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Old 07-19-2007, 11:44 AM   #1
longride
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Default Harley 2Q Results

HARLEY-DAVIDSON ANNOUNCES 2007 SECOND QUARTER RESULTS

Milwaukee, Wis. (July 19, 2007) - Harley-Davidson, Inc. (NYSE: HOG) today announced its results for the second quarter ended July 1, 2007. Revenue for the quarter was $1.62 billion compared to $1.38 billion in the year ago quarter, a 17.7 percent increase. Net income for the quarter was $290.5 million compared to $243.4 million, an increase of 19.3 percent over the second quarter of 2006. Second quarter diluted earnings per share (EPS) were $1.14, a 25.3 percent increase compared to last year’s $0.91. During the second quarter the Company repurchased $429.9 million of its common stock. “During the second quarter, we shipped 95,117 Harley-Davidson® motorcycles to our dealers around the world, driving strong financial results,” said Jim Ziemer, Chief Executive Officer of Harley-Davidson, Inc. “On the retail side of the business, our dealers’ sales were down 1.2 percent worldwide during the quarter, with U.S. dealers’ sales down 5.5 percent and international retail sales growing at double digit rates. Retail sales in every major country in Europe were up during the quarter, resulting in 13.7 percent growth in total European sales. Japan, Canada, and all other international markets grew at a combined rate of 13.4 percent,” he said.
“Last week at our annual dealer meeting in Nashville, Tennessee, we introduced our new line of 2008 models including the spectacular, limited edition 105th Anniversary motorcycles. A new Dyna Fat Bob(TM) motorcycle, along with the ground-breaking new Rocker(TM) and the Rocker(TM) C models, completely redefine the custom motorcycle category. And to top that off, we unveiled significant new features for our touring motorcycles, a major power increase for the VRSC(TM) models, and the first liquid-cooled Buell® motorcycle, the 1125R. Products like these reaffirm our heavyweight category leadership,” said Ziemer.
The Company expects to ship between 91,000 and 95,000 Harley-Davidson motorcycles during the third quarter of 2007. For the full year of 2007, Harley-Davidson continues to expect EPS growth in the range of 4 – 6 percent compared to 2006 based on moderate revenue growth, lower operating margin, and the benefits of our strong free cash flow. Looking ahead to 2008 and 2009, the Company expects solid revenue growth, operating margin improvement and the continued benefits of strong free cash flow to drive EPS growth in the range of 11 – 17 percent.

“While we remain comfortable with this guidance, U.S. retail sales of Harley-Davidson motorcycles in the first half of the year have not met our expectations. As a result, we will continue to closely monitor the retail environment and regularly assess our planned wholesale shipments throughout the remainder of 2007,” said Ziemer.
Motorcycles and Related Products Segment – Second Quarter Results
Revenue from Harley-Davidson motorcycles was $1.25 billion, an increase of $226.4 million or 22.0 percent versus the same period last year. Shipments of Harley-Davidson motorcycles totaled 95,117 units, an increase of 15,321 units or 19.2 percent compared to last year’s second quarter.
Revenue from Parts and Accessories (P&A), which consists of Genuine Motor Parts and Genuine Motor Accessories, totaled $263.4 million, an increase of $11.7 million or 4.6 percent over the year-ago quarter. Revenue from General Merchandise, which consists of MotorClothes? apparel and collectibles, totaled $72.7 million, an increase of $5.6 million or 8.4 percent over the year-ago quarter.
Gross margin for the second quarter of 2007 was 37.4 percent of revenue compared to 37.5 percent for the second quarter last year. Second quarter operating margin increased to 23.8 percent from 23.6 percent in the second quarter of 2006.
Motorcycle Retail Sales Data
During the second quarter, worldwide retail sales of Harley-Davidson motorcycles decreased 1.2 percent compared to the prior year second quarter. In the U.S., retail sales of Harley-Davidson motorcycles decreased 5.5 percent for the quarter. The heavyweight motorcycle market in the U.S. decreased 6.2 percent for the same period.

Retail sales of Harley-Davidson motorcycles grew 13.6 percent in international markets during the second quarter of 2007 compared to the second quarter of 2006. Second quarter retail sales increased 13.7 percent in Europe; Canada was up 9.9 percent; and Japan was up 5.2 percent. All other international markets combined were up 27.4 percent.
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Old 07-19-2007, 01:54 PM   #2
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Wow..... I took all of my money out of the stock market...The exchange rate i.e. the dollar crashing against foreign currency should help Harley/Buell both in the fact that exports from the U.S. become cheaper to foreign customers and imports become more expensive to U.S. consumers. The Buell move to a liquid cool engine provides a great foundation for the future.. I think I'll buy some HD stock..
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Old 07-20-2007, 07:19 AM   #3
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That's it!

Harley is going belly-up! Any time now! Watch out - it might fall on you!

What the...

Something just fell on my head! Oh no! The sky is falling!

Oh, hello nurse...
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Old 07-20-2007, 07:21 AM   #4
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I was going to add, BUT CAN'T (because "You may not edit your posts" -
To quote the Abominabble Snowman in the Bugs Bunny cartoon, "Gosh, it's hot!"

On my ride in this morning, I believe my eyeballs were fogging up.
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Old 07-20-2007, 07:33 AM   #5
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To paraphrase the "Mercury Girl", while HD is NOT on my list to consider - Buells are!! - may they continue to sell many bikes to their fans far and wide. I thank them. My 401 thanks them. My wife's 407 thanks them.

As for the (probably a Dem) guy who has "taken his money out of the market"...er, you might want to google "dollar cost averaging" and learn about it. Fast! Pardon incoming "southernism" BUT - boy, you gonna miss a crop.
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Old 07-20-2007, 07:36 AM   #6
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Too bad you can't see where those shipments went from this statement. Shipments were up but dealership sales were down overall (yes it varied by region). That says to me excess inventory problems down the road. Perhaps there was a dramatic shortage of bikes in the dealerships, but in my own tiny corner of the world that's not what I see. I do think Buell will do well in the coming year, and you rarely see a ton of inventory of those.
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Old 07-20-2007, 07:56 AM   #7
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So, cheap EVO basket cases sometime soon?

Yeah, I do like Shovelheads but I've become less masochistic in my old age.
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Old 07-20-2007, 08:19 AM   #8
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Quote:
Originally Posted by seruzawa View Post
So, cheap EVO basket cases sometime soon?

Yeah, I do like Shovelheads but I've become less masochistic in my old age.
See no Evo, hear no Evo.
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Old 07-20-2007, 08:40 AM   #9
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You're one step away from getting yourself banned for that pun, my boy. Watch it!
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Old 07-20-2007, 08:43 AM   #10
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Quote:
Originally Posted by maladg View Post
As for the (probably a Dem) guy who has "taken his money out of the market"...er, you might want to google "dollar cost averaging" and learn about it. Fast! Pardon incoming "southernism" BUT - boy, you gonna miss a crop.
More likely to be a redneck libertarian waiting for the black helicopters to come take away his stockpile of campbell's tomato soup. Dems all live in the cities where we generate business and technology. We're pretty up-to-date on what's happening in the markets. Unless you're talking about some hippy living "off the grid", which is full circle and may as well be the same said libertarian. Not that there's anything wrong with living off the grid, we all would if it was practical.
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