NYSE$HOG
Harley-Davidson Inc · Q2 2021 earnings
Q2 2021 earnings · · Investor relations
Briefing
Harley-Davidson reported strong second-quarter financial results, demonstrating progress in executing its Hardwire Strategy.
Harley-Davidson reported a strong second quarter with revenue up 77% compared to Q2 2020. The company delivered GAAP diluted EPS of $1.33, a significant increase over the previous year. Strong growth in the Motorcycles and Related Products segment and improved operating income in both Motorcycles and Financial Services contributed to the positive results.
- Delivered Q2 GAAP diluted EPS of $1.33, up $1.93 over Q2 2020
- Q2 H-D, Inc. total revenue up 77 percent over Q2 2020
- North America Q2 retail sales up 43% over Q2 2020 and up 5% over Q2 2019
- Delivered Financial Services segment Q2 2021 operating income growth of $90 million over Q2 2020 driven by a lower provision for credit losses
Headline financials
Revenue & EPS history
Harley-Davidson · Revenue · Quarterly
$1.53B
Revenue by segment
Harley-Davidson · $1.53B total across 6 segments · Q2 2021
- Motorcycles$1.03B+130.5%67.2%
- Parts & Accessories$223M+32.0%14.5%
- Financial Services$201M—13.1%
- Apparel$55.6M+47.2%3.6%
- Other HDMC$14.6M+31.5%1.0%
- Licensing$8.87M+81.0%0.6%
Forward guidance
For the full-year 2021, the company now expects Financial Services segment operating income growth of 75 to 85 percent, an increase from the previously communicated range of 50 to 60 percent. The company anticipates GAAP Motorcycles segment operating income margin of 6 to 8 percent given the recent EU’s decision to keep the current tariff at 31 percent while tariff negotiations occur. Additionally, for the full-year 2021, the company continues to expect Motorcycles segment revenue growth to be 30 to 35 percent and Capital expenditures of $190 million to $225 million.
Tailwinds
- Financial Services segment operating income growth of 75 to 85 percent, an increase from the previously communicated range of 50 to 60 percent.
- Motorcycles segment revenue growth to be 30 to 35 percent.
- Capital expenditures of $190 million to $225 million.
- Cash allocation priorities remain to first fund growth through The Hardwire initiatives, then to pay dividends.
- Given the company’s strong cash position, the company may also choose to execute discretionary share repurchases.
Headwinds
- GAAP Motorcycles segment operating income margin of 6 to 8 percent given the recent EU’s decision to keep the current tariff at 31 percent while tariff negotiations occur.
- Significant supply chain challenges that we expect to continue to impact the sector.
- EMEA Q2 retail sales declines were a result of the company’s decision not to continue selling Street and legacy Sportster motorcycles in Europe.
- Latin America retail sales were impacted by a reduction in dealers and pricing actions across the portfolio, which were executed as part of the Rewire strategy.
- The company’s operations, demand for its products, and its liquidity could be adversely impacted by work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, or other factors.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2021
+1.2%
Avg return
Earnings day
+1.5%
Avg return
5 days after
+1.6%
Avg return
30 days after
57%
41 / 72 earnings
Positive
+28.6%
Q1 2020
Best reaction
-17.8%
Q4 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.4% | +9.4% | +5.0% | |
| Q4 2025 | +4.0% | +1.4% | -10.8% | |
| Q3 2025 | -6.6% | -5.6% | -12.5% | |
| Q1 2025 | +2.8% | +4.0% | +8.0% | |
| Q4 2024 | -1.6% | -3.9% | -2.7% | |
| Q3 2024 | -6.7% | -4.4% | -1.7% | |
| Q2 2024 | +8.7% | +13.3% | +12.6% | |
| Q1 2024 | -11.9% | -12.8% | -10.7% | |
| Q4 2023 | +6.7% | +6.5% | +11.4% | |
| Q3 2023 | -9.2% | -6.8% | +5.8% | |
| Q2 2023 | +2.8% | +2.3% | -11.0% | |
| Q1 2023 | +0.5% | -1.3% | -10.7% | |
| Q4 2022 | +9.8% | +7.5% | +1.7% | |
| Q3 2022 | +12.2% | +15.8% | +28.5% | |
| Q2 2022 | +10.2% | +6.9% | +16.6% | |
| Q1 2022 | +1.6% | +0.4% | -0.4% | |
| Q4 2021 | +20.0% | +15.5% | +7.4% | |
| Q3 2021 | +4.3% | +12.2% | +5.4% | |
| Q2 2021 | -8.6% | -6.8% | -9.7% | |
| Q1 2021 | +14.4% | +18.9% | +21.2% | |
| Q4 2020 | -17.8% | -16.1% | -12.5% | |
| Q3 2020 | +16.8% | +13.4% | +41.3% | |
| Q2 2020 | -3.6% | -11.1% | -3.9% | |
| Q1 2020 | +28.6% | +7.7% | +23.8% | |
| Q4 2019 | -2.9% | -4.1% | -10.5% | |
| Q3 2019 | +6.7% | +6.2% | -3.5% | |
| Q2 2019 | +4.1% | +4.7% | -6.7% | |
| Q1 2019 | -4.9% | -6.6% | -13.7% | |
| Q4 2018 | -0.4% | +0.1% | +1.4% | |
| Q3 2018 | -2.6% | -7.1% | +3.5% | |
| Q2 2018 | +8.8% | +7.1% | +3.1% | |
| Q1 2018 | +3.2% | +2.0% | +2.0% | |
| Q4 2017 | -12.4% | -14.1% | -18.4% | |
| Q3 2017 | +3.1% | +6.3% | +3.3% | |
| Q2 2017 | -6.2% | -7.2% | -9.4% | |
| Q1 2017 | -5.0% | -6.0% | -11.2% | |
| Q4 2016 | -2.3% | -2.5% | +1.2% | |
| Q3 2016 | +10.2% | +13.4% | +16.9% | |
| Q2 2016 | +4.6% | +1.7% | +3.9% | |
| Q1 2016 | -0.0% | — | — | |
| Q4 2015 | +6.7% | — | — | |
| Q3 2015 | -16.1% | — | — | |
| Q2 2015 | +6.7% | — | — | |
| Q1 2015 | -9.0% | — | — | |
| Q4 2014 | -0.9% | — | — | |
| Q3 2014 | +6.1% | — | — | |
| Q2 2014 | -3.7% | — | — | |
| Q1 2014 | +6.2% | — | — | |
| Q4 2013 | -3.7% | — | — | |
| Q3 2013 | -2.4% | — | — | |
| Q2 2013 | -0.9% | — | — | |
| Q1 2013 | +1.6% | — | — | |
| Q4 2012 | -0.4% | — | — | |
| Q3 2012 | +6.5% | — | — | |
| Q2 2012 | -4.7% | — | — | |
| Q1 2012 | +5.0% | — | — | |
| Q4 2010 | +0.5% | — | — | |
| Q4 2011 | +0.5% | — | — | |
| Q3 2011 | +0.3% | — | — | |
| Q2 2011 | -7.0% | — | — | |
| Q1 2011 | -1.0% | — | — | |
| Q3 2010 | +6.4% | — | — | |
| Q2 2010 | +0.6% | — | — | |
| Q1 2009 | -4.3% | — | — | |
| Q1 2010 | +1.4% | — | — | |
| Q4 2007 | +1.6% | — | — | |
| Q4 2009 | +1.6% | — | — | |
| Q3 2009 | -5.3% | — | — | |
| Q3 2008 | -5.3% | — | — | |
| Q4 2008 | +4.7% | — | — | |
| Q2 2008 | +4.7% | — | — | |
| Q2 2009 | +4.7% | — | — |
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