Restructuring Costs and Tariffs Pressure Harley’s Operating Profit; Shares Undervalued
Like other manufacturing companies, wide-moat Harley-Davidson is facing external headwinds stemming from both domestically implemented and retaliatory tariffs, which is largely out of the company’s control. However, we think Harley also faces internally inflicted profitability headwinds from its More Roads initiative, which is expected to lead to $1 billion-$1.15 billion in additional revenue and $200 million-$250 million in higher operating income by 2022, above our internal forecast of $800 mi...Harley-Davidson is the parent company of Harley-Davidson Motor Company (HDMC) and Harley-Davidson Financial Services (HDFS). The company's segments are: Motorcycles and Related Products, which consists of HDMC that designs, manufactures and sells Harley-Davidson motorcycles as well as motorcycle parts, accessories, general merchandise and services; and Financial Services, which consists of HDFS that is engaged in the business of financing and servicing wholesale inventory receivables and retail consumer loans, primarily for the purchase of Harley-Davidson motorcycles. HDFS also provides motorcycle insurance and protection products to motorcycle owners.
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