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|Media Contact: Bob Klein (414) 343-8664|
|Financial Contact: Amy Giuffre (414) 343-8002|
HARLEY-DAVIDSON EARNINGS, RETAIL MOTORCYCLE SALES SHOW CONTINUED STRENGTH
Worldwide Retail New Motorcycle Sales Climb 10.9 Percent in Fourth Quarter
and 5.9 Percent for the Full Year
Full-Year Earnings Double on Motorcycle Shipment Growth, Improved
Motorcycle Operating Margin and Financial Services Performance
MILWAUKEE, Jan. 24, 2012 Harley-Davidson, Inc. (NYSE: HOG) reported a strong finish to 2011, with improved fourth-quarter performance capping a year of earnings and dealer retail sales growth.
Income from continuing operations was $54.6 million, or $0.24 per share, in the fourth quarter of 2011, compared to a loss of $42.1 million, or $0.18 per share from continuing operations in the year-ago quarter. For the full year 2011, income from continuing operations more than doubled to $548.1 million, or $2.33 per share, compared to income of $259.7 million, or $1.11 per share, from continuing operations in 2010.
Retail sales of new Harley-Davidson motorcycles grew 10.9 percent worldwide in the fourth quarter compared to the prior-year period, including an 11.8 percent increase in the U.S. For the full year 2011, new Harley-Davidson motorcycle retail sales rose 5.9 percent worldwide and 5.8 percent in the U.S.
On a segment basis, full-year operating income from Motorcycles and Related Products grew 48.2 percent on higher shipment volume and operating margin improvement, while operating income from Financial Services grew 47.8 percent on continued improvement in credit performance, compared to 2010.
Our improved performance in 2011 is the result of the tremendous efforts of all of our employees, dealers and suppliers, said Keith Wandell, President and Chief Executive Officer of Harley-Davidson, Inc.
Harley-Davidson is all about fulfilling dreams through remarkable motorcycles and extraordinary customer experiences. In 2011 we made strong progress at transforming our business to be more agile and effective than ever at exceeding customer expectations, Wandell said. The changes underway across the organization will enable Harley-Davidson to be world class and customer led like never before, with shorter product development lead times, flexible manufacturing and an unmatched premium retail experience.
At retail, we believe the solid improvement in new Harley-Davidson motorcycle sales reflects the strong appeal of our product lineup to a diverse customer base and the great efforts of our dealers, combined with results from our investments in growth opportunities across all regions and improved consumer confidence in the U.S. While we are encouraged by the retail sales trend, we continue to keep a close watch on the marketplace and remain cautious in our expectations for 2012, Wandell said.
Retail Harley-Davidson Motorcycle Sales
On a worldwide basis, dealers sold 40,359 new Harley-Davidson motorcycles in the fourth quarter of 2011, a 10.9 percent increase compared to 36,390 motorcycles sold in the year-ago period. Dealers sold 23,753 new Harley-Davidson motorcycles in the U.S., an 11.8 percent increase compared to the fourth quarter of 2010. In international markets, dealers sold 16,606 new Harley-Davidson motorcycles during the fourth quarter, an increase of 9.7 percent compared to the year-ago period.
For the full year, worldwide retail sales of new Harley-Davidson motorcycles increased 5.9 percent to 235,188 units, compared to sales of 222,110 units in 2010. U.S. retail sales of new Harley-Davidson motorcycles increased 5.8 percent to 151,683 units, and in international markets sales increased 6.1 percent to 83,505 units, for the full year compared to 2010. Industry-wide U.S. heavyweight new motorcycle (651cc-plus) retail unit sales increased 4.3 percent for the full year, compared to 2010.
Fourth-quarter and full-year data are listed in the accompanying tables.
The following information was filed by on Tuesday, January 24, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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