American Motorcycle Dealer AMD 236 March 2019 | Page 6

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motorcycling,” said Levatich.
Through 2022, the ‘More Roads’
strategy aims to deliver on key goals,
including new products (keep current
riders engaged and inspire a new
generation of Harley-Davidson riders);
broader access (meet customers where
they are and how they want to engage
with a multi-channel retail experience);
stronger dealers (drive a performance
framework to improve dealer financial
strength and the Harley-Davidson
customer experience).
The company believes its accelerated
plan will drive revenue growth and
expand operating margins and expects
to fund strategic opportunities while
maintaining its current investment and
return profile and capital allocation
strategy.
On a full-year basis, earnings per share
(EPS) was up year-over-year on positive
revenue growth. The company says it
“achieved all stated 2018 milestones
associated with its ‘More Roads to
Harley-Davidson’ accelerated plan for
growth.”
Full-year 2018 GAAP diluted EPS was
$3.19, up +5.6 percent; year-ago GAAP
diluted EPS was $3.02. Excluding
restructuring plan costs (including
manufacturing optimization) and the
impact of incremental tariffs, 2018
diluted EPS was $3.78. Full-year 2018
net income was $531.5 million on
consolidated revenue of $5.72 billion
versus net income of $521.8 million on
consolidated revenue of $5.65 billion
in 2017.
However, fourth quarter
2018 GAAP diluted EPS
was $0.00; year-ago
GAAP diluted EPS was
$0.05. Excluding restructuring
plan costs (including manufacturing
optimization) and the impact of
incremental tariffs, fourth quarter 2018
diluted EPS was $0.17. Fourth quarter
2018 net income was only $0.5 million
on consolidated revenue of $1.15
billion versus net income of $8.3 million
on consolidated revenue of $1.23
Harley-Davidson sales revenue and production data… 4th quarter 2018
Income statements in
$1,000s (except share)
THREE MONTHS ENDED
Net sales revenue
Gross profit
Total operating income
Net income
Diluted earnings
per common share
NINE MONTHS ENDED
2018 Q4 2017 Q4 2018 Q4 2017 Q4
$955,633
$263,577
$3,743
$495 $1,047,045
$320,599
$99,200
$8,314 $4,968,646
$1,616,850
$713,523
$531,451 $4,915,027
$1,642,697
$882,081
$521,759
$0.00 $0.05 $3.19 $3.02
$738,167
$142,168
$58,444
$7,623 $789,970
$167,170
$71,236
$8,720 $3,882,963
$754,663
$241,964
$50,380 $3,765,620
$800,702
$262,776
$46,743
NET SALES REVENUE
H-D Motorcycles
Parts & Accessories
General Merchandise
Other
MOTORCYCLE SHIPMENT DATA
United States
Exports
Total H-D
NOTE: H-D MOTORCYLE SHIPMENT DATA IS NOT THE SAME AS RETAIL REGISTRATIONS
24,376
19,113
43,489 26,475
20,723
47,198 PRODUCT MIX 2018 Q4 2017 Q4 2018 Q4 2017 Q4
Touring
Cruiser
Sportster/ Street
Total 17,817
16,578
9,094
43,489
2018 Q4 19,353
19,651
8,194
47,198
2017 Q4 101,942
78,529
48,194
228,665
2018 Q4 99,745
87,344
54,409
241,498
2017 Q4
20,849
1,350
7,353
7,244
2,515
39,311 23,195
1,318
7,460
7,720
2,449
42,142 132,868
9,690
46,602
28,724
10,167
228,051 147,972
10,081
44,935
30,348
9,452
242,788
RETAIL SALES OF H-D MOTORCYCLES:
United States
Canada
EMEA Region
Asia Pacific Region
Latin America Region
Total
132,433
96,232
228,665
144,893
96,605
241,498
billion in 2017.
Despite the growing
pressure on margins and
net profitability during the
year, Harley-Davidson repurchased
$382 million of shares and paid
dividends totaling $1.48 per share, up
+1.4 percent versus the prior year.
Cash from operations was up over $200
million, or +20 percent, compared to
2017. The Financial Services segment
finished the year with record earnings
of $291.2 million, up 5.8 percent.
H-D Market Share 2009-2018
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
United States (601+cc)
Total Market New Registrations 325,500 278,500 289,900 299,400 305,900 313,627 328,800 311,710 288,802 263,750
H-D Retail Sales 162,385 143,391 150,900 161,300 167,800 171,079 168,240 161,658 147,972 132,868
United States H-D
percentage Market Share 49.9% 51.5% 52.1% 53.9% 54.9% 54.5% 51.2% 51.9% 51.2% 50.4%
EMEA (601+ cc)
Total Market New Registrations 368,000 344,800 328,500 300,400 281,800 319,801 351,700 391,936 390,619 397,669
H-D Retail Sales 36,444 37,378 39,900 36,200 36,100 38,491 43,287 45,838 44,935 46,602
European H-D
percentage market share 9.9% 10.8% 12.1% 12.1% 12.8% 12.0% 12.3% 11.7% 11.5% 11.7%
USA 66.93 64.56 64.49 64.71 64.74 63.84 63.58 62.11 60.95 58.26
EMEA 16.49 18.54 18.85 17.22 16.34 16.91 16.36 17.61 18.51 20.43
Total International 33.07 35.44 35.51 35.29 35.26 36.16 36.42 37.89 39.05 41.74
Percentage of H-D retail sales:
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AMERICAN MOTORCYCLE DEALER - MARCH 2019
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