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Harley-Davidson (NYSE:HOG) announced its third quarter earnings this morning, and they reflected the slack in demand the company warned us about last month. For the quarter, net income fell to $265 million from $312.7 million in the same quarter of 2006, and diluted EPS was $1.07, compared to $1.20 in 2006. Analysts surveyed by Thomson Financial had expected earnings of $1.05

U.S. sales fell by 2.5%, but international sales, up 8.8%, helped keep the drop in overall world sales to only 0.2%. For the year, the company now expects to ship 332,000 bikes, down 4% from 2006. EPS is also expected to finish 4-6% behind 2006 totals of $3.93, quite a swing from the 4-% growth the company projected in its 2nd quarter report.

Harley-Davidson Financial Services revenue fell, as might be expected, in step with the decline in sales, lagging 10.4% from a year earlier.

One bright note in the report is that, while the company's sales for the first nine months of 2007 were off 4.7%, the overall sales of heavyweight motorcycles, the class in which most of H-D's bike fall, was off 4.4%. This suggests that the company is not losing market share to its competition.

For more perspective, read Sheldon Liber's take on H-D.

Harley-Davidson (HOG) 3rd quarter earnings sputter originally appeared on BloggingStocks on Fri, 19 Oct 2007 13:28:00 EST. Please see our terms for use of feeds.

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On today's earnings conference call, Harley-Davidson Inc. (NYSE: HOG) CEO Jim Ziemer sounded an upbeat note, attributing most of the softness in the company's 1st quarter results to the recent strike.

He also repeatedly explained that 1st quarter results have not historically been a predictor of year-end results.

Some interesting info from the presentation:

  • The company projects EPS to recover in 2008-9, growing 11-17% each year.
  • The labor contract for its Kansas City plant is up on August 1, and the Milwaukee mother ship comes up for renewal next spring. Will the settlement of the York contract make subsequent negotiations easier?
  • While production was down by almost 12,000 bikes in the 1st quarter, the company will only increase production by 4-7,000 units in the 2nd quarter. The CEO tiptoed around the question about inventory build at the dealer level, but this could be a factor. He pointed out that they have shipped a 1,000 more bikes post-strike than originally projected.


Continue reading Harley-Davidson optimistic despite soft 1st quarter

Harley-Davidson optimistic despite soft 1st quarter originally appeared on BloggingStocks on Thu, 19 Apr 2007 13:48:00 EST. Please see our terms for use of feeds.

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