Harley-Davidson Announces Third Quarter Results
MILWAUKEE, Oct. 23, 2018 /PRNewswire/ -- Harley-Davidson, Inc. (NYSE:HOG) today reported third quarter 2018 results. During the quarter, earnings per share was up year-over-year and the company made progress on the initiatives included in its More Roads to Harley-Davidson accelerated plan for growth.
Third Quarter 2018
-- More Roads accelerated plan for growth unveiled and progress made
-- EPS $0.68, up vs prior year ($0.78 excluding manufacturing optimization
costs)
-- HDFS earnings up year-over-year on improved loss performance
-- Repurchased 1.9 million shares; paid $0.37 per share dividend, up 1.4
percent versus prior year quarter
-- International retail sales growth accelerated
-- Manufacturing optimization initiative on track, reduced total cost
estimate
-- Confirmed full-year shipment and operating margin guidance
-- 2019 motorcycle innovation enhances product leadership in Touring and
Cruiser segments
-- 115(th )anniversary celebrations demonstrated power of iconic global
brand
Third quarter 2018 GAAP diluted EPS was $0.68, up 70.0 percent. Excluding manufacturing optimization costs, diluted EPS was $0.78. Year ago GAAP diluted EPS was $0.40. Third quarter 2018 net income was $113.9 million on consolidated revenue of $1.32 billion versus net income of $68.2 million on consolidated revenue of $1.15 billion in 2017.
Harley-Davidson international retail motorcycle sales were up 2.6 percent in the third quarter of 2018 compared to 2017 and U.S. retail sales were down 13.3 percent. Worldwide retail sales decreased 7.8 percent.
"Third quarter progress tracked to our plans with numerous highlights including another quarter of improved international retail sales growth and increased year-over-year earnings per share. We unveiled our More Roads to Harley-Davidson accelerated plan for growth, and made strong progress already through September," said Matt Levatich, president and chief executive officer, Harley-Davidson, Inc. "As we manage our business with resilience in a challenging time in our history, we are leveraging our strengths for a more promising road ahead. We are investing to build the next generation of Harley-Davidson riders and we are optimizing our business to drive profitability and cash flow. Through September, cash flow was very strong and revenue was up over 3 percent despite lower motorcycle shipments."
Strategy Acceleration
During the quarter, Harley-Davidson made progress on the initiatives included in its More Roads to Harley-Davidson accelerated plan for growth to build the next generation of riders globally. Leveraging core strengths in the business, brand and dealer network, the company is investing in opportunities that inspire increased ridership sooner and deliver sustainable growth for the future. Harley-Davidson's More Roads plan supports the company's strategy and 2027 objectives to: build 2 million new riders in the U.S., grow international business to 50 percent of annual volume, launch 100 new high impact motorcycles and do so profitably and sustainably.
Through 2022, the Company's More Roads to Harley-Davidson plan will deliver:
-- 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. The company expects to fund strategic opportunities while maintaining its current investment and return profile and capital allocation strategy.
"In the third quarter, we delivered new products and innovations with our model year 2019 motorcycles and engaged our dealers to support bringing the LiveWire(TM) electric motorcycle to market in 2019. Our brand and select products are now also accessible through a Harley-Davidson branded Amazon storefront in the U.S and significant support programs and dealer incentives were implemented to strengthen the dealer network - the hub of our customer experience," said Levatich.
Building Riders
As Harley-Davidson continues to build the next generation of riders globally, the company increased its reach and impact through the third quarter and delivered a wide range of results including:
-- 260,000 visitors to 115(th) anniversary celebrations in Milwaukee and
Prague
-- 43 million social video views and over 200 million media impressions
from #FindYourFreedom intern content
-- Expanded access to Harley-Davidson through an Amazon storefront, new
international dealers and new urban apparel stores in Asia
Manufacturing Optimization
To further improve its manufacturing operations and cost structure, in the first quarter of 2018 the Company commenced its multi-year manufacturing optimization initiative anchored by the consolidation of its motorcycle assembly plant in Kansas City, Mo. into its plant in York, Pa. The Company has reduced the cost outlook for this initiative and now expects to incur restructuring and other consolidation costs of $155 million to $185 million compared to the previous expectation of $170 million to $200 million through 2019. The company continues to expect capital investment of approximately $75 million through 2019 and ongoing annual cash savings of $65 million to $75 million after 2020. In the third quarter of 2018, costs related to the manufacturing optimization were $21.0 million and year-to-date were $83.4 million.
Harley-Davidson Retail Motorcycle Sales
3rd Quarter
9 months
Vehicles
---
2018 2017 Change 2018 2017 Change
---
U.S. 36,220 41,793 (13.3)% 112,019 124,777 (10.2)%
---
EMEA 10,543 10,078 4.6% 39,249 37,475 4.7%
---
Asia Pacific 7,433 7,457 (0.3)% 21,480 22,628 (5.1)%
---
Latin America 2,577 2,306 11.8% 7,652 7,003 9.3%
---
Canada 2,453 2,575 (4.7)% 8,340 8,763 (4.8)%
---
International Total 23,006 22,416 2.6% 76,721 75,869 1.1%
---
Worldwide Total 59,226 64,209 (7.8)% 188,740 200,646 (5.9)%
---
The U.S. 601+cc industry was down 9.8 percent in the third quarter compared to 2017. Harley-Davidson's third quarter U.S. market share was 50.9 percent. Harley-Davidson's Europe market share was up 0.8 percentage point to 10.4 percent through September.
Motorcycles and Related Products Segment Results
---
3rd Quarter
9 months
$ in thousands
---
2018 2017 Change 2018 2017 Change
---
Motorcycle
Shipments
(vehicles) 48,639 41,662 16.7% 185,176 194,300 (4.7)%
---
Revenue $1,123,945 $962,136 16.8% $4,013,013 $3,867,982 3.7%
---
Motorcycles $821,670 $639,849 28.4% $3,144,796 $2,975,650 5.7%
---
Parts &
Accessories $212,406 $228,993 (7.2)% $612,495 $633,532 (3.3)%
---
General
Merchandise $58,266 $72,687 (19.8)% $183,520 $191,540 (4.2)%
---
Gross Margin 30.9% 28.5%
2.4 pts. 33.7% 34.2%
(0.5) pts.
---
Operating Income $65,662 $17,352 278.4% $481,906 $571,250 (15.6)%
---
Operating Margin 5.8% 1.8%
4.0 pts. 12.0% 14.8%
(2.8) pts.
---
Third quarter revenue from the Motorcycles and Related Products segment (Motorcycles segment) was up versus the prior year. Operating margin as a percent of revenue increased in the quarter compared to 2017 due to higher gross margin and lower SG&A as a percent of revenue.
Financial Services Segment Results
3rd Quarter
9 months
$ in thousands
---
2018 2017 Change 2018 2017 Change
---
Revenue $191,724 $189,059 1.4% $558,000 $550,314 1.4%
---
Operating
Income $83,754 $77,060 8.7% $227,874 $211,631 7.7%
---
Financial Services segment operating income increased 8.7 percent in the third quarter compared to 2017.
Income Tax Rate
Harley-Davidson's year-to-date effective tax rate was 23.1 percent compared to 33.2 percent in 2017. The decreased tax rate was primarily due to the favorable impact of the 2017 Tax Cuts and Jobs Act.
Other Results
Cash and marketable securities were $937.0 million at the end of the third quarter 2018 compared to $683.1 million in 2017. Through September, Harley-Davidson generated $1.12 billion of cash from operating activities in 2018 compared to $949.1 million in 2017. The company paid a cash dividend of $0.37 per share for the third quarter, and a cumulative total of $1.11 per share for the first nine months of 2018. On a discretionary basis, Harley-Davidson repurchased 1.9 million shares of its common stock during the third quarter for $84.5 million. During the quarter, there were approximately 166.7 million weighted-average diluted common shares outstanding. At the end of the quarter, 21.3 million shares remained on board-approved share repurchase authorizations.
2018 Outlook
For the full-year 2018, the company continues to expect the following:
-- Motorcycle shipments to be approximately 231,000 to 236,000 motorcycles.
In the fourth quarter, the company expects to ship approximately 45,800
to 50,800 motorcycles
-- Motorcycles segment operating margin as a percent of revenue to be
approximately 9 to 10 percent
The company has adjusted certain expectations and now expects the following:
-- Financial Services segment operating income to be up versus its previous
expectation of flat to up slightly
-- Effective tax rate of approximately 22.5 to 24.0 percent versus its
previous expectation of 23.5 to 25.0 percent
-- Capital expenditures of $230 million to $250 million including
approximately $50 million to support manufacturing optimization,
compared to its previous expectation of $250 million to $270 million
Company Background
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Since 1903, Harley-Davidson Motor Company has fulfilled dreams of personal freedom with custom, cruiser and touring motorcycles, riding experiences and events and a complete line of Harley-Davidson motorcycle parts, accessories, general merchandise, riding gear and apparel. Harley-Davidson Financial Services provides wholesale and retail financing, insurance, extended service and other protection plans and credit card programs to Harley-Davidson dealers and riders in the U.S., Canada and other select international markets. For more information, visit Harley-Davidson's Web site at www.harley-davidson.com.
Webcast Presentation
Harley-Davidson will discuss third quarter 2018 results on a webcast at 8:00 a.m. CT today. The webcast login and supporting slides can be accessed at http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately 10:00 a.m. CT.
Non-GAAP Measures
This press release includes financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are therefore referred to as non-GAAP financial measures. The non-GAAP measures described below are intended to be considered by users as supplemental information to the equivalent GAAP measures, to aid investors in better understanding the Company's financial results. The Company believes that these non-GAAP measures provide useful perspective on underlying business results and trends, and a means to assess period-over-period results. These non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted.
The non-GAAP measures included in this press release are diluted EPS excluding manufacturing optimization costs and net income excluding manufacturing optimization costs. Manufacturing optimization costs include restructuring expenses and costs associated with temporary inefficiencies incurred in connection with the manufacturing optimization initiative. A reconciliation of these non-GAAP measures to the comparable GAAP measure is included later in this press release.
Forward-Looking Statements
The company intends that certain matters discussed in this release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the company "believes", "anticipates", "expects", "plans", or "estimates" or words of similar meaning. Similarly, statements that describe future plans, strategies, objectives, outlooks, targets, guidance or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are only made as of the date of this release, and the company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
The company's ability to meet the targets and expectations noted above depends upon, among other factors, the company's ability to (i) execute its business plans and strategies, including the elements of the More Roads to Harley-Davidson strategy for growth that the company disclosed on July 30, 2018, and strengthen its existing business while enabling growth, (ii) manage the impact that new or adjusted tariffs may have on the cost of raw materials and components and our ability to sell product internationally, (iii) execute its strategy of growing ridership, globally, (iv) effectively execute the company's manufacturing optimization initiative within expected costs and timing and successfully carry out its global manufacturing and assembly operations, (v) accurately analyze, predict and react to changing market conditions and successfully adjust to shifting global consumer needs and interests, (vi) negotiate and successfully implement a strategic alliance relationship with a local partner in Asia, (vii) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the company to generate desired sales levels and that provide the desired financial returns, (viii) perform in a manner that enables the company to benefit from market opportunities while competing against existing and new competitors, (ix) realize expectations concerning market demand for electric models, which may depend in part on the building of necessary infrastructure, (x) prevent, detect, and remediate any issues with its motorcycles or any issues associated manufacturing processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing, (xi) manage supply chain issues, including quality issues and any unexpected interruptions or price increases caused by raw material shortages or natural disasters, (xii) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles, (xiii) reduce other costs to offset costs of the More Roads to Harley-Davidson plan and redirect capital without adversely affecting its existing business, (xiv) balance production volumes for its new motorcycles with consumer demand, (xv) manage risks that arise through expanding international manufacturing, operations and sales, (xvi) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing political environment, (xvii) continue to manage the relationships and agreements that the company has with its labor unions to help drive long-term competitiveness, (xviii) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices, (xix) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its dealers and distribution methods and manage the risks that its independent dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand, (xx) retain and attract talented employees, (xxi) prevent a cybersecurity breach involving consumer, employee, dealer, supplier, or company data and respond to evolving regulatory requirements regarding data security, (xxii) manage the credit quality, the loan servicing and collection activities, and the recovery rates of HDFS' loan portfolio, (xxiii) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the company's business, (xxiv) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles, (xxv) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities, (xxvi) manage changes and prepare for requirements in legislative and regulatory environments for its products, services and operations, (xxvii) manage its exposure to product liability claims and commercial or contractual disputes, and (xxviii) successfully access the capital and/or credit markets on terms (including interest rates) that are acceptable to the company and within its expectations.
The Company could experience delays or disruptions in its operations as a result of work stoppages, strikes, natural causes, terrorism or other factors. Further, actual foreign currency exchange rates may vary from underlying assumptions. Other factors are described in risk factors that the Company has disclosed in documents previously filed with the Securities and Exchange Commission. Many of these risk factors are impacted by the current changing capital, credit and retail markets and the Company's ability to manage through inconsistent economic conditions.
The Company's ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company's independent dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its independent dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company's independent dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions or other factors. In recent years, HDFS has experienced historically low levels of retail credit losses, but there is no assurance that this will continue. The Company believes that HDFS' retail credit losses may increase over time due to changing consumer credit behavior and HDFS' efforts to increase prudently structured loan approvals to sub-prime borrowers, as well as actions that the Company has taken and could take that impact motorcycle values. Refer to "Risk Factors" under Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2017 for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.
### (HOG-F)
Harley-Davidson, Inc.
Condensed Consolidated Statements of Income(1)
(In thousands, except per share amounts)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Three months ended
Nine months ended
September 30,
September 24,
September 30,
September 24,
2018 2017 2018 2017
Motorcycles and related
products revenue $1,123,945 $962,136 $4,013,013 $3,867,982
Gross profit 347,415 274,313 1,353,273 1,322,098
Selling, administrative and
engineering expense 266,921 256,961 797,323 750,848
Restructuring expense 14,832 74,044
Operating income from
motorcycles & related
products 65,662 17,352 481,906 571,250
Financial services revenue 191,724 189,059 558,000 550,314
Financial services expense 107,970 111,999 330,126 338,683
Operating income from
financial services 83,754 77,060 227,874 211,631
Operating income 149,416 94,412 709,780 782,881
Other income (expense), net 644 2,296 1,509 6,887
Investment (loss) income (1,106) 1,083 2,630 2,539
Interest expense 7,762 7,896 23,180 23,295
Income before provision for
income taxes 141,192 89,895 690,739 769,012
Provision for income taxes 27,337 21,686 159,783 255,567
Net income $113,855 $68,209 $530,956 $513,445
Earnings per common share:
Basic $0.69 $0.40 $3.18 $2.96
Diluted $0.68 $0.40 $3.17 $2.95
Weighted-average common
shares:
Basic 165,927 169,850 166,885 173,362
Diluted 166,664 170,688 167,681 174,303
Cash dividends per common
share $0.370 $0.365 $1.110 $1.095
(1) See note regarding the adoption of new accounting
standards below.
Harley-Davidson, Inc.
Reconciliation of GAAP amounts to Non-GAAP amounts
(In thousands, except per share amounts)
(Unaudited)
(Unaudited)
Three months
Nine months
ended ended
September 30,
September 30,
2018 2018
Net income excluding
manufacturing optimization
costs
---
Net income (GAAP) $113,855 $530,956
Restructuring expense and
cost of temporary
inefficiencies 21,038 83,370
Tax effect of adjustments(1) (5,102) (20,218)
Adjustments net of tax 15,936 63,152
Adjusted net income (Non-
GAAP) $129,791 $594,108
Diluted earnings per share
excluding manufacturing
optimization costs
---
Diluted earnings per share
(GAAP) $0.68 $3.17
Adjustments net of tax, per
share 0.10 0.38
Adjusted diluted earnings
per share (Non-GAAP) $0.78 $3.55
Weighted average diluted
shares outstanding 166,664 167,681
(1)The income tax effect of adjustments has
been computed using the company's effective
income tax rate excluding discrete items.
Harley-Davidson, Inc.
Condensed Consolidated Balance Sheets(1)
(In thousands)
(Unaudited)
(Unaudited)
September 30,
December 31,
September 24,
2018 2017 2017
ASSETS
---
Current assets:
Cash and cash equivalents $926,992 $687,521 $683,134
Marketable securities 10,011
Accounts receivable, net 332,309 329,986 343,124
Finance receivables, net 2,116,386 2,105,662 2,058,168
Inventories 516,247 538,202 469,091
Restricted cash 36,471 47,518 52,209
Other current assets 151,042 175,853 182,416
Total current assets 4,089,458 3,884,742 3,788,142
Finance receivables, net 5,187,176 4,859,424 5,042,857
Other long-term assets 1,227,166 1,228,506 1,257,360
$10,503,800 $9,972,672 $10,088,359
LIABILITIES AND SHAREHOLDERS' EQUITY
---
Current liabilities:
Accounts payable & accrued
liabilities $875,799 $757,419 $851,075
Short-term debt 1,373,859 1,273,482 834,875
Current portion of long-term debt,
net 1,526,156 1,127,269 1,530,401
Total current liabilities 3,775,814 3,158,170 3,216,351
Long-term debt, net 4,196,517 4,587,258 4,607,791
Pension and postretirement healthcare
liabilities 166,936 173,359 215,396
Other long-term liabilities 211,561 209,608 192,001
Total shareholders' equity 2,152,972 1,844,277 1,856,820
$10,503,800 $9,972,672 $10,088,359
(1)See note regarding the
adoption of new accounting
standards below.
Harley-Davidson, Inc.
Condensed Consolidated Statements of Cash Flows(1)
(In thousands)
(Unaudited)
(Unaudited)
Nine months ended
September 30,
September 24,
2018 2017
Net cash provided by
operating activities $1,122,555 $949,075
Cash flows from investing
activities:
Capital expenditures (119,845) (114,022)
Finance receivables, net (474,465) (447,250)
Other (21,753) 7,272
Net cash used by investing
activities (616,063) (554,000)
Cash flows from financing
activities:
Proceeds from issuance of
medium-term notes 1,144,018 893,668
Repayments of medium-term
notes (877,488) (400,000)
Repayments of
securitization debt (224,507) (367,298)
Net increase (decrease) in
credit facilities and
unsecured commercial
paper 102,154 (225,038)
Borrowings of asset-
backed commercial paper 120,903 371,253
Repayments of asset-
backed commercial paper (156,258) (129,690)
Dividends paid (186,105) (190,121)
Purchase of common stock
for treasury (195,998) (465,167)
Issuance of common stock
under employee stock
option plans 3,157 7,884
Net cash used by financing
activities (270,124) (504,509)
Effect of exchange rate
changes on cash, cash
equivalents and
restricted cash (12,567) 28,817
Net increase (decrease) in
cash, cash equivalents
and restricted cash $223,801 $(80,617)
Cash, cash equivalents and
restricted cash:
Cash, cash equivalents and
restricted cash -
beginning of period $746,210 $827,131
Net increase (decrease) in
cash, cash equivalents
and restricted cash 223,801 (80,617)
Cash, cash equivalents and
restricted cash -end of
period $970,011 $746,514
Reconciliation of cash, cash equivalents and restricted cash to the
Consolidated Balance Sheet:
Cash and cash equivalents $926,992 $683,134
Restricted cash 36,471 52,209
Restricted cash included
in other long-term
assets 6,548 11,171
Total cash, cash
equivalents and
restricted cash shown in
the Statement of Cash
Flows $970,011 $746,514
(1)See note regarding the adoption
of new accounting standards below.
Adoption of New Accounting Standards
On January 1, 2018, the Company adopted the following new accounting standards updates (ASUs):
ASU 2014-09 Revenue from Contracts with Customers was adopted using the modified retrospective method. As a result, the Company recorded a $6.0 million increase to the opening balance of retained earnings as of January 1, 2018.
ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash was adopted on a retrospective basis. As a result, the change in restricted cash has been excluded from financing activities and included in the change in cash, cash equivalents and restricted cash and the prior period has been recast to reflect the new presentation.
ASU 2017-07 Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost was adopted on a retrospective basis. As a result, the non-service cost components of net periodic benefit cost have been presented in Other income (expense), net and the prior period has been recast to reflect the new presentation.
Motorcycles and Related Products Revenue and
Motorcycle Shipment Data
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Three months ended
Nine months ended
September 30,
September 24,
September 30,
September 24,
2018 2017 2018 2017
MOTORCYCLES AND RELATED PRODUCTS
REVENUE(1)(in thousands)
Motorcycles $821,670 $639,849 $3,144,796 $2,975,650
Parts & Accessories 212,406 228,993 612,495 633,532
General Merchandise 58,266 72,687 183,520 191,540
Licensing 10,680 9,904 29,445 29,237
Other 20,923 10,703 42,757 38,023
$1,123,945 $962,136 $4,013,013 $3,867,982
MOTORCYCLE SHIPMENTS:
United States 26,213 19,668 108,057 118,418
International 22,426 21,994 77,119 75,882
Total 48,639 41,662 185,176 194,300
MOTORCYCLE PRODUCT MIX:
Touring 22,204 14,674 84,125 80,392
Cruiser 16,049 17,292 61,951 67,693
Sportster(R)/Street 10,386 9,696 39,100 46,215
Total 48,639 41,662 185,176 194,300
(1) In connection with the adoption of ASU 2014-09, the
Company has revised its presentation of disaggregated
revenue and the prior period has been recast to reflect the
new presentation.
Worldwide Retail Sales of Harley-Davidson Motorcycles(1)
Three months ended Nine months ended
September 30,
September 30,
September 30,
September 30,
2018 2017 2018 2017
United States 36,220 41,793 112,019 124,777
Europe(2) 9,239 8,970 34,967 33,311
EMEA -Other 1,304 1,108 4,282 4,164
Total EMEA 10,543 10,078 39,249 37,475
Asia Pacific(3) 4,578 5,136 14,126 15,782
Asia Pacific -
Other 2,855 2,321 7,354 6,846
Total Asia
Pacific 7,433 7,457 21,480 22,628
Latin America 2,577 2,306 7,652 7,003
Canada 2,453 2,575 8,340 8,763
Total
International
Retail Sales 23,006 22,416 76,721 75,869
Total Worldwide
Retail Sales 59,226 64,209 188,740 200,646
(1) Data source for retail sales figures shown above is new
sales warranty and registration information provided by
Harley-Davidson dealers and compiled by the Company. The
Company must rely on information that its dealers supply
concerning new retail sales, and the Company does not
regularly verify the information that its dealers supply.
This information is subject to revision.
(2) Europe data includes Austria, Belgium, Denmark,
Finland, France, Germany, Greece, Italy, Luxembourg,
Netherlands, Norway, Portugal, Spain, Sweden, Switzerland,
and the United Kingdom.
(3)Asia Pacific data includes Japan, Australia, New Zealand
and Korea.
Motorcycle Registration Data(1)
Nine months ended
September 30,
September 30,
2018 2017
United
States(2) 222,468 243,718
Europe(3) 347,884 345,701
(1) Data includes on-road 601+cc models. On-road 601+cc
models include dual purpose models, three-wheeled
motorcycles and autocycles.
(2)United States data is derived from information provided
by Motorcycle Industry Council (MIC). This third-party
data is subject to revision and update.
(3) Europe data includes Austria, Belgium, Denmark, Finland,
France, Germany, Greece, Italy, Luxembourg, Netherlands,
Norway, Portugal, Spain, Sweden, Switzerland, and the
United Kingdom. Industry retail motorcycle registration
data includes 601+cc models derived from information
provided by Association des Constructeurs Europeens de
Motocycles (ACEM), an independent agency. This third-party
data is subject to revision and update.
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SOURCE Harley-Davidson, Inc.
