- EPS Rises 13.1% for the Quarter to $1.21
- Second-Quarter Worldwide Harley-Davidson Retail Motorcycle Sales Increase 5.2%
MILWAUKEE, WI –
July 25, 2013 – Harley-Davidson, Inc. (NYSE:
HOG)
second-quarter 2013 diluted earnings per share increased 13.1% on
higher motorcycle shipments and continued gains in operating
efficiencies, compared to the year-ago period.
Second-quarter net income was
$271.7 million on consolidated revenue of
$1.79 billion, compared to net income of
$247.3 million on consolidated revenue of
$1.73 billion in the year-ago period. Second-quarter 2013 diluted earnings per share were
$1.21, compared to
$1.07 in the year-ago quarter.
Through six months, Harley-Davidson net income was
$495.9 million on consolidated revenue of
$3.37 billion, compared to net income of
$419.3 million on consolidated revenue of
$3.16 billion in the year-ago period. Six-month 2013 diluted earnings per share were
$2.20, compared to
$1.81 in the year-ago period.
“Harley-Davidson again drove strong financial performance in the
second quarter, reflecting the many improvements in operations we have
made throughout the Company over the past few years as well as our brand
strength globally,” said
Keith Wandell,
Chairman, President and Chief Executive Officer of Harley-Davidson, Inc.
“Our employees, dealers and suppliers continue to do an outstanding
job, working as one team and moving in one direction, to deliver a great
experience for our customers,” Wandell said.
“During the second quarter, we completed our first year of seasonal
surge production at York with great success. We also surpassed a
milestone for international dealership growth. With the opening of a
dealership in
Salvador, Brazil on
June 29th,
we have added 104 dealerships outside the U.S. since late 2009,
achieving our goal to add 100 to 150 international dealerships by the
end of 2014,” Wandell said.
“Of course, all summer long we are celebrating our 110
th
anniversary with Harley-Davidson enthusiasts from around the world,
including one of our biggest-ever international consumer events last
month in
Rome and the upcoming celebration in
Milwaukee on
Labor Day weekend. And less than a month from now, we will launch an exciting lineup of new 2014 motorcycles.” Wandell said.
Retail Harley-Davidson Motorcycle Sales
Dealers worldwide sold 90,193 new Harley-Davidson motorcycles in the
second quarter of 2013, compared to 85,714 motorcycles in the year-ago
quarter. In the U.S., dealers sold 58,241 new Harley-Davidson
motorcycles in the quarter, up 4.4% compared to the year-ago period. In
international markets, dealers sold 31,952 new Harley-Davidson
motorcycles during the second quarter, compared to 29,953 motorcycles in
the year-ago period, with unit sales up 12.3% in the
Asia Pacific region, 1.0% in the EMEA region, 39.2% in the
Latin America region, and 3.6% in
Canada.
Through six months, dealers sold 144,447 new Harley-Davidson
motorcycles worldwide, compared to 145,391 motorcycles in the year-ago
period, with retail unit sales up 11.9% in the
Asia Pacific region, 22.8% in the
Latin America region and 2.4% in
Canada,
and down 2.7% in the U.S. and 3.6% in the EMEA region, compared to the
first half of 2012. The Company believes first-half U.S. retail sales
were adversely impacted by a prolonged and abnormally cool and wet
spring in 2013, compared to an abnormally early and warm spring in 2012.
Harley-Davidson Motorcycles and Related Products Segment Results
Second-Quarter Results: Operating income from motorcycles and related products grew 15.5% to
$357.7 million in the second quarter of 2013, compared to operating income of
$309.6 million
in the year-ago period. Operating income in the quarter benefited from
higher motorcycle shipments as the Company continued the implementation
of seasonal surge motorcycle production, higher gross margin and lower
restructuring expense, compared to the prior-year period.
Revenue from motorcycles grew 4.2% to
$1.27 billion, compared to revenue of
$1.22 billion
in the year-ago period. The Company shipped 84,606 motorcycles to
dealers and distributors worldwide during the quarter, in line with
shipment guidance and a 1.3% increase compared to shipments of 83,502
motorcycles in the year-ago period.
Revenue from motorcycle parts and accessories was
$269.6 million during the quarter, up 1.5%, and revenue from general merchandise, which includes MotorClothes® apparel and accessories, was
$81.7 million, up 8.7%, compared to the year-ago period.
Gross margin was 36.9% in the second quarter of 2013, compared to
35.9% in the second quarter of 2012. Second-quarter operating margin
from motorcycles and related products was 21.9%, compared to operating
margin of 19.7% in last year’s second quarter.
Six-Month Results: Through six months the Company shipped
159,828 motorcycles to dealers and distributors worldwide, an 8.2%
increase compared to the year-ago period. Six-month revenue from
motorcycles grew 9.4% to
$2.43 billion, revenue from parts and accessories decreased 2.4% to
$453.6 million and revenue from general merchandise increased 2.7% to
$153.8 million,
compared to the first six months of 2012. Gross margin through six
months was 36.8% and operating margin was 20.8%, compared to 35.9% and
18.2% respectively in the year-ago period.
Financial Services Segment Results
Operating income from financial services was
$74.2 million in the second quarter of 2013, a 9.5% decrease compared to operating income of
$82.0 million
in last year’s second quarter, which benefited from the release of
significant credit loss reserves. Financial services results also
reflect higher net interest income on favorable cost of funds and lower
operating expenses in the second quarter of 2013 compared to the
prior-year period. Through six months, operating income from financial
services was
$145.7 million, compared to operating income of
$149.3 million through six months in 2012.
Guidance
Harley-Davidson continues to expect to ship 259,000 to 264,000
motorcycles to dealers and distributors worldwide in 2013. In the third
quarter of 2013, the Company expects to ship 51,000 to 56,000
motorcycles, compared to shipments of 52,793 motorcycles in the year-ago
period. The Company continues to expect full-year 2013 gross margin of
35.25% to 36.25%. The Company also continues to expect capital
expenditures of
$200 million to $220 million in 2013.
Restructuring Update
In the second quarter, the Company recorded a restructuring benefit
related to its decision to maintain a scaled-back operation at its New
Castalloy wheels facility rather than completely exit the operation.
During the quarter, the Company reversed previously expensed exit costs,
resulting in a benefit to restructuring of
$5.3 million, compared to a restructuring expense of
$6.2 million
in the year-ago quarter. Upon the expected completion of restructuring
in 2013, Harley-Davidson now expects restructuring activities initiated
since 2009 to result in one-time overall costs of approximately
$485 million, including approximately
$3 million in 2013. The Company continues to expect savings of approximately
$305 million in 2013 from restructuring activities initiated since 2009, rising to annual ongoing savings of approximately
$320 million beginning in 2014.
Income Tax Rate
Through six months, the Company’s effective tax rate was 34.8%,
compared to 35.3% in the year-ago period. The lower effective tax rate
in the first half of 2013 was primarily driven by the retroactive
reinstatement of the Research and Development Tax Credit with the
enactment of the American Taxpayer Relief Act of 2012. The Company
continues to expect its full-year 2013 effective tax rate to be
approximately 34.8%.
Cash Flow
Cash and marketable securities totaled
$1.43 billion at the end of the second quarter, compared to
$1.21 billion at the end of last year’s second quarter. During the first six months of 2013, Harley-Davidson generated
$389.7 million of cash from operating activities, compared to
$288.2 million
in the year-ago period. On a discretionary basis, the Company
repurchased 3.5 million shares of Harley-Davidson, Inc. common stock
during the first half of 2013 at a cost of
$186 million.
At the end of the second quarter of 2013, there were 12.2 million
shares remaining on board-approved share repurchase authorizations.
Company Background
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor
Company and Harley-Davidson Financial Services. Harley-Davidson Motor
Company produces heavyweight custom, cruiser and touring motorcycles and
offers a complete line of Harley-Davidson motorcycle parts,
accessories, riding gear and apparel, and general merchandise.
Harley-Davidson Financial Services provides wholesale and retail
financing, insurance, extended service and other protection plans and
credit card programs to Harley-Davidson dealers and riders in the U.S.,
Canada and other select international markets. For more information, visit Harley-Davidson’s Web site at
www.harley-davidson.com.
Conference Call and Webcast Presentation
Harley-Davidson will discuss second-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.” The audio and
visual support for today’s call will be available at
Harley-Davidson.com. The audio can also be accessed until
August 9th by calling (404) 537-3406 or (855)859-2056 in the U.S. The PIN number is 9921-6749#.
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) execute
its business strategy, (ii) adjust to fluctuations in foreign currency
exchange rates, interest rates and commodity prices, (iii) manage
through inconsistent economic conditions, including changing capital,
credit and retail markets, (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) manage production capacity and production changes, (viii) manage
changes and prepare for requirements in legislative and regulatory
environments for its products, services and operations, (ix) provide
products, services and experiences that are successful in the
marketplace, (x) manage risks that arise through expanding international
operations and sales, (xi) manage the credit quality, the loan
servicing and collection activities, and the recovery rates of HDFS’
loan portfolio, (xii) successfully implement with its labor unions the
agreements that it has executed with them that it believes will provide
flexibility and cost-effectiveness to accomplish restructuring goals and
long-term competitiveness, (xiii) effectively execute the Company’s
restructuring plans within expected costs and timing, (xiv) manage
supply chain issues, including any unexpected interruptions or price
increases caused by raw material shortages or natural disasters,(xv)
develop and implement sales and marketing plans that retain existing
retail customers and attract new retail customers in an increasingly
competitive marketplace, (xvi) adjust to healthcare inflation and
reform, pension reform and tax changes, (xvii) retain and attract
talented employees, (xviii) manage the risks that our independent
dealers may have difficulty obtaining capital and managing through
changing economic conditions and consumer demand, (xix) continue to have
access to reliable sources of capital funding and adjust to
fluctuations in the cost of capital, (xx) continue to develop the
capabilities of its distributor and dealer network, and (xxi) 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.
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
|
|
Six months ended
|
|
|
June 30,
|
|
July 1,
|
|
June 30,
|
|
July 1,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
Motorcycles and related products revenue
|
|
$ 1,631,466
|
|
$ 1,569,047
|
|
$ 3,045,714
|
|
$ 2,842,416
|
|
Gross profit
|
|
601,870
|
|
563,817
|
|
1,121,312
|
|
1,020,327
|
|
Selling, administrative and engineering expense
|
|
249,502
|
|
248,038
|
|
489,245
|
|
485,033
|
|
Restructuring (benefit) expense
|
|
(5,297)
|
|
6,220
|
|
(2,359)
|
|
17,671
|
|
Operating income from motorcycles & related products
|
|
357,665
|
|
309,559
|
|
634,426
|
|
517,623
|
|
|
|
|
|
|
|
|
|
|
Financial services revenue
|
|
162,841
|
|
160,613
|
|
319,806
|
|
316,935
|
|
Financial services expense
|
|
88,685
|
|
78,659
|
|
174,105
|
|
167,587
|
|
Operating income from financial services
|
|
74,156
|
|
81,954
|
|
145,701
|
|
149,348
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
431,821
|
|
391,513
|
|
780,127
|
|
666,971
|
|
Investment income
|
|
1,770
|
|
2,231
|
|
3,385
|
|
4,164
|
|
Interest expense
|
|
11,238
|
|
11,595
|
|
22,629
|
|
23,090
|
|
Income before income taxes
|
|
422,353
|
|
382,149
|
|
760,883
|
|
648,045
|
|
Provision for income taxes
|
|
150,614
|
|
134,899
|
|
265,015
|
|
228,760
|
|
Net income
|
|
$ 271,739
|
|
$ 247,250
|
|
$ 495,868
|
|
$ 419,285
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ 1.22
|
|
$ 1.08
|
|
$ 2.22
|
|
$ 1.83
|
|
Diluted
|
|
$ 1.21
|
|
$ 1.07
|
|
$ 2.20
|
|
$ 1.81
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
223,052
|
|
228,838
|
|
223,737
|
|
228,914
|
|
Diluted
|
|
224,470
|
|
230,923
|
|
225,306
|
|
231,104
|
|
|
|
|
|
|
|
|
|
|
Cash dividends per common share
|
|
$ 0.210
|
|
$ 0.155
|
|
$ 0.420
|
|
$ 0.310
|
|
Harley-Davidson, Inc.
|
|
Condensed Consolidated Balance Sheets
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
June 30,
|
|
December 31,
|
|
July 1,
|
|
|
2013
|
|
2012
|
|
2012
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ 1,300,690
|
|
$ 1,068,138
|
|
$ 1,071,496
|
|
Marketable securities
|
|
133,631
|
|
135,634
|
|
135,848
|
|
Accounts receivable, net
|
|
253,819
|
|
230,079
|
|
250,268
|
|
Finance receivables, net
|
|
2,010,974
|
|
1,743,045
|
|
1,854,838
|
|
Inventories
|
|
307,717
|
|
393,524
|
|
323,046
|
|
Restricted cash
|
|
212,004
|
|
188,008
|
|
188,564
|
|
Other current assets
|
|
235,636
|
|
292,508
|
|
245,807
|
|
Total current assets
|
|
4,454,471
|
|
4,050,936
|
|
4,069,867
|
|
|
|
|
|
|
|
|
Finance receivables, net
|
|
4,214,612
|
|
4,038,807
|
|
4,161,731
|
|
Other long-term assets
|
|
1,038,115
|
|
1,081,030
|
|
1,085,186
|
|
|
$ 9,707,198
|
|
$ 9,170,773
|
|
$ 9,316,784
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable & accrued liabilities
|
|
$ 794,670
|
|
$ 770,977
|
|
$ 787,336
|
|
Short-term debt
|
|
525,745
|
|
294,943
|
|
845,868
|
|
Current portion of long-term debt
|
|
776,274
|
|
437,162
|
|
907,389
|
|
Total current liabilities
|
|
2,096,689
|
|
1,503,082
|
|
2,540,593
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
4,234,352
|
|
4,370,544
|
|
3,576,994
|
|
Pension and postretirement healthcare liabilities
|
|
420,096
|
|
608,356
|
|
385,791
|
|
Other long-term liabilities
|
|
134,822
|
|
131,167
|
|
147,019
|
|
|
|
|
|
|
|
|
Total shareholders’ equity
|
|
2,821,239
|
|
2,557,624
|
|
2,666,387
|
|
|
$ 9,707,198
|
|
$ 9,170,773
|
|
$ 9,316,784
|
|
Harley-Davidson, Inc.
|
|
Condensed Consolidated Statements of Cash Flows
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Six months ended
|
|
|
June 30,
|
|
July 1,
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$ 389,677
|
|
$ 288,242
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Capital expenditures
|
|
(66,589)
|
|
(60,078)
|
|
Finance receivables, net
|
|
(230,544)
|
|
(147,782)
|
|
Net change in marketable securities
|
|
1,005
|
|
18,053
|
|
Other
|
|
6,667
|
|
-
|
|
Net cash used by investing activities
|
|
(289,461)
|
|
(189,807)
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Proceeds from issuance of medium-term notes
|
|
-
|
|
397,373
|
|
Repayments of medium-term notes
|
|
(27,858)
|
|
-
|
|
Proceeds from securitization debt
|
|
647,516
|
|
91,030
|
|
Repayments of securitization debt
|
|
(423,455)
|
|
(839,401)
|
|
Net increase (decrease) in credit facilities and unsecured commercial paper
|
|
230,761
|
|
(46,629)
|
|
Net borrowings of asset-backed commercial paper
|
|
47,061
|
|
-
|
|
Net repayments of asset-backed commercial paper
|
|
(37,642)
|
|
-
|
|
Net change in restricted cash
|
|
(23,996)
|
|
41,091
|
|
Dividends paid
|
|
(94,213)
|
|
(71,645)
|
|
Purchase of common stock for treasury
|
|
(208,699)
|
|
(172,742)
|
|
Excess tax benefits from share-based payments
|
|
16,338
|
|
15,730
|
|
Issuance of common stock under employee stock option plans
|
|
24,677
|
|
35,337
|
|
Net cash provided by (used by) financing activities
|
|
150,490
|
|
(549,856)
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
(18,154)
|
|
(4,033)
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
$ 232,552
|
|
$ (455,454)
|
|
|
|
|
|
|
Cash and cash equivalents:
|
|
|
|
|
|
Cash and cash equivalents – beginning of period
|
|
$ 1,068,138
|
|
$ 1,526,950
|
|
Net increase (decrease) in cash and cash equivalents
|
|
232,552
|
|
(455,454)
|
|
Cash and cash equivalents – end of period
|
|
$ 1,300,690
|
|
$ 1,071,496
|
|
Motorcycles and Related Products Revenue and
|
|
Motorcycle Shipment Data
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
June 30,
|
|
July 1,
|
|
June 30,
|
|
July 1,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
MOTORCYCLES AND RELATED PRODUCTS REVENUE (in thousands)
|
|
|
|
|
|
|
|
|
|
Motorcycles
|
|
$ 1,274,882
|
|
$ 1,223,776
|
|
$ 2,428,709
|
|
$ 2,219,678
|
|
Parts & Accessories
|
|
269,588
|
|
265,574
|
|
453,626
|
|
464,632
|
|
General Merchandise
|
|
81,700
|
|
75,137
|
|
153,844
|
|
149,743
|
|
Other
|
|
5,296
|
|
4,560
|
|
9,535
|
|
8,363
|
|
|
$ 1,631,466
|
|
$ 1,569,047
|
|
$ 3,045,714
|
|
$ 2,842,416
|
|
|
|
|
|
|
|
|
|
|
MOTORCYCLE SHIPMENTS:
|
|
|
|
|
|
|
|
|
|
United States
|
|
57,070
|
|
56,674
|
|
107,753
|
|
97,967
|
|
International
|
|
27,536
|
|
26,828
|
|
52,075
|
|
49,798
|
|
Total
|
|
84,606
|
|
83,502
|
|
159,828
|
|
147,765
|
|
|
|
|
|
|
|
|
|
|
MOTORCYCLE PRODUCT MIX:
|
|
|
|
|
|
|
|
|
|
Touring
|
|
32,384
|
|
32,218
|
|
63,716
|
|
59,376
|
|
Custom
|
|
35,315
|
|
33,139
|
|
65,617
|
|
57,711
|
|
Sportster®
|
|
16,907
|
|
18,145
|
|
30,495
|
|
30,678
|
|
Total
|
|
84,606
|
|
83,502
|
|
159,828
|
|
147,765
|
|
Worldwide Retail Sales of Harley-Davidson Motorcycles(1)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
North America Region
|
|
|
|
|
|
|
|
|
|
United States
|
|
58,241
|
|
55,761
|
|
92,947
|
|
95,523
|
|
Canada
|
|
5,058
|
|
4,881
|
|
7,117
|
|
6,948
|
|
Total North America Region
|
|
63,299
|
|
60,642
|
|
100,064
|
|
102,471
|
|
|
|
|
|
|
|
|
|
|
Europe, Middle East and Africa Region (EMEA)
|
|
|
|
|
|
|
|
|
|
Europe(2)
|
|
14,669
|
|
14,639
|
|
22,369
|
|
23,521
|
|
Other
|
|
1,929
|
|
1,797
|
|
3,412
|
|
3,209
|
|
Total EMEA Region
|
|
16,598
|
|
16,436
|
|
25,781
|
|
26,730
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific Region
|
|
|
|
|
|
|
|
|
|
Japan
|
|
3,174
|
|
2,898
|
|
5,347
|
|
4,974
|
|
Other
|
|
4,019
|
|
3,509
|
|
7,804
|
|
6,776
|
|
Total Asia Pacific Region
|
|
7,193
|
|
6,407
|
|
13,151
|
|
11,750
|
|
|
|
|
|
|
|
|
|
|
Latin America Region
|
|
3,103
|
|
2,229
|
|
5,451
|
|
4,440
|
|
|
|
|
|
|
|
|
|
|
Total Worldwide Retail Sales
|
|
90,193
|
|
85,714
|
|
144,447
|
|
145,391
|
|
(1) 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.
|
|
|
|
|
|
|
(2) Europe
data includes Austria, Belgium, Denmark, Finland, France, Germany,
Greece, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden,
Switzerland, and the United Kingdom.
|
|
|
Heavyweight Motorcycle Registration Data(1)
|
|
|
|
|
|
|
|
Six months ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2013
|
|
2012
|
|
United States(2)
|
|
170,379
|
|
181,569
|
|
|
|
|
|
|
|
Six months ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2013
|
|
2012
|
|
Europe(3)
|
|
183,041
|
|
201,138
|
|
|
|
|
|
|
(1)
Heavyweight data includes street legal 601+cc models. Street legal
601+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.
|
|
|
|
|
|
|
(3) Europe
data includes Austria, Belgium, Denmark, Finland, France, Germany,
Greece, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden,
Switzerland, and the United Kingdom. Industry retail motorcycle
registration data includes 601+cc models derived from information
provided by Association des Constructeurs Europeens de Motocycles
(ACEM), 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. By press release
