- Harley-Davidson Inc (NYSE:HOG) reported third-quarter FY22 consolidated revenue growth of 21% year-on-year to $1.65 billion.
- Revenue from the Motorcycles and Related Products segment (HDMC) grew 24% to $1.44 billion, beating the consensus of $1.37 billion.
- The increase in HDMC revenue was driven by a strong recovery in global motorcycle shipments after being adversely impacted by an unexpected production suspension in Q2.
- Harley-Davidson’s EPS of $1.78 beat the consensus of $1.41.
- Revenue from Motorcycles climbed 28%, Parts & Accessories dropped 2%, Apparel climbed 41%, and Licensing rose 26%.
- The gross profit margin in HDMC expanded 740 basis points Y/Y at 34.1%.
- Consolidated operating income rose 66% Y/Y to $338.7 million. Operating income from HDMC jumped 164% Y/Y to $258 million.
- Harley-Davidson generated $575 million in cash from operating activities year-to-date. It held cash and equivalents of $2.04 billion as of September 25, 2022.
- Outlook: Harley-Davidson reaffirmed its guidance and expects FY22 HDMC revenue growth of 5% – 10%, HDMC operating income margin of 11% – 12%, HDFS operating income to decline by 20% – 25%.
- It lowered the capital investments outlook to $170 million – $190 million from 190 million – $220 million.
- Price Action: HOG shares are trading higher by 13.43% at $42.10 on the last check Wednesday.
- Photo Via Wikimedia Commons
Stifel Maintains Buy on Marvell Tech, Lowers Price Target to $70
Stifel analyst Tore Svanberg maintains Marvell Tech (NASDAQ:MRVL) with a Buy and lowers the price target from $78 to $70.
