• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • Sponsored Placement
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Harley-Davidson Performance Shows Continued Improvement

Worldwide Retail New Harley-Davidson Motorcycle Sales Grow 3.5 Percent

Income from Continuing Operations Rises 73.5 Percent to $119.3 Million

Company Makes Modest Adjustment to Full-Year Shipments Forecast Due to Subcomponent Supply Issue


News provided by

Harley-Davidson, Inc.

Apr 19, 2011, 07:00 ET

Share this article

Share this article


MILWAUKEE, April 19, 2011 /PRNewswire/ -- Harley-Davidson, Inc. (NYSE: HOG) generated increased earnings and worldwide dealer new motorcycle sales grew for the first quarter of 2011.

The Company reported first quarter income from continuing operations of $119.3 million, or $0.51 per share, compared to income from continuing operations of $68.7 million, or $0.29 per share in the year-ago period.

Worldwide retail sales of new Harley-Davidson motorcycles grew 3.5 percent in the first quarter, compared to last year's first quarter.

"We are pleased by the growth of our dealers' new motorcycle sales on a worldwide basis, led by strength in Europe, even as we continue to encounter some headwinds in the U.S. related to the challenging macro-economic conditions," said Harley-Davidson, Inc. President and CEO Keith Wandell.

The Company's improved first-quarter earnings performance was driven by operating income from financial services, which climbed 154.6 percent compared to the first quarter of 2010. Operating income from motorcycles and related products was flat with the year-ago quarter and was impacted by expected inefficiencies related to the restructuring and implementation of the new operating system underway at the Company's manufacturing operations.

"Our entire team remains focused on transforming our company to be leaner, more agile and more effective than ever at delivering great products and experiences to an increasingly global community of customers," said Wandell. "Harley-Davidson's results for the quarter reflect the continued improvement at HDFS, as well as the near-term inefficiencies related to the transformation underway in manufacturing operations at York. We expect to continue to see an impact on our motorcycles segment financial performance in the coming quarters as we complete the transformation of our York operations. When this manufacturing transition is completed next year, we will have a best-in-class, flexible, lean operating structure that we expect will yield substantial ongoing savings.

"While we continue to be encouraged by our overall progress, we are maintaining a cautious outlook for the year," Wandell said. "I would like to thank all our employees, dealers and suppliers for their dedication and commitment to the transformation of our business."

Retail New Harley-Davidson Motorcycle Sales

On a worldwide basis, first-quarter Harley-Davidson retail new motorcycle sales grew 3.5 percent compared to last year's first quarter. Dealers sold 17,904 new Harley-Davidson motorcycles in international markets, an 11.3 percent increase compared to last year's first quarter, and 31,691 new motorcycles in the U.S., down 0.5 percent, compared to the year-ago period. Industry-wide U.S. heavyweight new motorcycle (651cc-plus) retail unit sales increased 3.1 percent in the first quarter of 2011 compared to the year-ago period.

First-quarter data are listed in the accompanying tables.

Harley-Davidson Motorcycles and Related Products Segment Financial Results

Revenue from Harley-Davidson motorcycles in the first quarter of 2011 was $833.4 million, up 3.0 percent compared to the year-ago period. The Company shipped 53,827 Harley-Davidson motorcycles to dealers and distributors worldwide during the quarter, compared to shipments of 53,674 motorcycles in the first quarter of 2010.

Revenue from Parts and Accessories totaled $164.3 million during the quarter, up 10.2 percent, and revenue from General Merchandise, which includes MotorClothes® apparel, was $62.6 million, down 5.6 percent, compared to the year-ago period.

Gross margin was 33.1 percent in the first quarter, compared to 36.6 percent in the year-ago period. Gross margin was adversely affected by temporary production inefficiencies related to the restructuring and transformation of production operations,  and by foreign exchange and raw materials costs. First-quarter operating margin was 11.8 percent, compared to 12.2 percent in last year's first quarter.

Financial Services Segment

The financial services segment recorded operating income of $67.9 million in the quarter, compared to operating income of $26.7 million in the year-ago quarter. The increase in year-over-year operating income is largely the result of continued improvement in credit performance.

Guidance

In a move related to what it believes will be a modest level of supply chain interruption to the Company arising from the March 11 earthquake and tsunami in Japan, Harley-Davidson is widening full-year shipment guidance. The Company now expects to ship 215,000 to 228,000 Harley-Davidson motorcycles to dealers and distributors worldwide in 2011, compared to prior shipment guidance of 221,000 to 228,000 motorcycles.

In the second quarter of 2011, Harley-Davidson expects to ship 62,000 to 67,000 motorcycles.

Harley-Davidson and its direct suppliers source a limited number of components and subcomponents, including motorcycle electronics, through suppliers in Japan, and the Company has several of these subcomponent parts on close watch for possible shortages related to the situation there. The Company has identified a supply issue related to an electronic subcomponent used in radios for its motorcycles that could affect shipment volume, and the Company is adjusting shipment guidance accordingly. Based on currently available information, Harley-Davidson believes it has viable solutions for the radios and other subcomponents on its watch list and the Company continues to work closely with its suppliers to monitor the situation and address issues as necessary.

"We continue to assess our supply chains and as a precaution we have decided to modestly reduce the lower end of shipment guidance following the events in Japan," said Wandell. "Our hearts go out to all the people of Japan, including our community of riders there. We are thankful for the safety of our employees and dealers in Japan and commend them for their tremendous resilience through this difficult period."

Harley-Davidson now expects 2011 gross margin to be between 33.5 percent and 35.0 percent, versus previous guidance of 34.0 percent to 35.0 percent, as a direct result of the anticipated supply chain interruption. Harley-Davidson continues to expect full-year capital expenditures of between $210 million and $230 million, including $60 million to $75 million to support restructuring activities.

Restructuring Update

Harley-Davidson expects all previously announced company-wide restructuring activities, including those related to the ratification of new labor agreements at its vehicle operations in Kansas City, Mo., to result in one-time charges of $510 million to $525 million, and annual ongoing savings of $305 million to $325 million when fully implemented. In 2011, Harley-Davidson expects to incur restructuring charges of $95 million to $105 million. The Company expects to realize savings on a cumulative basis in 2011 of $210 million to $230 million from restructuring activities initiated since early 2009. In the first quarter of 2011, the Company incurred restructuring charges of $23 million.

Income Tax Rate

For the first quarter of 2011, the Company's effective income tax rate from continuing operations was 34.8 percent, compared to 47.2 percent in the same quarter of 2010. The effective tax rate in the first quarter of 2010 was negatively impacted by a one-time tax charge of $13.3 million associated with the enactment of the federal healthcare reform legislation.  In 2011, the Company continues to expect its full-year effective tax rate from continuing operations to be approximately 35.0 percent.

Cash Flow

Cash and marketable securities totaled $1.05 billion as of March 27, 2011, compared to $1.48 billion at the end of last year's first quarter. During the first three months of 2011, the Company contributed $200 million to its pension plans leading to a cash outflow from operating activities of $104.9 million. This compares to a $200.8 million cash inflow from operating activities in the year-ago quarter.  Capital expenditures were $27.7 million for the three months ended in March 2011.

Company Background

Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company (HDMC) and Harley-Davidson Financial Services (HDFS).

Conference Call and Webcast Presentation

Harley-Davidson will discuss first-quarter results on a Webcast at 8:00 a.m. CT today. The Webcast presentation will be posted prior to the call and can be accessed at http://investor.harley-davidson.com/. Click "Events and Presentations" under "Resources."

Forward-Looking Statements

The Company intends that certain matters discussed in this release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company "believes," "anticipates," "expects," "plans," or "estimates" or words of similar meaning. Similarly, statements that describe future plans, objectives, outlooks, targets, guidance or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are only made as of the date of this release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

The Company's ability to meet the targets and expectations noted depends upon, among other factors, the Company's ability to (i) manage supply chain issues, including the ability of several Company suppliers to execute short-term and long-term contingency plans for maintaining supply, or obtaining alternate supply, of certain components and sub-components currently manufactured in Japan, (ii) execute its business strategy, (iii) effectively execute the Company's restructuring plans within expected costs and timing, (iv) implement and manage enterprise-wide information technology solutions, including solutions at its manufacturing facilities, and secure data contained in those systems (v) anticipate the level of consumer confidence in the economy, (vi) continue to realize production efficiencies at its production facilities and manage operating costs including materials, labor and overhead, (vii) successfully implement with our labor unions the agreements that we have executed with them that we believe will provide flexibility and cost-effectiveness to accomplish restructuring goals and long-term competitiveness, (viii) manage production capacity and production changes, (ix) provide products, services and experiences that are successful in the marketplace, (x) develop and implement sales and marketing plans that retain existing retail customers and attract new retail customers in an increasingly competitive marketplace, (xi) manage the risks that our independent dealers may have difficulty obtaining capital and managing through unfavorable economic conditions and consumer demand, (xii) continue to have access to reliable sources of capital funding and adjust to fluctuations in the cost of capital, (xiii) manage the credit quality, the loan servicing and collection activities, and the recovery rates of HDFS' loan portfolio, (xiv) sell all of its motorcycles and related products and services to its independent dealers, (xv) continue to develop the capabilities of its distributor and dealer network, (xvi) manage changes and prepare for requirements in legislative and regulatory environments for its products, services and operations, (xvii) adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices, (xviii) adjust to healthcare inflation and reform, pension reform and tax changes, (xix) retain and attract talented employees, (xx) detect any issues with our motorcycles or manufacturing processes to avoid delays in new model launches, recall campaigns, increased warranty costs or litigation.

In addition, the Company could experience delays or disruptions in its operations as a result of work stoppages, strikes, natural causes, terrorism or other factors. Other factors are described in risk factors that the Company has disclosed in documents previously filed with the Securities and Exchange Commission. Many of these risk factors are impacted by the changing capital, credit and retail markets and our ability to manage through inconsistent economic conditions.

The Company's ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company's independent dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its independent dealers and distributors to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company's independent dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions or other factors.

TABLES FOLLOW

Harley-Davidson, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)






Three months ended


March 27,


March 28,


2011


2010





Motorcycles and related products revenue

$ 1,063,044


$   1,037,335

Gross profit

351,866


379,547

Selling, administrative and engineering expense

203,805


205,204

Restructuring expense

22,999


48,236

 Operating income from motorcycles & related products

125,062


126,107





Financial services revenue

161,886


169,837

Financial services expense

93,951


143,155

 Operating income from financial services

67,935


26,682





Operating income

192,997


152,789

Investment income

1,398


876

Interest expense

11,481


23,455

Income before income taxes

182,914


130,210

Provision for income taxes

63,654


61,469

Income from continuing operations

119,260


68,741

Loss from discontinued operations, net of tax

-


(35,416)

Net income

$    119,260


$        33,325





Earnings per common share from continuing operations:




 Basic

$          0.51


$            0.30

 Diluted

$          0.51


$            0.29





Loss per common share from discontinued operations:




 Basic

$              -


$          (0.15)

 Diluted

$              -


$          (0.15)





Earnings per common share:




 Basic

$          0.51


$            0.14

 Diluted

$          0.51


$            0.14





Weighted-average common shares:




 Basic

233,820


232,864

 Diluted

235,903


234,228





Cash dividends per common share

$          0.10


$            0.10







Harley-Davidson, Inc.

Condensed Consolidated Balance Sheets

(In thousands)








(Unaudited)




(Unaudited)


March 27,


December 31,


March 28,


2011


2010


2010







ASSETS






Current assets:






   Cash and cash equivalents

$    932,515


$   1,021,933


$   1,442,798

   Marketable securities

115,209


140,118


39,416

   Accounts receivable, net

297,671


262,382


286,518

   Finance receivables held for investment, net

1,276,780


1,080,432


1,252,420

   Restricted finance receivables held by variable interest entities, net

637,760


699,026


809,779

   Inventories

372,323


326,446


322,238

   Assets of discontinued operations

-


-


151,175

   Restricted cash held by variable interest entities

294,903


288,887


401,275

   Other current assets

243,427


247,402


315,890

Total current assets

4,170,588


4,066,626


5,021,509







Finance receivables held for investment, net

1,806,563


1,553,781


1,274,734

Restricted finance receivables held by variable interest entities, net

2,304,320


2,684,330


3,299,070

Other long-term assets

1,123,671


1,126,003


1,107,590


$ 9,405,142


$   9,430,740


$ 10,702,903







LIABILITIES AND SHAREHOLDERS' EQUITY






Current liabilities:






   Accounts payable & accrued liabilities

$    872,759


$      782,017


$      865,725

   Liabilities of discontinued operations

-


-


61,726

   Short-term debt

393,393


480,472


160,837

   Current portion of long-term debt

-


-


396,169

   Current portion of long-term debt held by variable interest entities

721,179


751,293


898,935

Total current liabilities

1,987,331


2,013,782


2,383,392







Long-term debt

2,963,375


2,516,650


2,862,725

Long-term debt held by variable interest entities

1,603,584


2,003,941


2,707,748

Pension and postretirement healthcare liabilities

354,132


536,847


504,562

Other long-term liabilities

156,472


152,654


157,077







Total shareholders' equity

2,340,248


2,206,866


2,087,399


$ 9,405,142


$   9,430,740


$ 10,702,903





Harley-Davidson, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)






Three months ended


March 27,


March 28,


2011


2010





Net cash (used by) provided by operating activities




 of continuing operations

$  (104,918)


$      200,842





Cash flows from investing activities of continuing operations:




 Capital expenditures

(27,704)


(14,558)

 Finance receivables held for investment, net

127,752


198,104

 Net change in marketable securities

24,974


-

Net cash provided by investing activities of continuing operations

125,022


183,546





Cash flows from financing activities of continuing operations:




 Proceeds from issuance of medium-term notes

447,076


-

 Repayments of securitization debt

(430,471)


(445,215)

 Net decrease in credit facilities and unsecured commercial paper

(96,174)


(50,703)

 Net change in restricted cash

(6,016)


(34,734)

 Dividends

(23,643)


(23,488)

 Purchase of common stock for treasury

(4,699)


(1,191)

 Excess tax benefits from share-based payments

3,262


34

 Issuance of common stock under employee stock option plans

3,861


1,101

Net cash used by financing activities of continuing operations

(106,804)


(554,196)





Effect of exchange rate changes on cash and cash equivalents




 of continuing operations

(2,693)


(606)





Net decrease in cash and cash equivalents of continuing operations

(89,393)


(170,414)





Cash flows from discontinued operations:




 Cash flows from operating activities of discontinued operations

(25)


(13,723)

 Cash flows from investing activities of discontinued operations

-


(393)

 Effect of exchange rate changes on cash and cash equivalents




   of discontinued operations

-


(635)


(25)


(14,751)





Net decrease in cash and cash equivalents

$    (89,418)


$    (185,165)





Cash and cash equivalents:




 Cash and cash equivalents - beginning of period

$ 1,021,933


$   1,630,433

 Cash and cash equivalents of discontinued operations - beginning of period

-


6,063

 Net decrease in cash and cash equivalents

(89,418)


(185,165)

 Less: Cash and cash equivalents of discontinued operations - end of period

-


(8,533)

 Cash and cash equivalents - end of period

$    932,515


$   1,442,798





Motorcycles and Related Products Revenue and

Motorcycle Shipment Data



(Unaudited)


(Unaudited)


Three months ended


March 27,


March 28,


2011


2010

MOTORCYCLES AND RELATED PRODUCTS REVENUE (in thousands)




 Harley-Davidson® motorcycles

$    833,388


$      808,806

 Buell® motorcycles

113


10,790

 Parts & Accessories

164,333


149,086

 General Merchandise

62,566


66,255

 Other

2,644


2,398


$ 1,063,044


$   1,037,335





MOTORCYCLE SHIPMENTS:




 Harley-Davidson




   United States

34,866


35,668

   International

18,961


18,006

     Total Harley-Davidson

53,827


53,674





 Buell

23


1,774





MOTORCYCLE PRODUCT MIX:




 Harley-Davidson




   Touring

22,496


22,885

   Custom

20,670


22,572

   Sportster®

10,661


8,217

     Total Harley-Davidson

53,827


53,674

Worldwide Retail Sales of Harley-Davidson Motorcycles






Three months ended


March 27,


March 28,


2011


2010

North America Region




 United States

31,691


31,845

 Canada

2,037


1,895

   Total North America Region

33,728


33,740





Europe Region (Includes Middle East and Africa)




 Europe*

9,167


7,558

 Other

1,246


931

   Total Europe Region

10,413


8,489





Asia Pacific Region




 Japan

1,831


2,018

 Other

2,429


2,416

   Total Asia Pacific Region

4,260


4,434





Latin America Region

1,194


1,262





   Total Worldwide Retail Sales

49,595


47,925





Data Source (subject to update)

Data source for retail sales figures shown above is new sales warranty and registration information provided by Harley-Davidson dealers and compiled by the Company.  The Company must rely on information that its dealers supply concerning new retail sales, and this information is subject to revision.


Only Harley-Davidson® motorcycles are included in the Harley-Davidson Motorcycle Sales data.


* Europe data includes Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.

Heavyweight Motorcycle Registration Data(1)



Three months ended


March 31,


March 31,


2011


2010

United States(2)

58,817


57,069






Two months ended


February 28,


February 28,


2011


2010

Europe(3)

30,311


27,763

1 - Heavyweight data includes street legal 651+cc models.  Street legal 651+cc models include on-highway, dual purpose models and three-wheeled vehicles.


2 - United States data is derived from information provided by Motorcycle Industry Council (MIC).  This third party data is subject to revision and update.  Prior periods have been adjusted to include all dual purpose models that were previously excluded.


3 - Europe data includes Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.  Industry retail motorcycle registration data includes 651+cc models derived from information provided by Giral S.A., an independent agency.  Europe market data is reported on a one-month lag.  This third-party data is subject to revision and update.

SOURCE Harley-Davidson, Inc.

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.