Harley-Davidson, the motorcycle company, for the past few years, try to change yourself into a company with a long-term future. Or, at least, not a company that primarily sells V-twin engine Heavy bike for aging population. In this regard, there’s both good and bad news on Thursday, when Harley releases fourth-quarter 2022 earnings results.
The good news is that Harley hit $1.14 billion in sales, well above analysts’ expectations. based on The Wall Street Journal, which probably has a lot to do with Harley’s stock price up more than 10% today. Harley also says they have a net income of $42 million, a number that WSJ also higher than analysts expected. (Who are Wall Street analysts and why publications like The Wall Street Journal put too much weight on their opinion? I’m afraid you’ve asked too many questions, my friend.)
Harley-Davidson CEO Jochen Zeitz said in a statement: “As we close out the second year of Hardwire, Harley-Davidson has achieved a strong end to the year, with solid execution of the our strategic pillar”. (What is hardwire? It’s like, uh, “do better.”)
The bad news is LiveWire, the Harley electric motorcycle division that it’s real split into a new company to go public by SPAC last year, is doing bad. For example, Harley said it expects LiveWire to lose as much as $125 million this year. Harley also said LiveWire only sold 69 motorcycles in the fourth quarter of 2022, a number that I initially thought was a typo. It said by 2023 it hopes to have up to 2,000 power units.
For context, Harley says it sold about 19,200 internal combustion motorcycles in the fourth quarter in North America, with total vehicle sales in 2022 down 12% from 2021 to 117,100, and zero sales. change globally. Harley blames part of their trouble about stopping production last yearthat makes sense.
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Harley also said that they would be reporting LiveWire results separately from Harley results, even though Harley has an equity interest of 89.4 percent in LiveWire. That will at least make it easier to see which parts of the company are working or not, but a part of me wonders if Harley is really looking forward to reporting that LiveWire is selling dozens of electric motorcycles each quarter. Just dozens, I say.
