- Harley-Davidson Inc HOG reported first-quarter FY23 HDMC sales growth of 21% year-on-year to $1.56 billion, beating the consensus of $1.36 billion.
- Harley-Davidson Motor Company (HDMC) revenue growth was driven by increased wholesale shipments and continued global pricing realization.
- Consolidated revenue was up 20% in the first quarter, driven by HDMC revenue growth of 21% and HDFS revenue growth of 16%.
- HOG's EPS of $2.04 beat the consensus of $1.39.
- Gross profit margin in HDMC expanded 420 basis points Y/Y at 35.8%. Operating income in HDMC was $336 million, with the operating margin growing 460 basis points to 21.6%.
- Consolidated operating income for the quarter increased 28% to $370 million, with an operating margin of 20.7%.
- Harley-Davidson generated $46.7 million in cash from operating activities in the quarter. It held cash and equivalents of $1.6 billion as of March 31, 2023.
- "Harley-Davidson delivered a solid start to the year, with consolidated first quarter revenue up 20%, driven by HDMC, reflecting the progress we continue to make in advancing our Hardwire strategic plan," said Jochen Zeitz, Chairman and CEO, Harley-Davidson.
- Outlook: Harley-Davidson reaffirms FY23 HDMC revenue growth outlook of 4% - 7%.
- HOG anticipates FY23 capital investments of $225 million - $250 million.
- Price Action: HOG shares are trading lower by 2.25% at $36.06 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in