Harley-Davidson Revenue, Earnings Post Strong Second-Quarter 2014 Gains
Harley-Davidson, Inc. (NYSE: HOG) second-quarter 2014 diluted earnings per share of $1.62 grew 33.9 percent on higher motorcycle shipments and continued improvement in operating efficiencies, compared to the year-ago period. Second-quarter net income was $354.2 million on consolidated revenue of $2.00 billion, compared to net income of $271.7 million in the year-ago period on consolidated revenue of $1.79 billion.
“Harley-Davidson’s second-quarter results reflect the financial strength of the Company and brand, including the benefits of continuous improvement throughout our operation,” said Harley-Davidson, Inc. Chairman, President and Chief Executive Officer Keith Wandell. “As a customer-led organization, our employees, dealers in 90 countries and suppliers are focused every day on providing outstanding products and experiences for customers around the world.”
Retail Harley-Davidson Motorcycle Sales
Dealers worldwide sold 90,218 new Harley-Davidson® motorcycles in the second quarter of 2014 compared to 90,193 motorcycles in the year-ago quarter. In the U.S., dealers sold 58,225 new Harley-Davidson motorcycles in the quarter, compared to sales of 58,241 motorcycles in the year-ago period. The Company believes second-quarter U.S. retail sales were adversely affected by prolonged poor weather across parts of the U.S. and soft Sportster® motorcycle sales ahead of the highly anticipated arrival of Street motorcycles in dealer showrooms.
In international markets, dealers sold 31,993 new Harley-Davidson motorcycles during the second quarter, compared to 31,952 motorcycles in the year-ago period, with sales up 7.0 percent in the EMEA Region and 1.5 percent in the Asia Pacific Region, and down 10.4 percent in the Latin America Region and 18.0 percent in Canada.
Harley-Davidson Motorcycles and Related Products Segment Results
Six-Month Results: Through six months the Company shipped 172,899 motorcycles to dealers and distributors worldwide, an 8.2 percent increase compared to the year-ago period. Six-month revenue from motorcycles grew 14.7 percent to $2.79 billion, revenue from parts and accessories increased 3.5 percent to $469.7 million and revenue from general merchandise decreased 8.7 percent to $140.5 million, compared to the first six months of 2013. Gross margin through six months was 38.6 percent and operating margin was 24.1 percent, compared to 36.8 percent and 20.8 percent respectively in the year-ago period.
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