Aftermarket Moto Design 291 October AMD 291 October 2023 | Page 64

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NEWS

BRIEFS

Harley-Davidson has announced additional share repurchase authorization headroom up to an additional 10.0 million shares of H-D , Inc . common stock . The Board authorization is in addition to the existing share repurchase authorization approved in February 2020 . As of June 30 , 2023 , 5.8 million shares remained on that share repurchase authorization .
The Harley-Davidson , Inc . ( NYSE : HOG ) Board of Directors approved a cash dividend of $ 0.165 per share for the third quarter of 2023 - payable September 27 , 2023 to the common stock shareholders of record as of Sept 12 , 2023 .
Energica is celebrating its first ever podium , indeed the first ever podium for any electric motorcycle manufacturer , in a top-class internal combustion engine ( ICE ) race and series . Tytlers Cycle Racing ' s Stefano Mesa from Colombia rode the Energica Eva Ribelle RS ( equipped with the Kit Corsa Clienti ) to second place on the podium in the fourth round of the MotoAmerica Super Hooligan National Championship at The Circuit of The Americas ( CoTA ) on the weekend of September 8-10 . The result left them fifth in the championship .
Mulholland Harley-Davidson , located in Calabasas , California , has been sold by seven H-D dealership owner Rodin Younessi to Bret Irvine . Mullholland was a second dealership in the Greater Los Angeles area and is Irvine ' s second H-D store acquisition .
PSB has opened registrations for its 2023 ' Accelerate ' Conference , being held at the Westin Galleria in Dallas , Texas , Nov . 5-7 . " Industry leaders , dealers and enthusiasts will gather in Texas to network and attend seminars and roundtable discussions focused on dealership growth and development ."

Polaris Q2 Growth

Polaris Industries reported second quarter sales of $ 2,217m , up 7 % compared to last year . The company reported market share gains in Off Road , On Road and Marine segments with overall powersports retail sales for the quarter up 14 % versus last year - driven by a more than 50 % increase in On Road , as well as double-digit percentage growth in Off Road . North America unit retail sales for Indian Motorcycle were up over 40 %. " North America unit retail sales for the comparable motorcycle industry were up low-single digits percent ." However , On-Road PG & A sales decreased -12%, with the benefits of the unit sales volume increase partially offset by higher finance interest . The achieved gross profit margin performance ( 22.8 %) was driven by favorable product mix , lower logistics costs and higher volumes . Polaris CEO Mike Speetzen is quoted as saying : " The Polaris team
continued to execute on our 2023 plans with this quarter ' s performance being a strong reflection of our ongoing focus and dedication . " Improved demand and industryleading products drove retail growth across our Off Road and On Road segments in the quarter , including a 50 % increase in On Road retail sales compared to the prior year . Of the reported worldwide sales of
Internationally , Indian Motorcycles continues to build momentum . The recent Indian Riders Fest in the Czech Republic ( June 2023 ) saw of thousands of Indian enthusiasts riding from more than 20 different countries for what is believed to have been the first ever ( and certainly the largest ever ) independent Indian motorcycle enthusiasts rally in the world .
CONSOLIDATED STATEMENTS OF INCOME ( LOSS ) ( in thousands US $)
Three months ended June 30
Six months ended June 30
2023
2022
2023
2022
Sales
2,216.6
2,062.8
4,396.3
3,844.3
Cost of sales
1,711.6
1,588.4
3,422.1
3,017.0
Gross profit
505.0
474.4
974.2
827.3
Operating expenses : Selling and marketing
132.6
115.5
270.2
227.1
Research and development
93.2
86.8
189.7
167.6
General and administrative
103.8
89.2
194.6
160.9
Total operating expenses
329.6
291.5
654.5
555.6
Income from financial services
20.6
10.2
37.4
21.6
Operating income
196.0
193.1
357.1
293.3
Net income ( loss )
134.3
( 4.4 )
247.9
65.5
Diluted Net income per share : $ 2.32 $( 0.08 ) $ 4.28 $ 1.07
$ 2,217m ( up 7 % versus the second quarter of 2022 , North America sales of $ 1,883m represented 85 % of total company sales and an 8 % increase from $ 1,748m in 2022 . International sales of $ 333m represented 15 % of total company sales and increased 6 % versus the second quarter of 2022 . " Total company sales growth in the second quarter of 2023 was driven by higher shipment volumes , primarily driven by Off Road and Indian Motorcycle , as well as favorable net pricing ." Off Road segment results were also primarily driven by higher volume partially offset by higher finance interest . However , Off Road PG & A sales increased by 17 %. Polaris North America ORV unit retail sales were up 14 %. Estimated North America industry ORV unit retail sales were up high-single digits percent . Polaris has upgraded its 2023 sales outlook by 3 % to 6 % versus its previous outlook of flat to up 5 % versus 2022 .