Harley-Davidson earnings soar
As worldwide motorcycle sales climb 5.8 per cent, now's a good time to be a shareholder in the American behemoth as profits rise at a rapid rateHarley-Davidson has reported a stellar first quarter in 2014, with net income of $265.9 million on consolidated revenue of $1.73 billion, compared to net income of $224.1 million on consolidated revenue of $1.57 billion in the same period last year.
Dealers worldwide sold 57,415 new motorcycles in the first quarter of 2014 compared to 54,254 motorcycles in 2013. Sales were up 20.5 per cent in Asia-Pacific.
“Harley-Davidson delivered gains on many fronts in the first quarter, with shipments up 7.3 per cent, strong margin improvement and solid growth in dealer new motorcycle sales,” said Keith Wandell, Chairman, President and Chief Executive Officer of Harley-Davidson, Inc. “Thanks to the great contributions of our employees, dealers and suppliers, we continue to lead at delivering exceptional customer experiences in 89 countries.
“Our Project Rushmore motorcycles were in high demand in the quarter and we began shipping the Street 750 and 500 into select markets. These motorcycles, together with continuous improvement in our operations at every level, underscore the momentum we’ve established as a customer-led company.”
Other reporting news:
- First-quarter operating income from motorcycles and related products grew 25.6 percent to $347.7 million, compared to operating income of $276.8 million in 2013;
- Revenue from motorcycles grew 13.1 per cent to $1.31 billion, compared to revenue of $1.15 billion in 2013;
- The company shipped 80,682 motorcycles to dealers and distributors worldwide during the quarter, a 7.3 increase on 2013; and
- Revenue from motorcycle parts and accessories was $198.1 million during the quarter, up 7.7 per cent, and revenue from general merchandise, which includes apparel and accessories, was $64.1 million, down 11.1 percent.
Harley-Davidson continues to expect to ship 279,000 to 284,000 motorcycles to dealers and distributors worldwide in 2014, an approximate 7-9 per cent increase from 2013.
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