- Harley-Davidson Inc (NYSE:HOG) reported third-quarter FY21 Motorcycles and related products revenue growth of 20% year-on-year, to $1.16 billion, beating the analyst consensus of $1.14 billion.
- Total revenue improved 17% to $1.37 billion. Global retail motorcycle sales declined 6%, impacted by the strategic decisions made on Rewire strategy, including the exit of unprofitable product segments, markets, and supply chain challenges.
- Gross profit margin contracted 310 basis points Y/Y to 26.7%. Selling, administrative, and engineering expenses rose 7.8% Y/Y to $212 million.
- Adjusted EPS of $1.18 beat the analyst consensus of $0.70.
- Net cash provided by operating activities year-to-date was $925.6 million. It held cash and equivalents of $2.1 billion.
- “Our teams continue to work to mitigate the impact of the ongoing supply chain challenges that our sector faces,” said CEO Jochen Zeitz.
- Outlook: Harley-Davidson’s full-year 2021 Motorcycles segment guidance remains unchanged relative to the prior view.
- Price Action: HOG shares are trading higher by 5.10% at $37.29 on the last check Wednesday.
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