Only domestic sales are slipping, international sales are increasing. They reported a 19.3% increase overall gross revenues for the second quarter. (source MCN}
Harley Corporate web site:https://investor.harley-davidson.com/ReleaseDetail.cfm?ReleaseID=270053&bmLocale=en_US
[SIZE=14pt]Harley-Davidson Reports 2007 Third Quarter Results[/SIZE]
Milwaukee, Wis., October 19, 2007 -- Harley-Davidson, Inc. (NYSE: HOG) today announced its results for the third quarter ended September 30, 2007. Revenue for the quarterwas $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, Inc.
"Worldwide retail sales of Harley-Davidson® motorcycles during the third quarter were virtually flat with the third quarter of 2006, down 0.2 percent. U.S. retail sales continued to be sluggish, finishing down 2.5 percent for the quarter, while retail sales in our international markets grew 8.8 percent during the period," said Ziemer.
For the full year of 2007, the Company expects a shipment range of 328,000 to 332,000 Harley-Davidson motorcycles, compared to 349,196 units in 2006. The Company also expects a modest decline in revenue and lower operating margin in 2007. Diluted earnings per share for the full year are expected to decrease 4 to 6 percent compared to 2006.