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Kudos to Harley-Davidson's (NYSE:HOG) management, which was rather forthright in expressing disappointment with the company's lackluster second quarter results. The biggest clunker of the day was the news that domestic sales fell 5.5% to 67,9512 units. The drop was offset in part by strong international sales, where 27,166 bikes sold, a 19.2% increase. Overall, the company reported a quarterly EPS of $1.14, which matched analyst expectations, on sales of $1.62 billion.As expected, rising interest rates have had an impact on Harley-Davidson Financial Services. It reported that, of the loans securitized in this quarter, 35% were subprime, a percentage it expects to decrease with the tightening of the credit market. A drop in the recovery value of units, along with an increase of credit losses from 1.2% to 1.63%, and an increased use of promotional loans all diminished the quarterly results. On the brighter side, the percentage of unit sales financed through HDFS rose from 46% in 2006 to 53%.
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