dealers, are determined to lead and stimulate global industry growth.”
Strategy to Build the Next Generation of Riders
More Roads accelerated plan for growth
Harley-Davidson’s strategic objectives through 2027 are 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.
The More Roads to Harley-Davidson accelerated plan for growth is aligned with the company’s strategy to deliver sustainable growth and build the next generation of riders by delivering exciting products in existing and new spaces, broader access to Harley-Davidson and an optimized customer experience through an even stronger dealer network. The company plans to maintain its current investment and return profile and capital allocation strategy, while it funds strategic opportunities expected to drive revenue growth and expand operating margin through 2022.

The following information was filed by Harley Davidson Inc (HOG) on Tuesday, April 23, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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