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Harley-Davidson Delivers First Quarter Financial Results
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Harley-Davidson Delivers First Quarter Financial Results

MILWAUKEE, April 27, 2023 /PRNewswire/ — Harley-Davidson, Inc. (“Harley-Davidson,” “HDI,” or the “Company”), (NYSE: HOG) today reported first quarter 2023 results.

“Harley-Davidson delivered a solid start to the year, with consolidated first quarter revenue up 20%, driven by HDMC, reflecting the progress we continue to make in advancing our Hardwire strategic plan,” said Jochen Zeitz, Chairman, CEO and President, Harley-Davidson. “Building on our commitment to innovate in our core categories, yesterday’s kick-off of a new era of CVO touring bikes, with the all new 2023 CVO Street Glide® and CVO Road Glide®, is a landmark for the Company and our customers.”

First Quarter 2023 Highlights and Results

  • Delivered diluted EPS of $2.04, up 41 percent versus prior year
  • HDMC Revenue was up 21 percent versus prior year behind wholesale shipment growth, favorable unit mix and global pricing realization
  • Achieved HDMC Operating Income margin of 21.6%, an increase of 4.6 points versus prior year, as pricing, unit mix and cost productivity more than offset inflation
  • HDFS operating income finished down 32 percent on higher interest expense and higher credit losses
  • Repurchased $84 million of shares (2.0 million shares) on a discretionary basis
  • Company reaffirms its full-year 2023 outlook

First Quarter 2023 Results

Harley-Davidson, Inc. Consolidated Financial Results 

$ in millions (except EPS)

1st quarter

2023

2022

Change

Revenue

$1,789

$1,495

20 %

Operating Income

$370

$289

28 %

Net Income

$304

$223

37 %

Diluted EPS

$2.04

$1.45

41 %

 

Consolidated revenue was up 20 percent in the first quarter driven by HDMC revenue growth of 21 percent and HDFS revenue growth of 16 percent.

Consolidated operating income in the first quarter was up 28 percent, driven by an increase of 53 percent at HDMC, a decline of 32 percent at HDFS, and an operating loss of $25 million in the LiveWire segment. Consolidated operating income margin in the first quarter was 21 percent relative to 19 percent in the first quarter a year ago, representing a 132 basis-point improvement.

Harley-Davidson Motor Company (HDMC) – Results

$ in millions

1st quarter

2023

2022

Change

Motorcycle Shipments (thousands)

62.2

54.7

14 %

Revenue

$1,558

$1,293

21 %

   Motorcycles

$1,302

$1,057

23 %

   Parts & Accessories

$168

$165

1 %

   Apparel

$71

$51

39 %

   Licensing

$6

$6

-4 %

   Other

$10

$13

-19 %

Gross Margin

35.8 %

31.5 %

4.2 pts.

Operating Income

$336

$219

53 %

Operating Margin

21.6 %

16.9 %

4.6 pts.

 

First quarter global motorcycle shipments increased 14 percent in advance of key riding season. Revenue was up 21 percent driven by the increase in wholesale shipments and continued global pricing realization. Parts & Accessories revenue was up 1 percent driven by pricing, while Apparel revenue was up 39 percent behind sales of 120th anniversary merchandise and product mix.

First quarter gross margin was up 4.2 points behind pricing, shipment mix, and cost productivity more than offsetting the negative impacts from foreign currency and cost inflation. First quarter operating income margin improved by 4.6 points largely due to the factors above.

Harley-Davidson Retail Motorcycle Sales 

(excludes LiveWire units)

Motorcycles (thousands) 

1st quarter

2023

2022

Change

North America

26.0

31.2

-17 %

EMEA

5.9

6.3

-6 %

Asia Pacific

6.9

6.7

3 %

Latin America

0.6

0.8

-25 %

Worldwide Total

39.4

45.0

-12 %

 

Global retail motorcycle sales in the first quarter were down 12 percent versus prior year. North America retail performance was down 17 percent, driven by the timing of new product launches, as well as the shifting macro conditions. Growth in Asia Pacific was driven by continued strong demand across key markets, including Japan and Australia. EMEA decline of 6 percent was primarily driven by market exits, in addition to a planned unit mix shift towards the profitable core product segments, following the sunsetting of Sportster. Latin America continued to be adversely impacted by regional economic conditions.

Harley-Davidson Financial Services (HDFS) – Results

$ in millions

1st quarter

2023

2022

Change

Revenue

$223

$192

16 %

Operating Income

$58

$86

-32 %

 

HDFS’ operating income decline of $28 million in the first quarter, or down 32 percent, was driven by higher interest expense and higher credit losses. The increase in credit losses was driven by several factors relating to the current macro environment. Total quarter ending financing receivables were $7.6 billion, which was up 11 percent versus prior year, driven primarily by an increase in wholesale receivables.

LiveWire – Results

$ in millions

1st quarter

2023

2022

Change

Electric Motorcycle Shipments (units)

63

97

-35 %

   LiveWire ONE (units)

63

72

-13 %

   Harley-Davidson LiveWire (units)

25

NM

Revenue

$8

$10

-25 %

Operating Loss

($25)

($16)

NM

NM – not meaningful

 

LiveWire revenue for the first quarter decreased by 25 percent, due to lower sales of electric motorcycles and STACYC electric balance bikes. LiveWire operating loss of $25 million in the first quarter was driven by product development costs as well as increased costs versus prior year, associated with standing up the new organization.

Harley-Davidson, Inc. Other Results – First Quarter 2023

  • Generated $47 million of cash from operating activities
  • Effective tax rate was 23 percent
  • Paid cash dividends of $24 million
  • Repurchased $84 million of shares (2.0 million shares) on a discretionary basis
  • Cash and cash equivalents of $1.6 billion at the end of the quarter
  • Financing raised for HDFS of $1.25 billion

2023 Financial Outlook

For the full year 2023, the Company reaffirms its initial guidance and continues to expect:

  • HDMC: revenue growth of 4 to 7% and operating income margin of 14.1 to 14.6%
  • HDFS: operating income decline of 20 to 25%
  • LiveWire: motorcycle unit sales of 750–2,000 and operating loss of $115 to $125 million
  • Harley-Davidson, Inc.: capital investments of $225 to $250 million

New Segment Reporting Structure

LiveWire Group, Inc. (“LiveWire Group”) became a separate public company trading on the New York Stock Exchange (Ticker: LVWR) on September 27, 2022. Following the close, Harley-Davidson had an equity interest in LiveWire Group of approximately 89.4% and continued to consolidate LiveWire Group results with new adjustments for non-controlling shareholder interests. Consolidated Net Income attributable to Harley-Davidson, Inc. and EPS calculations now reflect these adjustments.

Beginning with the fourth quarter of 2022, new business segment reporting now includes:

  • Harley-Davidson Motor Company (HDMC): Group that is accountable for the design, manufacturing, marketing and sales of Harley-Davidson motorcycles and related products
  • Harley-Davidson Financial Services (HDFS): Group that provides motorcycle and related products financing and insurance products and services for our dealers and retail customers
  • LiveWire: Group that is accountable for the design, marketing and sales of LiveWire electric motorcycles and related products, including STACYC electric balance bikes

Prior period segment results have been retrospectively adjusted based on the new segments. In addition, the consolidated results will continue to be reflected by:

  • Harley-Davidson, Inc. (HDI): Corporate entity for the overall Company, under which HDMC, HDFS and LiveWire operate

Company Background  

Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Our ambition is to maintain our place as the most desirable motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences, motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. Harley-Davidson also has a controlling interest in LiveWire Group, Inc., the first publicly traded all-electric motorcycle company in the United States. LiveWire is the future in the making for the pursuit of urban adventure and beyond. Drawing on its DNA as an agile disruptor from the lineage of Harley-Davidson and capitalizing on a decade of learnings in the EV sector, LiveWire’s ambition is to be the most desirable electric motorcycle brand in the world. Learn more at harley-davidson.com and livewire.com.

Webcast

Harley-Davidson will discuss its financial results and outlook 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.

Cautionary Note Regarding Forward-Looking Statements

The company intends that certain matters discussed in this press release and our associated comments 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,” “may,” “will,” “estimates,” “targets,” “intends,” “forecasts,” “is on track,” “sees,” “feels,” or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments, 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 press 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 are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company’s ability to: (a) execute its business plans and strategies, including The Hardwire, each of the pillars, and the evolution of LiveWire as a standalone brand, which includes the risks noted below; (b) manage supply chain and logistics issues, including quality issues, availability of semiconductor chip components and the ability to find alternative sources of those components in a timely manner, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Ukraine, or natural disasters and longer shipping times and increased logistics costs, including by successfully implementing pricing surcharges; (c) realize the expected business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (I) the ability of LiveWire to: (1) execute its plans to develop, produce, market and sell its electric vehicles; (2) achieve profitability, which is dependent on the successful development and commercial introduction and acceptance of its electric vehicles, and its services, which may not occur; (3) adequately control the costs of its operations as a new entrant into a new space; (4) develop, maintain and strengthen its brand; (5) execute its plans to develop, produce, market and sell its electric vehicles on expected timelines; and (6) effectively establish and maintain cooperation from its retail partners, largely drawn from the Company’s traditional motorcycle dealer network, to be able to effectively establish or maintain relationships with customers for electric vehicles; (II) competition; and (III) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in “Risk Factors” under Item 1.A of LiveWire Group Inc.’s Annual Report on Form 10-K for the year ended December 31, 2022; (d) accurately analyze, predict and react to changing market conditions and successfully adjust to shifting global consumer needs and interests; (e) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (f) successfully carry out its global manufacturing and assembly operations; (g) 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, including successfully implementing and executing plans to strengthen and grow its leadership position in Grand American Touring, large Cruiser and Trike, and grow its complementary businesses; (h) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (i) manage ongoing risks related to the impact of the COVID-19 pandemic, such as supply chain disruptions, its ability to carry out business as usual, and government actions and restrictive measures implemented in response; (j) manage the regulatory compliance matter relating to a third-party supplier’s component part in a manner that avoids additional costs or recall expenses that are material; (k) successfully appeal: (I) the revocation of the Binding Origin Information (“BOI”) decisions that allowed the Company to supply its European Union (“EU”) market with certain of its motorcycles produced at its Thailand operations at a reduced tariff rate and (II) the denial of the Company’s application for temporary relief from the effect of the revocation of the BOI decisions; (l) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company’s ability to sell products internationally, and the cost of raw materials and components, including the temporary lifting of the Section 232 steel and aluminum tariffs and incremental tariffs on motorcycles imported into the EU from the U.S., between the U.S. and EU, which expires on December 31, 2023; (m) prevent, detect and remediate any issues with its motorcycles or any issues associated with the 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; (n) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (o) successfully manage and reduce costs throughout the business; (p) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, particularly with the recent turmoil in the banking industry, and the changing domestic and international political environments, including as a result of the conflict in Ukraine; (q) 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 dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (r) continue to develop and maintain a productive relationship with Zhejiang Qianjiang Motorcycle Co., Ltd. and launch related products in a timely manner; (s) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name in India; (t) successfully maintain a manner in which to sell motorcycles in China and the Company’s Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (u) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (v) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (w) retain and attract talented employees, and eliminate personnel duplication, inefficiencies and complexity throughout the organization; (x) prevent a cybersecurity breach involving consumer, employee, dealer, supplier, or Company data and respond to evolving regulatory requirements regarding data security; (y) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services’ loan portfolio; (z) 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; (aa) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (bb) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (cc) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations; (dd) manage its exposure to product liability claims and commercial or contractual disputes; (ee) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (ff) achieve anticipated results with respect to the Company’s pre-owned motorcycle program, Harley-Davidson Certified, the Company’s H-D1 Marketplace, and Apparel and Licensing; (gg) accurately predict the margins of its segments in light of, among other things, tariffs, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company’s complex global supply chain; (hh) optimize capital allocation in light of the Company’s capital allocation priorities; and (ii) manage through the effects increased environmental, safety, emissions or other regulations or other influences may have on the business and its operating results.

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 dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its 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 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, the impact of the COVID-19 pandemic, or other factors.

In recent years, Harley-Davidson Financial Services (HDFS) experienced historically low levels of retail credit losses, but credit losses have been normalizing to higher levels in recent quarters. Further, the Company believes that HDFS’s retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions including the impact of inflation, and HDFS’ efforts to adjust underwriting criteria based on market and economic conditions, as well as actions that the Company has taken and could take that impact motorcycle values.

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, war or other hostilities, including the conflict in Ukraine, or other factors. Refer to “Risk Factors” under Item 1.A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

### (HOG-Earnings)

 

Harley-Davidson, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)
















Three months ended







March 31,


March 27,







2023


2022










HDMC revenue






$     1,557,829


$     1,292,770

Gross profit






557,026


407,582

Selling, administrative and engineering expense






221,290


188,776

Restructuring benefit







(128)

  Operating income from HDMC






335,736


218,934










LiveWire revenue






7,762


10,401

Gross profit






1,264


53

Selling, administrative and engineering expense






25,811


16,112

  Operating loss from Livewire






(24,547)


(16,059)










HDFS revenue






223,095


192,015

HDFS expense






164,675


105,658

  Operating income from HDFS






58,420


86,357










Operating income






369,609


289,232

Non-operating income, net






22,401


1,340

Income before income taxes






392,010


290,572

Income tax provision






90,181


68,070

Net income






$        301,829


$        222,502

Less: Loss attributable to noncontrolling interests






2,261


Net income attributable to Harley-Davidson, Inc. 






$        304,090


$        222,502










Earnings per share:









  Basic






$               2.08


$               1.46

  Diluted






$               2.04


$               1.45










Weighted-average shares:









  Basic






146,048


152,819

  Diluted






148,931


153,924










Cash dividends per share:






$           0.1650


$           0.1575










The Company operates in three reportable segments: Harley-Davidson Motor Company (HDMC), LiveWire and Harley-Davidson Financial Services (HDFS). The Company changed its segments in the period ended December 31, 2022. The change has been retrospectively reflected in the Company’s results.

LiveWire results presented in the Company’s financial statements represent the LiveWire reportable segment as determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280 Segment Reporting which may differ from LiveWire Group, Inc. results.










Harley-Davidson, Inc.

Condensed Consolidated Balance Sheets

(In thousands)














(Unaudited)




(Unaudited)





March 31,


December 31,


March 27,





2023


2022


2022

ASSETS









Current assets:









    Cash and cash equivalents




$     1,561,200


$     1,433,175


$     1,393,731

    Accounts receivable, net




333,533


252,225


254,286

    Finance receivables, net




2,245,628


1,782,631


1,699,642

    Inventories, net




830,521


950,960


714,259

    Restricted cash




164,965


135,424


142,812

    Other current assets




154,660


196,238


182,527





5,290,507


4,750,653


4,387,257










Finance receivables, net




5,328,095


5,355,807


5,121,911

Other long-term assets




1,410,983


1,386,016


1,385,472





$   12,029,585


$   11,492,476


$   10,894,640










LIABILITIES AND SHAREHOLDERS’ EQUITY









Current liabilities:









    Accounts payable and accrued liabilities




$     1,029,710


$        998,947


$     1,074,841

    Short-term deposits, net




144,854


79,710


65,049

    Short-term debt




501,243


770,468


816,016

    Current portion of long-term debt, net




1,408,777


1,684,782


1,327,357





3,084,584


3,533,907


3,283,263










Long-term debt, net




5,275,169


4,457,052


4,470,086

Other long-term liabilities




573,983


594,709


632,190










Shareholders’ equity




3,095,849


2,906,808


2,509,101





$   12,029,585


$   11,492,476


$   10,894,640





































Harley-Davidson, Inc.

Condensed Consolidated Statements of Cash Flows

 (In thousands)

(Unaudited
















Three months ended







March 31,


March 27,







2023


2022










Net cash provided by operating activities






$           46,677


$        139,321










Cash flows from investing activities:









  Capital expenditures






(45,114)


(27,999)

  Finance receivables, net






(26,293)


(93,271)

  Other investing activities






821


135

Net cash used by investing activities






(70,586)


(121,135)










Cash flows from financing activities:









  Proceeds from issuance of medium-term notes






693,276


495,785

  Repayments of medium-term notes






(350,000)


(550,000)

  Proceeds from securitization debt






547,706


  Repayments of securitization debt






(310,640)


(271,499)

  Net (decrease) increase in unsecured commercial paper






(270,119)


64,521

  Borrowings of asset-backed commercial paper







62,455

  Repayments of asset-backed commercial paper






(62,634)


(56,634)

  Net increase in deposits






51,822


57,660

  Dividends paid






(24,123)


(24,056)

  Repurchase of common stock






(96,767)


(261,737)

  Other financing activities






69


Net cash provided (used) by financing activities






178,590


(483,505)










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






3,820


(1,743)










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






$        158,501


$       (467,062)










Cash, cash equivalents and restricted cash:









Cash, cash equivalents and restricted cash, beginning of period






$     1,579,177


$     2,025,219

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






158,501


(467,062)

Cash, cash equivalents and restricted cash, end of period






$     1,737,678


$     1,558,157










Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows: 






  Cash and cash equivalents






$     1,561,200


$     1,393,731

  Restricted cash






164,965


142,812

  Restricted cash included in Other long-term assets






11,513


21,614

  Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows






$     1,737,678


$     1,558,157





































HDMC Revenue and Motorcycle Shipment Data

(Unaudited)
















Three months ended







March 31,


March 27,







2023


2022

HDMC REVENUE (in thousands)









  Motorcycles






$     1,302,378


$     1,057,005

  Parts and accessories






167,671


165,320

  Apparel






71,391


51,404

  Licensing






6,210


6,497

  Other






10,179


12,544







$     1,557,829


$     1,292,770










HDMC U.S. MOTORCYCLE SHIPMENTS






42,588


35,819










HDMC WORLDWIDE MOTORCYCLE SHIPMENTS









    Grand American Touring(a)






32,219


26,012

    Cruiser






21,258


15,563

    Sportster® / Street






5,544


9,654

    Lightweight






1,041


    Adventure Touring






2,175


3,517







62,237


54,746

(a) Includes CVOTM and Trike


















LiveWire Motorcycle Shipment Data






63


97



















HDMC Gross Profit

(Unaudited)










The estimated impact of significant factors affecting the comparability of gross profit from the first quarter of 2022 to the first quarter of 2023 were as follows (in millions):










2022 gross profit






$                408



Volume






44



Price and sales incentives






104



Foreign currency exchange rates and hedging






(23)



Shipment mix






29



Raw material prices






7



Manufacturing and other costs






(12)









149



2023 gross profit






$                557





















HDFS Finance Receivables Allowance for Credit Losses

(Unaudited)
















Three months ended







March 31,


March 27,







2023


2022

Balance, beginning of period






$        358,711


$        339,379

Provision for credit losses






52,364


28,822

Charge-offs, net of recoveries






(52,644)


(27,728)

Balance, end of period






$        358,431


$        340,473



















Worldwide Retail Sales of Harley-Davidson Motorcycles(a)

(Unaudited)
















Three months ended







March 31,


March 27,







2023


2022










United States






24,277


29,344

Canada






1,744


1,869

Total North America






26,021


31,213

EMEA






5,917


6,290

Asia Pacific






6,881


6,699

Latin America






606


809

      Total worldwide retail sales






39,425


45,011










(a) Data source for retail sales figures shown above is new sales warranty and registration information provided by 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.










(PRNewsfoto/Harley-Davidson, Inc.)

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/harley-davidson-delivers-first-quarter-financial-results-301809148.html

SOURCE Harley-Davidson, Inc.

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