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FOR IMMEDIATE RELEASE Harley - Davidson delivers strong first quarter financial results and raises full - year financial guidance MILWAUKEE ( April 19 , 2021 ) - Harley - Davidson , Inc. ( " Harley - Davidson " ) ( NYSE : HOG ) today reported first quarter results . " I am very pleased with the pace of recovery that we have seen across our business , as demonstrated by the strong financial results this quarter . The actions we have taken to reshape the business are having a positive impact on our results , especially for our most important North American region . ” said Jochen Zeitz , chairman , president and CEO , Harley - Davidson . " We can see the initial signs of consumer excitement and optimism returning and I am confident Harley - Davidson in 2021 is a significantly leaner , faster , and more efficient organization which is ready to win and successfully deliver on our 5 - year Hardwire strategy , as the most desirable motorcycle brand in the world . " First Quarter 2021 Highlights , Results and Related Guidance ⋅ Delivered Q1 GAAP diluted EPS of $ 1.68 , up $ 1.23 over Q1 2020 • Motorcycles and Related Products ( Motorcycles ) segment revenue up 12 percent amid strong retail demand for Touring motorcycles • Significantly improved Motorcycles segment gross margin and operating margin driven by favorable mix following the Rewire product portfolio adjustments , lower sales incentives and reduced SG & A • • Financial Services segment Q1 2021 operating income growth of $ 96 million over Q1 2020 driven by a favorable adjustment to the provision for credit losses Increased Q1 cash flow from operations to $ 163 million , up $ 171 million over Q1 2020 Increasing 2021 full - year guidance on Motorcycles segment revenue , Motorcycles segment operating margin assuming the company is able to mitigate additional EU tariffs , and Financial Services segment operating income First Quarter 2021 Results Harley - Davidson , Inc. Consolidated Financial Results 1st quarter $ in millions ( except EPS ) 2021 2020 Change $ 1,423 $ 259 $ 1,298 $ 70 10 % 272 % $ 1.68 $ 0.45 273 % $ 1.68 $ 0.45 273 % Revenue Net Income GAAP Diluted EPS Adjusted Diluted EPS Consolidated revenue was up 10 percent in the first quarter over Q1 2020. Bottom - line results reflect Q1 significant net income improvement with strong results in both the Motorcycles and the Financial Services segments .