Harley-Davidson beats by $0.02, beats on revs; reaffirms FY23 guidance (28.82)
- Reports Q3 (Sep) earnings of $1.38 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $1.36; revenues rose 7.8% year/year to $1.55 bln vs the $1.36 bln FactSet Consensus.
- For the full year 2023, the Company reaffirms its most recent guidance and continues to expect: HDMC: revenue growth of flat to 3% and operating income margin of 13.9 to 14.3%. HDFS: operating income decline of 20 to 25%. LiveWire: motorcycle unit sales of 600--1,000 and operating loss of $115 to $125 million. Harley-Davidson, Inc.: capital investments of $225 to $250 million.
- "Against a challenging macro and consumer backdrop, we have been able to achieve a result that preserves profitability at an industry leading level. In addition, we successfully launched our pinnacle CVO motorcycles, with CVO retail sales up 25%," said Jochen Zeitz, Chairman, President and CEO, Harley-Davidson. "Harley-Davidson remains committed to its Hardwire strategy with a focus on both desirability and profitability, and we will do everything possible to achieve our goals while being realistic that current market conditions are complex. We are gearing up for '24 and will ensure that we are fully aligned and ready as we close out the year with Q4."