MILWAUKEE, April 24, 2018 /PRNewswire/
-- Harley-Davidson, Inc. (NYSE:HOG) today reported first
quarter 2018 results and confirmed its 2018 outlook. The company
also announced it is accelerating its strategy for growth, anchored
by its objective to build the next generation of riders
globally.
First Quarter 2018
- EPS of $1.03 ($1.24 excluding manufacturing optimization
costs)
- Consolidated revenue up 2.7%
- HDFS operating income up 20.8%, year-over-year credit losses
down
- Increased dividend 1.4%, repurchased 1.4 million shares
- Growth in international retail sales
- Manufacturing optimization initiative on-track
- Confirmed full-year shipment guidance
- Strategy enhancement and acceleration planned
First quarter 2018 GAAP diluted EPS was $1.03. Excluding manufacturing optimization
costs, diluted EPS was $1.24. First
quarter 2017 GAAP diluted EPS was $1.05. First quarter 2018 net income was
$174.8 million on consolidated
revenue of $1.54 billion versus net
income of $186.4 million on
consolidated revenue of $1.50 billion
in the first quarter of 2017.
Harley-Davidson international retail motorcycle sales were up
0.2 percent in the first quarter of 2018 compared to 2017 and U.S.
retail sales were down 12.0 percent. Worldwide retail sales
decreased 7.2 percent.
"We are pleased to deliver revenue growth on the heels of our
recent product investments in Softail and Touring. This, plus solid
financial services segment performance and strong cash returns
during the first quarter underscore our commitment to drive
shareholder value," said Matt
Levatich, president and chief executive officer,
Harley-Davidson, Inc. "Our international markets returned to
retail sales growth supporting our long-term objective to increase
international sales to build the next generation of riders
globally."
Strategy to Build Riders Globally
During the first
quarter, the company continued progress on its 2027 objectives:
build 2 million new riders in the U.S., grow its international
business to 50 percent of annual volume, launch 100 new high impact
motorcycles and do so profitably and sustainably.
Considering prolonged softness in the U.S. industry and given
what the company believes is untapped potential in international
markets and in certain high-growth spaces globally, the company is
crafting strategy accelerants to deliver significant value through
2022. Harley-Davidson plans to leverage its core business more
fully and expand in new directions to accelerate value creation as
it pursues its long-term objectives.
"Our view of the highly competitive global motorcycle market is
grounded in a realistic assessment of risks, opportunities and
capabilities needed to inspire ridership and grow our
business. Our data-driven insights compel us to enhance and
accelerate our strategies to ensure we deliver on our long-term
objectives as we build the next generation of Harley-Davidson
riders," stated Levatich.
The company is currently refining its plans and this summer
intends to reveal significant additional steps to improve
performance and value creation through 2022.
Building Riders
As Harley-Davidson continues to make
progress building the next generation of riders, the company
increased its reach and impact during the first quarter through a
wide range of efforts including:
- Added to the long legacy of its Sportster motorcycle line with
the introduction of the Iron 1200™ and Forty-Eight®
Special models. The latest in a line of 100 high-impact motorcycles
the company expects to introduce by 2027, these new Sportsters
combine throw-back styling trends from the custom-bike scene with
the solid foundation of the Sportster platform and the punchy
performance of the Evolution 1200 V-Twin engine. The U.S. MSRP of
the new models start at $9,999 and
$11,299 respectively.
- Continued to grow the appeal of motorcycling by debuting
Harley-Davidson Snow Hill Climb at X Games Aspen alongside ski,
snowboard and other action-sports competitions.
- Increased brand access by adding new international dealers and
new apparel and lifestyle boutiques in popular shopping areas in
China and India.
- Welcomed riders and non-riders to celebrate freedom as the
company recognizes 115 years of continuous motorcycle manufacturing
in 2018. Fans were invited to join the global freedom movement on
social media using #HD115 and join celebrations in Prague in July and Milwaukee over Labor Day weekend.
- Invested in a collaborative agreement with Alta Motors, an
innovator in lightweight electric vehicles, supporting
Harley-Davidson's commitment to lead in the electrification of the
sport of motorcycling to reach new customers in new spaces.
Manufacturing Optimization
To further improve its
manufacturing operations and cost structure, in the first quarter
of 2018 the company commenced its previously announced multi-year
manufacturing optimization initiative anchored by the consolidation
of its motorcycle assembly plant in Kansas City, Mo. into its plant in
York, Pa. The company continues to
expect to incur restructuring and other consolidation costs of
$170 million to $200 million and capital investment of
approximately $75 million through
2019 and expects ongoing annual cash savings of $65 million to $75
million after 2020. In the first quarter, costs
related to the manufacturing optimization were $47.6 million.
Harley-Davidson
Retail Motorcycle Sales
|
Vehicles
|
1st
Quarter
|
2018
|
2017
|
Change
|
U.S.
|
29,309
|
33,316
|
(12.0)%
|
EMEA
|
10,862
|
10,167
|
6.8%
|
Asia
Pacific
|
6,329
|
6,863
|
(7.8)%
|
Latin
America
|
2,506
|
2,342
|
7.0%
|
Canada
|
2,080
|
2,361
|
(11.9)%
|
International
Total
|
21,777
|
21,733
|
0.2%
|
Worldwide
Total
|
51,086
|
55,049
|
(7.2)%
|
The U.S. 601+cc industry was down 11.1 percent in the first
quarter compared to 2017. Harley-Davidson's first quarter market
share was 50.4 percent in the U.S. The 601+cc industry in
Europe was down 7.3 percent in the
first quarter compared to 2017. Harley-Davidson's first
quarter market share was up 1.3 percentage points to 10.4 percent
in Europe.
Motorcycles and
Related Products Segment Results
|
|
1st
Quarter
|
2018
|
2017
|
Change
|
Motorcycle Shipments
(vehicles)
|
63,944
|
70,831
|
(9.7)%
|
Revenue $ in
thousands
|
|
|
|
Motorcycles
|
$1,121,673
|
$1,083,639
|
3.5%
|
Parts
& Accessories
|
$169,075
|
$168,023
|
0.6%
|
General
Merchandise
|
$56,601
|
$55,836
|
1.4%
|
Gross
Margin
|
34.7%
|
35.7%
|
(1.0)pts
|
Operating
Income
|
$172,838
|
$236,546
|
(26.9)%
|
Operating
Margin
|
12.7%
|
17.8%
|
(5.1)pts
|
First quarter revenue from motorcycles and related products was
up versus the prior year. Operating margin as a percent of revenue
decreased in the quarter compared to 2017 primarily due to costs
associated with our manufacturing optimization initiative.
Financial Services
Segment Results
|
$ in
thousands
|
1st
Quarter
|
2018
|
2017
|
Change
|
Revenue
|
$178,174
|
$173,221
|
2.9%
|
Operating
Income
|
$63,579
|
$52,636
|
20.8%
|
Financial services operating income increased 20.8 percent in
the first quarter compared to 2017.
Income Tax Rate
Harley-Davidson's first quarter
effective tax rate was 24.1 percent compared to 34.5 percent in
2017. The decreased tax rate was due to the favorable impact of the
2017 Tax Cuts and Jobs Act.
Other Results
Cash and marketable securities were
$753.5 million at the end of Q1
2018, compared to $844.7 million in 2017.
Harley-Davidson generated $191.6 million of cash
from operating activities in 2018 compared to $159.9
million in 2017. The company paid a cash dividend of
$0.37 per share for the first
quarter, an increase of 1.4 percent compared to the prior year. On
a discretionary basis, Harley-Davidson repurchased 1.4 million
shares of its common stock during the first quarter for $65.1
million. During the quarter, there were approximately 169.2 million
weighted-average diluted common shares outstanding. At the
end of the quarter, 24.2 million shares remained on board-approved
share repurchase authorizations.
2018 Outlook
The company continues to expect the
following for the full-year 2018:
Motorcycle shipments to be approximately 231,000 to 236,000
motorcycles. In the second quarter, the company expects to ship
approximately 67,500 to 72,500 motorcycles.
Operating margin as a percent of revenue to be approximately 9.5
to 10.5 percent including manufacturing optimization costs of
$120 million to $140 million.
Capital expenditures of $250 million to $270 million including approximately $50 million to support manufacturing
optimization.
Effective tax rate of approximately 23.5 to 25.0 percent.
The company now expects Harley-Davidson Financial Services
operating income to be flat to down modestly.
Company Background
Harley-Davidson, Inc. is the
parent company of Harley-Davidson Motor
Company and Harley-Davidson Financial Services. Since
1903, Harley-Davidson Motor Company has fulfilled dreams
of personal freedom with custom, cruiser and touring motorcycles,
riding experiences and events and a complete line
of Harley-Davidson motorcycle parts, accessories, general
merchandise, riding gear and apparel. Harley-Davidson
Financial Services provides wholesale and retail financing,
insurance, extended service and other protection plans and credit
card programs to Harley-Davidson dealers and riders in the
U.S., Canada and other select international markets. For
more information, visit Harley-Davidson's Web site
at www.harley-davidson.com.
Webcast Presentation
Harley-Davidson will discuss
first quarter 2018 results on a webcast at 8:00 a.m.
CT today. The webcast login and supporting slides can be
accessed
at http://investor.harley-davidson.com/news-and-events/events-and-presentations.
The audio replay will be available by approximately 10:00 a.m. CT.
Non-GAAP Measures
This press release includes
financial measures that have not been calculated in accordance with
U.S. generally accepted accounting principles (GAAP) and are
therefore referred to as non-GAAP financial measures. The
non-GAAP measures described below are intended to be considered by
users as supplemental information to the equivalent GAAP measures,
to aid investors in better understanding the Company's financial
results. The Company believes that these non-GAAP measures provide
useful perspective on underlying business results and trends, and a
means to assess period-over-period results. These non-GAAP measures
should not be considered as a substitute for, or superior to,
measures of financial performance prepared in accordance with GAAP.
These non-GAAP measures may not be the same as similarly titled
measures used by other companies due to possible differences in
method and in items or events being adjusted.
The non-GAAP measure included in this press release is diluted
EPS excluding manufacturing optimization costs which was calculated
based on net income excluding manufacturing optimization costs,
which is also a non-GAAP measure. Manufacturing optimization costs
include restructuring expenses and costs associated with temporary
inefficiencies incurred in connection with the manufacturing
optimization initiative. A reconciliation of these non-GAAP
measures to the comparable GAAP measure is included later in this
press release.
Forward-Looking Statements
The company intends that
certain matters discussed in this release are "forward-looking
statements" intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. These forward-looking statements can generally be identified
as such because the context of the statement will include words
such as the company "believes," "anticipates," "expects," "plans,"
or "estimates" or words of similar meaning. Similarly, statements
that describe future plans, objectives, outlooks, targets, guidance
or goals are also forward-looking statements. Such forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially, unfavorably or
favorably, from those anticipated as of the date of this release.
Certain of such risks and uncertainties are described below.
Shareholders, potential investors, and other readers are urged to
consider these factors in evaluating the forward-looking statements
and cautioned not to place undue reliance on such forward-looking
statements. The forward-looking statements included in this release
are only made as of the date of this release, and the company
disclaims any obligation to publicly update such forward-looking
statements to reflect subsequent events or circumstances.
The company's ability to meet the targets and expectations noted
depends upon, among other factors, the company's ability to (i)
develop and execute its business strategy, (ii) execute its
strategy of growing ridership, globally, (iii) effectively execute
its manufacturing optimization initiative within expected costs and
timing, (iv) develop and introduce products, services and
experiences that are successful in the marketplace, (v) manage the
impact that new or adjusted tariffs may have on the cost of raw
materials and components and our ability to sell product
internationally, (vi) manage the impact that prices for and supply
of used motorcycles may have on its business, including on retail
sales of new motorcycles, (vii) balance production volumes for its
new motorcycles with consumer demand, including in circumstances
where competitors may be supplying new motorcycles to the market in
excess of demand at reduced prices, (viii) manage through changes
in general economic and business conditions, including changing
capital, credit and retail markets, and the changing political
environment, (ix) manage risks that arise through expanding
international manufacturing, operations and sales, (x) successfully
execute the company's manufacturing strategy, including its
flexible production strategy, (xi) prevent and detect any issues
with its motorcycles or any associated manufacturing processes to
avoid delays in new model launches, recall campaigns, regulatory
agency investigations, increased warranty costs or litigation and
adverse effects on its reputation and brand strength, and carry out
any product programs or recalls within expected costs and timing,
(xii) continue to manage the relationships and agreements that the
company has with its labor unions to help drive long-term
competitiveness, (xiii) accurately estimate and adjust to
fluctuations in foreign currency exchange rates, interest rates and
commodity prices, (xiv) manage the credit quality, the loan
servicing and collection activities, and the recovery rates of
HDFS' loan portfolio, (xv) retain and attract talented employees,
(xvi) prevent a cybersecurity breach involving consumer, employee,
dealer, supplier, or company data and respond to evolving
regulatory requirements regarding data security, (xvii) continue to
develop the capabilities of its distributors and dealers and manage
the risks that its independent dealers may have difficulty
obtaining capital and managing through changing economic conditions
and consumer demand, (xviii) adjust to tax reform, healthcare
inflation and reform and pension reform, and successfully estimate
the impact of any such reform on the company's business, (xix)
manage through the effects inconsistent and unpredictable weather
patterns may have on retail sales of motorcycles, (xx) manage
supply chain issues, including quality issues and any unexpected
interruptions or price increases caused by raw material shortages
or natural disasters, (xxi) implement and manage enterprise-wide
information technology systems, including systems at its
manufacturing facilities, (xxii) manage changes and prepare for
requirements in legislative and regulatory environments for its
products, services and operations, (xxiii) manage its exposure to
product liability claims and commercial or contractual disputes,
and (xxiv) successfully access the capital and/or credit markets on
terms (including interest rates) that are acceptable to the company
and within its expectations.
In addition, the company could experience delays or disruptions
in its operations as a result of work stoppages, strikes, natural
causes, terrorism or other factors. Other factors are described in
risk factors that the company has disclosed in documents previously
filed with the Securities and Exchange Commission.
The company's ability to sell its motorcycles and related
products and services and to meet its financial expectations also
depends on the ability of the company's independent dealers to sell
its motorcycles and related products and services to retail
customers. The company depends on the capability and financial
capacity of its independent dealers and distributors to develop and
implement effective retail sales plans to create demand for the
motorcycles and related products and services they purchase from
the company. In addition, the company's independent dealers and
distributors may experience difficulties in operating their
businesses and selling Harley-Davidson motorcycles and
related products and services as a result of weather, economic
conditions or other factors.
(HOG-F)
Harley-Davidson,
Inc.
|
Condensed
Consolidated Statements of Income(1)
|
(In thousands, except
per share amounts)
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Three months
ended
|
|
|
April
1,
|
|
March
26,
|
|
|
2018
|
|
2017
|
|
|
|
|
|
Motorcycles and
related products revenue
|
|
$
1,363,947
|
|
$
1,328,711
|
Gross
profit
|
|
473,773
|
|
474,823
|
Selling,
administrative and engineering expense
|
|
254,093
|
|
238,277
|
Restructuring
expense
|
|
46,842
|
|
-
|
Operating
income from motorcycles & related products
|
|
172,838
|
|
236,546
|
|
|
|
|
|
Financial services
revenue
|
|
178,174
|
|
173,221
|
Financial services
expense
|
|
114,595
|
|
120,585
|
Operating
income from financial services
|
|
63,579
|
|
52,636
|
|
|
|
|
|
Operating
income
|
|
236,417
|
|
289,182
|
Other income
(expense), net
|
|
220
|
|
2,296
|
Investment
income
|
|
1,203
|
|
879
|
Interest
expense
|
|
7,690
|
|
7,673
|
Income before income
taxes
|
|
230,150
|
|
284,684
|
Provision for income
taxes
|
|
55,387
|
|
98,315
|
Net income
|
|
$
174,763
|
|
$
186,369
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
Basic
|
|
$
1.04
|
|
$
1.06
|
Diluted
|
|
$
1.03
|
|
$
1.05
|
|
|
|
|
|
Weighted-average
common shares:
|
|
|
|
|
Basic
|
|
168,139
|
|
176,001
|
Diluted
|
|
169,174
|
|
177,070
|
|
|
|
|
|
Cash dividends per
common share
|
|
$
0.370
|
|
$
0.365
|
|
(1) See
note regarding the adoption of new accounting standards
below.
|
Harley-Davidson,
Inc.
|
Reconciliation of
GAAP amounts to Non-GAAP amounts
|
(In thousands, except
per share amounts)
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
Three months
ended
|
|
|
|
April 1,
|
|
|
|
2018
|
|
|
|
|
|
Net income excluding
manufacturing optimization costs
|
|
|
|
Net income
(GAAP)
|
|
$
174,763
|
|
Restructuring expense
and cost of temporary inefficiencies
|
|
47,574
|
|
Tax effect of
adjusments(1)
|
|
(11,537)
|
|
Adjustments net of
tax
|
|
36,037
|
|
Adjusted net income
(Non-GAAP)
|
|
$
210,800
|
|
|
|
|
|
Diluted earnings per
share excluding manufacturing optimization costs
|
|
|
|
Diluted earnings per
share (GAAP)
|
|
$
1.03
|
|
Restructuring expense
and cost of temporary inefficiencies, per share
|
|
0.21
|
|
Adjusted diluted
earnings per share (Non-GAAP)
|
|
$
1.24
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
169,174
|
|
|
(1) The
income tax effect of adjustments has been computed using the
company's effective income tax rate excluding discrete
items.
|
Harley-Davidson,
Inc.
|
Condensed
Consolidated Balance Sheets(1)
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
April
1,
|
|
December
31,
|
|
March
26,
|
|
|
2018
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
753,517
|
|
$
687,521
|
|
$
839,700
|
Marketable securities
|
|
-
|
|
-
|
|
5,004
|
Accounts receivable, net
|
|
355,107
|
|
329,986
|
|
335,578
|
Finance receivables, net
|
|
2,341,918
|
|
2,105,662
|
|
2,354,095
|
Inventories
|
|
564,571
|
|
538,202
|
|
485,476
|
Restricted cash
|
|
54,569
|
|
47,518
|
|
75,705
|
Other current assets
|
|
150,472
|
|
175,853
|
|
142,362
|
Total current
assets
|
|
4,220,154
|
|
3,884,742
|
|
4,237,920
|
|
|
|
|
|
|
|
Finance receivables,
net
|
|
4,784,524
|
|
4,859,424
|
|
4,792,027
|
Other long-term
assets
|
|
1,272,943
|
|
1,228,506
|
|
1,251,908
|
|
|
$
10,277,621
|
|
$
9,972,672
|
|
$
10,281,855
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts payable & accrued liabilities
|
|
$
885,448
|
|
$
757,419
|
|
$
906,321
|
Short-term debt
|
|
1,036,976
|
|
1,273,482
|
|
953,357
|
Current portion of long-term debt, net
|
|
1,872,679
|
|
1,127,269
|
|
697,061
|
Total current
liabilities
|
|
3,795,103
|
|
3,158,170
|
|
2,556,739
|
|
|
|
|
|
|
|
Long-term debt,
net
|
|
4,108,511
|
|
4,587,258
|
|
5,320,797
|
Pension and
postretirement healthcare liabilities
|
|
167,952
|
|
173,359
|
|
223,702
|
Other long-term
liabilities
|
|
210,106
|
|
209,608
|
|
187,208
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
1,995,949
|
|
1,844,277
|
|
1,993,409
|
|
|
$
10,277,621
|
|
$
9,972,672
|
|
$
10,281,855
|
|
(1) See
note regarding the adoption of new accounting standards
below.
|
Harley-Davidson,
Inc.
|
Condensed
Consolidated Statements of Cash Flows(1)
|
(In
thousands)
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Three months
ended
|
|
|
April
1,
|
|
March
26,
|
|
|
2018
|
|
2017
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
191,594
|
|
$
159,939
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
|
(28,436)
|
|
(23,967)
|
Finance
receivables, net
|
|
11,733
|
|
(63,538)
|
Other
|
|
(4,948)
|
|
52
|
Net cash used by
investing activities
|
|
(21,651)
|
|
(87,453)
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
issuance of medium-term notes
|
|
347,553
|
|
497,406
|
Repayments of
medium-term notes
|
|
-
|
|
(400,000)
|
Repayments of
securitization debt
|
|
(67,955)
|
|
(111,359)
|
Net decrease
in credit facilities and unsecured commercial paper
|
|
(234,145)
|
|
(101,702)
|
Borrowings of
asset-backed commercial paper
|
|
35,504
|
|
305,209
|
Repayments of
asset-backed commercial paper
|
|
(45,907)
|
|
(29,383)
|
Dividends
paid
|
|
(62,731)
|
|
(64,611)
|
Purchase of
common stock for treasury
|
|
(72,968)
|
|
(79,753)
|
Issuance of
common stock under employee stock option plans
|
|
1,719
|
|
7,336
|
Net cash (used)
provided by financing activities
|
|
(98,930)
|
|
23,143
|
|
|
|
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
|
2,034
|
|
7,219
|
|
|
|
|
|
Net increase in cash,
cash equivalents and restricted cash
|
|
$
73,047
|
|
$
102,848
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash:
|
|
|
|
|
Cash, cash
equivalents and restricted cash - beginning of period
|
|
$
746,210
|
|
$
827,131
|
Net increase
in cash, cash equivalents and restricted cash
|
|
73,047
|
|
102,848
|
Cash, cash
equivalents and restricted cash - end of period
|
|
$
819,257
|
|
$
929,979
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents and restricted cash to the Consolidated
Balance Sheet:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
753,517
|
|
$
839,700
|
Restricted
cash
|
|
54,569
|
|
75,705
|
Restricted cash
included in other long-term assets
|
|
11,171
|
|
14,574
|
Total cash, cash
equivalents and restricted cash shown in the Statement of Cash
Flows
|
|
$
819,257
|
|
$
929,979
|
|
(1) See
note regarding the adoption of new accounting standards
below.
|
|
Adoption of New
Accounting Standards
|
On January 1, 2018,
the Company adopted the following new accounting standards updates
(ASUs).
|
|
ASU 2014-09 Revenue
from Contracts with Customers was adopted using the modified
retrospective method. As a result, the Company recorded a $6.0
million increase to the opening balance of retained earnings as of
January 1, 2018.
|
|
ASU 2016-18 Statement
of Cash Flows (Topic 230): Restricted Cash was adopted on a
retrospective basis. As a result, the change in restricted cash has
been excluded from financing activities and included in the change
in cash, cash equivalents and restricted cash and the prior period
has been recast to reflect the new presentation.
|
|
ASU 2017-07
Compensation - Retirement Benefits (Topic 715): Improving the
Presentation of Net Periodic Pension Cost and Net Periodic
Postretirement Benefit Cost was adopted on a retrospective basis.
As a result, the non-service cost components of net periodic
benefit cost have been presented in Other income (expense), net and
the prior period has been recast to reflect the new
presentation.
|
Motorcycles and
Related Products Revenue and
|
Motorcycle
Shipment Data
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Three months
ended
|
|
|
April
1,
|
|
March
26,
|
|
|
2018
|
|
2017
|
MOTORCYCLES AND
RELATED PRODUCTS REVENUE(1)(in thousands)
|
|
|
|
|
Motorcycles
|
|
$
1,121,673
|
|
$
1,083,639
|
Parts &
Accessories
|
|
169,075
|
|
168,023
|
General
Merchandise
|
|
56,601
|
|
55,836
|
Licensing
|
|
8,358
|
|
9,275
|
Other
|
|
8,240
|
|
11,938
|
|
|
$
1,363,947
|
|
$
1,328,711
|
|
|
|
|
|
MOTORCYCLE
SHIPMENTS:
|
|
|
|
|
United States
|
|
38,797
|
|
45,784
|
International
|
|
25,147
|
|
25,047
|
Total
|
|
63,944
|
|
70,831
|
|
|
|
|
|
MOTORCYCLE PRODUCT
MIX:
|
|
|
|
|
Touring
|
|
30,857
|
|
29,068
|
Cruiser
|
|
21,554
|
|
25,154
|
Sportster®/ Street
|
|
11,533
|
|
16,609
|
Total
|
|
63,944
|
|
70,831
|
|
(1) In connection with the adoption
of ASU 2014-09, the Company has revised its presentation of
disaggregated revenue and the prior period has been recast to
reflect the new presentation.
|
Worldwide Retail
Sales of Harley-Davidson Motorcycles(1)
|
|
|
|
Three months
ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2018
|
|
2017
|
|
|
|
|
|
United
States
|
|
29,309
|
|
33,316
|
|
|
|
|
|
Europe(2)
|
|
9,716
|
|
8,984
|
EMEA -
Other
|
|
1,146
|
|
1,183
|
Total
EMEA
|
|
10,862
|
|
10,167
|
|
|
|
|
|
Asia
Pacific(3)
|
|
4,452
|
|
4,897
|
Asia Pacific -
Other
|
|
1,877
|
|
1,966
|
Total Asia
Pacific
|
|
6,329
|
|
6,863
|
|
|
|
|
|
Latin
America
|
|
2,506
|
|
2,342
|
Canada
|
|
2,080
|
|
2,361
|
Total
International Retail Sales
|
|
21,777
|
|
21,733
|
Total
Worldwide Retail Sales
|
|
51,086
|
|
55,049
|
|
(1) Data
source for retail sales figures shown above is new sales warranty
and registration information provided by Harley-Davidson dealers
and compiled by the Company. The Company must rely on information
that its dealers supply concerning new retail sales, and the
Company does not regularly verify the information that its dealers
supply. This information is subject to revision.
|
|
(2) Europe data includes Austria,
Belgium, Denmark, Finland, France, Germany, Greece, Italy,
Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden,
Switzerland, and the United Kingdom.
|
|
(3) Asia
Pacific data includes Japan, Australia, New Zealand and
Korea.
|
Motorcycle
Registration Data(1)
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2018
|
|
2017
|
United
States(2)
|
|
57,100
|
|
64,220
|
Europe(3)
|
|
93,217
|
|
100,533
|
|
(1) Data
includes on-road 601+cc models. On-road 601+cc models include dual
purpose models, three-wheeled motorcycles and
autocycles.
|
|
(2) United
States data is derived from information provided by Motorcycle
Industry Council (MIC). This third-party data is subject to
revision and update.
|
|
|
(3) Europe
data includes Austria, Belgium, Denmark, Finland, France, Germany,
Greece, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain,
Sweden, Switzerland, and the United Kingdom. Industry retail
motorcycle registration data includes 601+cc models derived from
information provided by Association des Constructeurs Europeens de
Motocycles (ACEM), an independent agency. This third-party data is
subject to revision and update.
|
View original
content:http://www.prnewswire.com/news-releases/harley-davidson-announces-first-quarter-results-300635007.html
SOURCE Harley-Davidson, Inc.