Harley-Davidson (HOG) Q2 FY2024 earnings: revenue $1.6 billion, up 12.0% on the year

Harley-Davidson, Inc. (HOG) reported revenue of $1.6 billion for Q2 FY2024, the quarter ended 30 June 2024, up 12.0% on the same quarter a year earlier. Net income was $218 million, up 22.6% on the year, and diluted earnings per share $1.63. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2024.

Revenue$1.6 billionup 12.0%

Net income$218 millionup 22.6%

Diluted EPS$1.63

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	1,619	1,730	n/a	n/a
Cost of revenue	924	1,024	n/a	n/a
Gross profit	695	706	n/a	n/a
Gross margin	42.9%	40.8%	n/a
Selling, general and administrative	304	293	n/a	n/a
Operating income	241	263	n/a	n/a
Operating margin	14.9%	15.2%	n/a
Interest expense	7.7	7.7	n/a	n/a
Pre-tax income	264	290	n/a	n/a
Income tax	48.7	58.1	n/a	n/a
Effective tax rate	18.4%	20.0%	n/a
Net income	218	235	n/a	n/a
Net margin	13.5%	13.6%	n/a
Diluted EPS	$1.63	$1.72	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	474	104	n/a	n/a
Capital expenditure	41.5	46.4	n/a	n/a
Free cash flow	432	57.6	n/a	n/a
Free cash flow margin	26.7%	3.3%	n/a
Cash from investing	-285	-112	n/a	n/a
Cash from financing	208	-25.9	n/a	n/a
Depreciation and amortisation	38.9	41.5	n/a	n/a
Share-based compensation	12.8	16.2	n/a	n/a
Buybacks	102	108	n/a	n/a
Dividends paid	23.0	24.4	n/a	n/a
Dividend per share	$0.17	$0.17	n/a	n/a
Diluted shares, weighted	134m	137m	n/a	n/a
Shares outstanding at period end	132m	135m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	3,438	3,338	n/a	n/a
Non-controlling interest	-4.4	-1.6	n/a	n/a
Deposits	504	441	n/a	n/a
Debt	7,469	7,209	n/a	n/a
Operating lease liabilities	45.4	48.4	n/a	n/a
Other liabilities	1,308	1,300	n/a	n/a
Total liabilities and equity	12,760	12,335	n/a	n/a
Fixed assets	720	719	n/a	n/a
Goodwill	62.2	62.3	n/a	n/a
Loans	8,019	7,906	n/a	n/a
Cash and equivalents	1,849	1,465	n/a	n/a
Receivables	321	306	n/a	n/a
Inventory	669	780	n/a	n/a
Other assets	1,120	1,098	n/a	n/a
Total assets	12,760	12,335	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,549	1,053	1,730	1,619	1,151	688	1,329	1,307	1,341	496	1,173	1,230
Cost of revenue	893	631	1,024	924	619	440	771	751	799	422	794	809
Gross profit	656	422	706	695	532	248	558	556	542	74.6	378	421
Gross margin	42%	40%	41%	43%	46%	36%	42%	43%	40%	15%	32%	34%
SG&A	301	298	293	304	274	274	256	301	293	298	302	297
Operating income	209	-21.1	263	241	106	-193	160	112	475	-361	23.5	76.0
Operating margin	14%	-2%	15%	15%	9%	-28%	12%	9%	35%	-73%	2%	6%
Interest expense	7.7	7.7	7.7	7.7	7.7	7.7	7.7	7.7	10.2	7.9	3.6	3.6
Pre-tax income	238	4.6	290	264	133	-170	178	130	492	-341	42.1	95.3
Tax rate	18%	-410%	20%	18%	13%	n/a	27%	19%	24%	n/a	43%	17%
Net income	199	25.8	235	218	119	-117	133	108	377	-279	24.8	79.8
Net margin	13%	2%	14%	13%	10%	-17%	10%	8%	28%	-56%	2%	6%
Diluted EPS	$1.38	$0.18	$1.72	$1.63	$0.91	-$0.93	$1.07	$0.88	$3.10	-$2.44	$0.22	$0.75
Operating cash flow	296	48.1	104	474	353	133	142	368	-92.6	152	-228	168
Capital expenditure	52.4	68.5	46.4	41.5	52.6	56.1	30.0	35.6	36.5	51.6	31.8	12.9
Free cash flow	244	-20.4	57.6	432	300	77.0	112	332	-129	100	-260	155
Buybacks	69.8	125	108	102	150	100	93.1	0.0	100	160	70.0	30.4
Dividends paid	24.6	23.5	24.4	23.0	22.1	21.8	22.9	21.8	21.5	20.1	21.5	19.7
Shares outstanding	139m	136m	135m	132m	127m	124m	121m	122m	118m	112m	105m	104m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 7 August 2024, accession 0000793952-24-000150: the filing on EDGAR. All of Harley-Davidson, Inc.'s filings: EDGAR company page.

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