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Harley-Davidson Gains On Solid Q3 Earnings

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…
byShivani Kumaresan
October 26, 2022
1 minute read
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  • 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
 
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Heritage Cannabis’ Stock Plunges On Announcing Creditor Protection, Looks To Pursue Restructuring And Sales Process

By Jelena Martinovic
April 3, 3:06 PM
Heritage Cannabis Holdings Corp. announced on Tuesday that alongside its subsidiaries it sought and obtained an order for creditor protection from the Ontario Superior Court of Justice under the Companies Creditors Arrangement Act. "The difficult but necessary decision to commence CCAA proceedings was made after careful consideration of the Company's financial position while evaluating all available alternatives and engaging in significant consultation with legal and financial advisors," the company said in a press release. The Toronto-based cannabis producer also said that BJK Holdings Ltd., its senior secured lender, made a demand to the company for payment in full of certain indebtedness owing by the Heritage Group to the lender totaling $8,421,088.87. Heritage has entered into binding agreements to sell its real estate properties in Ontario and British Columbia to BJK Developments Ltd. for a net purchase price of $9,714,475 and lease the Ontario and BC Property back from the purchaser in October. The company said at the time the purchase would be used to set off the amount owing by the company to its lender, BJK Holdings Ltd., a related entity of the purchaser, reducing the company's remaining term debt by roughly 64% to $5,256,379. The remaining term financing, as amended within a third amending agreement, has been extended through to Jan. 31, 2025. Additionally, the company said it retains its revolving line of credit of up to $5 million with BJK, which has also been extended until the same date.

CANN