U.S. Markets closed

Harley-Davidson Announces First Quarter 2019 Results

MILWAUKEE, April 23, 2019 /PRNewswire/ -- Harley-Davidson, Inc. (HOG) today reported first quarter 2019 results.  Company actions resulted in earnings per share and retail sales finishing stronger than expected during the quarter.  The company's More Roads to Harley-Davidson accelerated plan for growth continued to progress and delivered results.

First Quarter 2019

  • GAAP diluted EPS of $0.80 per share, ahead of company expectations
  • Encouraged by U.S. retail sales performance; Harley-Davidson U.S. market share up
  • Global dealer inventory down, well positioned for spring selling season
  • Intensified brand focus; hired President, Harley-Davidson Brand
  • Acquired StaCyc, a producer of electric-powered two-wheelers for kids
  • Broadened reach with new Electra Glide® Standard at $18,999 U.S. MSRP
  • Manufacturing optimization remained on-track
  • Thailand manufacturing strategy accelerated retail sales growth in ASEAN emerging markets
  • Increased dividend 1.4 percent, repurchased $52.6 million of shares

First quarter 2019 GAAP diluted EPS was $0.80. Year-ago GAAP diluted EPS was $1.03. Excluding restructuring plan costs and the impact of incremental tariffs, first quarter 2019 diluted EPS was $0.98 compared to $1.24 in the first quarter of 2018.  First quarter 2019 net income was $127.9 million on consolidated revenue of $1.38 billion versus net income of $174.8 million on consolidated revenue of $1.54 billion in 2018.

Harley-Davidson worldwide retail sales decreased 3.8 percent in the first quarter.  International retail sales were down 3.3 percent. U.S. retail sales were down 4.2 percent in the first quarter driven by continued weak industry sales which were down 4.7 percent.  First quarter worldwide retail sales were impacted by the limited availability of Street motorcycles due to the recall we announced in January.

"We are acting with agility and discipline to take full advantage of rapidly evolving global markets. Harley-Davidson's U.S. market share growth and retail sales performance in the first quarter are further evidence of the effects we are having as we continue to implement and dial-in our More Roads efforts," said Matt Levatich, president and chief executive officer, Harley-Davidson, Inc. "We are driven by our un-paralleled rider focus and deep analytics that are guiding our efforts today and into the future. We, along with our dealers, are determined to lead and stimulate global industry growth."

Strategy to Build the Next Generation of Riders
More Roads accelerated plan for growth
Harley-Davidson's strategic objectives through 2027 are 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.

The More Roads to Harley-Davidson accelerated plan for growth is aligned with the company's strategy to deliver sustainable growth and build the next generation of riders by delivering exciting products in existing and new spaces, broader access to Harley-Davidson and an optimized customer experience through an even stronger dealer network.  The company plans to maintain its current investment and return profile and capital allocation strategy, while it funds strategic opportunities expected to drive revenue growth and expand operating margin through 2022.

During the quarter, Harley-Davidson made further progress on its More Roads plan, including appointing its first-ever brand president, a move that positions the company to fully engage the power of the brand as a catalyst to achieve its strategy and long-term objectives. The company also expanded its electric portfolio with the acquisition of StaCyc, a maker of electric two-wheelers for kids. During the quarter, the company and its dealers continued preparations to launch LiveWire®, Harley-Davidson's first electric motorcycle, later this year.

"In the short eight months since we announced our More Roads plan, we continue to accelerate our progress to build the next generation of Harley-Davidson riders," said Levatich.  "During the first quarter we intensified our march by investing in our future and adding capabilities that we're confident will inspire riders today and for generations to come."

Building Riders
As Harley-Davidson continues to inspire diverse, new riders around the globe, the company increased its reach and impact in the first quarter and delivered a wide range of results including the following highlights:

New, more diverse customers

  • 278,000 new riders joined Harley-Davidson in 2018 in the U.S. This group is the most diverse across age, ethnicity and gender in all of the years Harley-Davidson has tracked this data*

Impactful products broadening reach

  • Expanded access to new customers in part with the launch of the new Electra Glide® Standard motorcycle at $18,999 U.S. MSRP

Increased marketing support reached more consumers sooner and drove action -- increased traffic to H-D.com, brand awareness, trial and sales

  • Media spend up nearly 90 percent, focused on increased brand awareness and driving sales
  • Direct marketing up over 200 percent
  • PR and Media Impression - 2 billion, up from 436 million

 

* Data and analysis based on IHS Markit Motorcycles in Operation (MIO) data for all CC's, On-Highway and Dual purpose motorcycles in the U.S. as of December 31st of each year from 2001 through 2018.  Rider demographics based on 3rd-party data for adults age 18 and above.

Manufacturing
The company started supplying motorcycles to ASEAN (Association of Southeast Asian Nations) emerging markets from its Thailand operations in late 2018.  The tariff mitigation realized by this strategy allowed more competitive pricing and helped drive a Q1 retail sales increase of 126 percent in these markets.

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.  Upon completion of the program, the company continues to expect ongoing annual cash savings of $65 million to $75 million after 2020.  In the first quarter of 2019, costs related to the manufacturing optimization were $17.6 million. For the full year, the company expects to realize savings of $25 million to $30 million and to incur $50 million to $60 million of operating expense.

Harley-Davidson Retail Motorcycle Sales

 

Vehicles

1st Quarter

2019

2018

Change

U.S.

28,091

29,309

(4.2)%

EMEA

10,797

10,862

(0.6)%

Asia Pacific

6,074

6,329

(4.0)%

Latin America

2,241

2,506

(10.6)%

Canada

1,948

2,080

(6.3)%

International Total

21,060

21,777

(3.3)%

Worldwide Total

49,151

51,086

(3.8)%

The U.S. 601+cc industry was down 4.7 percent in the first quarter compared to the same period in 2018. Harley-Davidson's first quarter U.S. market share was up 0.6 pts to 51.1 percent.  Harley-Davidson's Europe market share was down 1.6 percentage pts to 8.8 percent.

Motorcycles and Related Products Segment Results

 

$ in thousands

1st Quarter

2019

2018

Change

Motorcycle Shipments (vehicles)

58,891

63,944

(7.9)%

Revenue 

$1,195,637

$1,363,947

(12.3)%

   Motorcycles

$964,575

$1,121,673

(14.0)%

   Parts & Accessories

$ 159,703

$169,075

(5.5)%

   General Merchandise

$ 55,401

$56,601

(2.1)%

Gross Margin

29.1%

34.7%

(5.6) pts.

Operating Income

$108,381

$172,838

(37.3)%

Operating Margin

9.1%

12.7%

(3.6) pts.

Revenue from the Motorcycles segment was down in the first quarter behind lower shipments. Operating income decreased due to lower revenues, unfavorable product mix and increased tariffs, partially offset by lower SG&A and restructuring charges.

Financial Services Segment Results

 

$ in thousands

1st Quarter

2019

2018

Change

Revenue

$188,743

$178,174

5.9%

Operating Income

$58,731

$63,579

(7.6)%

Financial Services segment first quarter earnings of $58.7 million were down 7.6 percent.

Other Results
Cash and marketable securities were $759.6 million at the end of first quarter 2019, compared to $753.5 million in 2018. Harley-Davidson generated $32.7 million of cash from operating activities in first quarter of 2019 compared to $191.6 million in 2018. The company paid a cash dividend of $0.375 per share for the first quarter, which was up 1.4 percent compared to last year. On a discretionary basis, Harley-Davidson repurchased 1.5 million shares of its common stock during the first quarter for $52.6 million. During the quarter, there were approximately 160.0 million weighted-average diluted common shares outstanding. At the end of the first quarter, 14.9 million shares remained on a board-approved share repurchase authorization.

Harley-Davidson's first quarter effective tax rate was 24.9 percent compared to 24.1 percent in 2018.

2019 Outlook 
For the full-year 2019, the company continues to expect:

  • Motorcycle shipments to be approximately 217,000 to 222,000 motorcycles. In the second quarter, the company expects to ship approximately 65,500 to 70,500 motorcycles
  • Motorcycles segment operating margin as a percent of revenue to be approximately 8.0 to 9.0 percent
  • Financial Services segment operating income to be down year-over-year
  • Effective tax rate of approximately 24.0 to 25.0 percent
  • Capital expenditures of $225 million to $245 million including approximately $20 million to support manufacturing optimization

Company Background
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Since 1903, Harley-Davidson has fulfilled dreams of personal freedom by leading the innovation of two-wheeled mobility. The company offers an expanding range of leading-edge, distinctive and customizable motorcycles and brings the brand to life through Harley-Davidson riding experiences and exceptional motorcycle parts, accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get Harley-Davidson riders on the road. Learn more about how Harley-Davidson is Building the Next Generation of Riders at www.harley-davidson.com.

Webcast Presentation
Harley-Davidson will discuss first quarter results on an audio 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 restructuring plan costs and the impact of incremental tariffs and net income excluding restructuring plan costs and the impact of incremental tariffs. Restructuring plan costs include restructuring expenses as presented in the consolidated statements of income and costs associated with temporary inefficiencies incurred in connection with the manufacturing optimization plan included in Motorcycles and related products cost of goods sold. The impact of incremental tariffs include incremental European Union and China tariffs imposed on the company's products shipped from the U.S., as well as incremental U.S. tariffs on certain items imported from certain international markets. Incremental tariff costs exclude incremental metals cost resulting from the U.S. steel and aluminum tariffs. These adjustments are consistent with adjustments used to determine financial objectives under the company's incentive compensation plans. 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", "strategy", "future", "may", "goals", 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 and predict the impact that new or adjusted tariffs may have on our ability to sell product internationally, and the cost of raw materials and components, (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, (xxviii) successfully access the capital and/or credit markets on terms (including interest rates) that are acceptable to the company and within its expectations, (xxix) conduct its operations in Thailand in a manner that sufficiently mitigates certain international tariffs and lowers prices of its motorcycles in certain markets, (xxx) accurately and successfully determine, implement, and maintain a manner in which to sell motorcycles in the E.U., China, and ASEAN countries that is not subject to tariffs; (xxxi) have its application to mitigate E.U. tariffs approved, or the appeal of a denied application acted on in a manner favorable to the company, and (xxxii) accurately predict the margins of its Motorcycles & Related Products segment in light of, among other things, tariffs, the cost associated with the More Roads to Harley-Davidson plan, the company's manufacturing optimization plan, and our complex global supply chain.

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, 2018 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

(In thousands, except per share amounts)








(Unaudited)


(Unaudited)



Three months ended



March 31,


April 1,



2019


2018






Motorcycles and Related Products revenue


$   1,195,637


$   1,363,947

Gross profit


347,439


473,773

Selling, administrative and engineering expense


225,428


254,093

Restructuring expense 


13,630


46,842

  Operating income from Motorcycles and Related Products


108,381


172,838






Financial Services revenue


188,743


178,174

Financial Services expense


130,012


114,595

  Operating income from Financial Services


58,731


63,579






Operating income


167,112


236,417

Other income (expense), net


4,660


220

Investment income


6,358


1,203

Interest expense


7,731


7,690

Income before income taxes


170,399


230,150

Provision for income taxes


42,454


55,387

Net income


$     127,945


$      174,763






Earnings per common share:





  Basic


$          0.80


$           1.04

  Diluted


$          0.80


$           1.03






Weighted-average common shares:





  Basic


159,311


168,139

  Diluted


160,026


169,174






Cash dividends per common share


$         0.375


$         0.370

 

Harley-Davidson, Inc.

Reconciliation of GAAP amounts to Non-GAAP amounts

(In thousands, except per share amounts) 








(Unaudited)


(Unaudited)



Three months
ended


Three months
ended



March 31,


April 1,



2019


2018






Net income excluding restructuring plan costs and the impact of incremental tariffs





Net income (GAAP)


$     127,945


$      174,763

Restructuring plan costs


17,210


47,574

Impact of incremental tariffs


20,977


-

Tax effect of adjustments(1)


(9,260)


(11,537)

Adjustments net of tax


28,927


36,037

Adjusted net income (Non-GAAP)


$     156,872


$      210,800






Diluted earnings per share excluding restructuring plan costs and the impact of incremental tariffs





Diluted earnings per share (GAAP)


$          0.80


$           1.03

Adjustments net of tax, per share


0.18


0.21

Adjusted diluted earnings per share (Non-GAAP)


$          0.98


$           1.24


(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

(In thousands)










(Unaudited)




(Unaudited)



March 31,


December 31,


April 1, 



2019


2018


2018








ASSETS







Current assets:







    Cash and cash equivalents


$     749,600


$   1,203,766


$     753,517

    Marketable securities


10,003


10,007


-

    Accounts receivable, net


353,541


306,474


355,107

    Finance receivables, net


2,443,899


2,214,424


2,341,918

    Inventories


595,806


556,128


564,571

    Restricted cash


43,471


49,275


54,569

    Other current assets


177,761


144,368


150,472

Total current assets


4,374,081


4,484,442


4,220,154








Finance receivables, net


4,994,693


5,007,507


4,784,524

Other long-term assets


1,211,839


1,173,715


1,272,943



$ 10,580,613


$  10,665,664


$ 10,277,621








LIABILITIES AND SHAREHOLDERS' EQUITY







Current liabilities:







    Accounts payable and accrued liabilities


$   1,025,089


$      885,991


$     885,448

    Short-term debt


1,192,925


1,135,810


1,036,976

    Current portion of long-term debt, net


1,372,050


1,575,799


1,872,679

Total current liabilities


3,590,064


3,597,600


3,795,103








Long-term debt, net


4,744,694


4,887,667


4,108,511

Pension and postretirement healthcare liabilities


192,759


202,229


167,952

Other long-term liabilities


255,485


204,219


210,106








Total shareholders' equity


1,797,611


1,773,949


1,995,949



$ 10,580,613


$  10,665,664


$ 10,277,621

 

Harley-Davidson, Inc.

Condensed Consolidated Statements of Cash Flows

 (In thousands)








(Unaudited)


(Unaudited)



Three months ended



March 31,


April 1, 



2019


2018






Net cash provided by operating activities


$       32,671


$      191,594






Cash flows from investing activities:





  Capital expenditures


(35,255)


(28,436)

  Finance receivables, net


(35,548)


11,733

  Acquisition of business


(7,000)


-

  Other


603


(4,948)

Net cash used by investing activities


(77,200)


(21,651)






Cash flows from financing activities:





  Proceeds from issuance of medium-term notes


546,655


347,553

  Repayments of medium-term notes


(750,000)


-

  Repayments of securitization debt


(76,505)


(67,955)

  Net increase (decrease) in credit facilities and unsecured commercial paper


58,527


(234,145)

  Borrowings of asset-backed commercial paper


-


35,504

  Repayments of asset-backed commercial paper


(72,401)


(45,907)

  Dividends paid


(60,859)


(62,731)

  Purchase of common stock for treasury


(61,712)


(72,968)

  Issuance of common stock under employee stock option plans


616


1,719

Net cash used by financing activities


(415,679)


(98,930)






Effect of exchange rate changes on cash, cash equivalents and restricted cash


(409)


2,034






Net (decrease) increase in cash, cash equivalents and restricted cash


$    (460,617)


$        73,047






Cash, cash equivalents and restricted cash:





  Cash, cash equivalents and restricted cash - beginning of period


$   1,259,748


$      746,210

  Net (decrease) increase in cash, cash equivalents and restricted cash


(460,617)


73,047

  Cash, cash equivalents and restricted cash - end of period


$     799,131


$      819,257






Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheet: 





Cash and cash equivalents


$     749,600


$      753,517

Restricted cash


43,471


54,569

Restricted cash included in other long-term assets


6,060


11,171

Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows


$     799,131


$      819,257


Adoption of New Accounting Standards


On January 1, 2019, the Company adopted accounting standards update (ASU) 2016-02 Leases using the modified retrospective method. As a result, the Company recorded a right-of-use lease asset of approximately $60 million and a corresponding lease liability. 

 

Motorcycles and Related Products Revenue and

 Motorcycle Shipment Data








(Unaudited)


(Unaudited)



Three months ended



March 31,


April 1,



2019


2018

MOTORCYCLES AND RELATED PRODUCTS REVENUE (in thousands)





  Motorcycles


$     964,575


$   1,121,673

  Parts & Accessories


159,703


169,075

  General Merchandise


55,401


56,601

  Licensing


8,577


8,358

  Other


7,381


8,240



$   1,195,637


$   1,363,947






MOTORCYCLE SHIPMENTS:





    United States


34,505


38,797

    International


24,386


25,147

      Total 


58,891


63,944






MOTORCYCLE PRODUCT MIX:





    Touring


25,043


30,857

    Cruiser


20,451


21,554

    Sportster®/ Street


13,397


11,533

      Total


58,891


63,944





















Worldwide Retail Sales of Harley-Davidson Motorcycles(1)








Three months ended



March 31,


March 31,



2019


2018






United States


28,091


29,309






Europe(2)


9,508


9,716

EMEA - Other


1,289


1,146

  Total EMEA


10,797


10,862






Asia Pacific(3)


3,786


4,452

Asia Pacific - Other


2,288


1,877

  Total Asia Pacific


6,074


6,329






Latin America


2,241


2,506

Canada


1,948


2,080

  Total International Retail Sales


21,060


21,777

  Total Worldwide Retail Sales


49,151


51,086


(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)








Three months ended



March 31,


March 31,



2019


2018

United States(2) 


54,324


57,026

Europe(3)


111,317


93,217


(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. 

 

Harley-Davidson Motor Company (PRNewsfoto/Harley-Davidson, Inc.)

 

Cision

View original content to download multimedia:http://www.prnewswire.com/news-releases/harley-davidson-announces-first-quarter-2019-results-300836262.html