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Harley-Davidson Releases First Quarter 2017 Results

Harley-Davidson, Inc. 2017 first quarter net income was $186.4 million on consolidated revenue of $1.50 billion versus net income of $250.5 million on consolidated revenue of $1.75 billion in the first quarter of last year.

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Harley-Davidson, Inc. 2017 first quarter net income was $186.4 million on consolidated revenue of $1.50 billion versus net income of $250.5 million on consolidated revenue of $1.75 billion in the first quarter of last year.

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“First quarter U.S. retail sales were in line with our projections and we remain confident in our full-year plan despite international retail sales being down in the first quarter,” said Matt Levatich, CEO, Harley-Davidson. “We are very pleased with our continued growth in U.S. market share and the progress our U.S. dealers made in reducing their inventory of 2016 motorcycles in the quarter.”

First quarter worldwide Harley-Davidson retail motorcycle sales were down 4.2 percent compared to the same period in 2016. In line with the company’s expectations, Harley-Davidson retail motorcycle sales in the U.S. were down 5.7 percent compared to the year-ago quarter, with the overall U.S. industry down for the same period. Harley-Davidson’s U.S. market share for the quarter was 51.3 percent in the 601cc-plus segment, up compared to the first quarter in 2016. Harley-Davidson’s international retail sales decreased 1.8 percent compared to the same quarter in 2016.

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“We recently announced our plan to build the next generation of Harley-Davidson riders globally. We are energized by our focused strategy, and we believe our powerful brand and commitment to excellence will position us to drive demand for our products and grow our sport,” concluded Levatich.

The company’s long-term strategy through 2027 is focused on five objectives to: Build two million new Harley-Davidson riders in the U.S.; Grow international business to 50 percent of annual volume; Launch 100 new, high-impact motorcycles; Deliver superior return on invested capital for Harley-Davidson Motor Company (S&P 500 top 25%); and Grow the business without growing its environmental impact.

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Harley-Davidson Retail Motorcycle Sales

1st Quarter

2017

2016

Change

U.S.

33,316

35,326

-5.7%

Canada

2,361

2,470

-4.4%

Latin America

2,342

1,886

24.2%

EMEA

10,167

10,210

-0.4%

Asia Pacific

6,863

7,566

-9.3%

International Total

21,733

22,132

-1.8%

Worldwide Total

55,049

57,458

-4.2%     

For 2017, Harley-Davidson continues to anticipate full-year motorcycle shipments to be flat to down modestly in comparison to 2016. In the second quarter of 2017, the company expects to ship approximately 80,000 to 85,000 motorcycles.

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Harley-Davidson continues to expect full-year 2017 operating and gross margin as a percent of revenue to be approximately in line with 2016.

The company continues to expect that full-year 2017 capital expenditures will be $200 million to $220 million.

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