Harley-Davidson reports third-quarter financial results

HARLEY-DAVIDSON has announced its results for the third quarter ended September 2007.

Revenue for the quarter was $1.54 billion compared to $1.64 billion in the year ago quarter, a 5.8 percent decrease. Net income for the quarter was $265.0 million compared to $312.7 million, a decrease of 15.3 percent versus the third quarter of 2006. Third quarter diluted earnings per share were $1.07, a 10.8 percent decrease compared to last year’s $1.20. During the third quarter the Company repurchased $509 million of its common stock.

“Harley-Davidson’s third quarter financial results are disappointing but not unexpected. In early September, we announced that we would reduce planned motorcycle shipments for the rest of 2007, and our results for the quarter are consistent with the Company’s revised guidance,” said Jim Ziemer, Chief Executive Officer of Harley-Davidson.

Revenue from Harley-Davidson motorcycles was $1.18 billion, a decrease of $110.7 million or 8.6 percent versus the same period last year. Shipments of Harley-Davidson motorcycles totaled 86,535 units, a decrease of 10,511 units or 10.8 percent compared to last year’s third quarter.

During the third quarter, worldwide retail sales of Harley-Davidson motorcycles decreased 0.2 percent compared to the third quarter of 2006. U.S. retail sales of Harley-Davidson motorcycles decreased 2.5 percent for the quarter. The heavyweight motorcycle market in the U.S. decreased 4.4 percent for the same period.

Retail sales of Harley-Davidson motorcycles grew 8.8 percent in the Company’s international markets during the third quarter of 2007 compared to the third quarter of 2006. Third quarter retail sales increased 10.7 percent in Europe; Canada was down 7.7 percent; and Japan was up 9.1 percent. All other international markets combined were up 20.8 percent.

www.harley-davidson.com

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