|
HARLEY-DAVIDSON
REPORTS 2008 THIRD QUARTER RESULTS
Milwaukee, Wis., October 16, 2008 -- Harley-Davidson, Inc. (NYSE: HOG)
today announced its results for the third quarter ended September
28, 2008. Revenue for the quarter was $1.42 billion compared to
$1.54 billion in the year ago quarter, a 7.7 percent decrease. Net
income for the quarter was $166.5 million compared to $265.0 million in
the third quarter 2007, a decrease
of 37.1 percent. Third quarter diluted earnings per share were
$0.71, a 33.6 percent decrease
compared to last year’s $1.07.
“In the U.S., dealer retail sales of new Harley-Davidson motorcycles in
the quarter were in line with our expectations,” said Jim Ziemer, Chief
Executive Officer of Harley-Davidson, Inc. “Although
Harley-Davidson retail motorcycle sales in international markets overall
continued to grow double digits in the quarter, unit sales in several
European countries slowed more than we anticipated during September as a
result of deteriorating economic conditions. We continue to
carefully monitor all markets in light of the potential impact of the
current economic realities.”
For the full year 2008, the Company has narrowed its shipment expectations
to 303,500 to 306,000 Harley-Davidson motorcycles. The Company has
narrowed its expectations for diluted earnings per share for the full year
to $3.00 to $3.10 from the prior range of $3.00 to $3.18.
“We also have been able to maintain Harley-Davidson Financial
Services’ position as a stable, consistent source of financing for
dealers and retail customers during these turbulent conditions in the
credit markets,” Ziemer said. “Prudent management and customer
access to credit will continue to be priorities at HDFS.”
“During the third quarter, we completed our acquisition of Italian
motorcycle maker MV Agusta Group, expanding our opportunities in Europe.
Our 105th Anniversary Celebration at the end of August drew
tremendous, highly enthusiastic crowds. And we opened the
Harley-Davidson MuseumTM, with its broad appeal to riders and
non-riders alike. So even in the midst of economic uncertainty, we
continue to broaden our appeal, plant seeds for the future and give people
unparalleled experiences and reasons to ride,” Ziemer said.
“Going forward, we expect the global economy and consumer concerns to
continue to create challenges for Harley-Davidson through the end of the
year and in 2009. I remain confident about our future as we continue
to manage and reinvest in the business,” said Ziemer.
Motorcycles
and Related Products Segment – Third Quarter Results
Revenue from Harley-Davidson motorcycles was $1.05 billion, a decrease of
$131.7 million or 11.1 percent versus the same period last year.
Shipments of Harley-Davidson motorcycles totaled 74,704 units, a decrease
of 11,831 units or 13.7 percent compared to last year’s third quarter.
Revenue
from Parts and Accessories (P&A), which consists of Genuine Motor
Parts and Genuine Motor Accessories, totaled $259.0 million, an increase
of $7.5 million or 3.0 percent over the year-ago quarter.
Revenue from General Merchandise, which consists of
MotorClothesâ
apparel and collectibles, totaled $84.0 million, an increase of $0.8
million or 1.0 percent over the year-ago quarter.
Gross margin for the third quarter of 2008 was 34.0 percent of revenue
compared to 38.4 percent for the third quarter last year. This
decrease is primarily due to higher product costs and the allocation of
fixed costs over fewer units than last year’s third quarter. Third
quarter operating margin decreased to 16.4 percent from 23.2 percent in
the third quarter of 2007. Operating margin for the third quarter of
2008 includes the impact of a one-time $16.6 million expense related to
the value of acquired in-process research and development at MV Agusta
Group.
Motorcycle
Retail Sales Data
During the third quarter, worldwide retail sales of Harley-Davidson
motorcycles decreased 9.6 percent compared to the third quarter of 2007.
U.S. retail sales of Harley-Davidson motorcycles decreased 15.5 percent
for the quarter. The heavyweight motorcycle market in the U.S.
decreased 3.1 percent
for the same period.
Retail
sales of Harley-Davidson motorcycles grew 11.3 percent in the Company’s
international markets during the third quarter of 2008 compared to the
third quarter of 2007. Third quarter retail sales increased
12.4 percent in Canada; the Europe Region was up 2.9 percent; the Asia
Pacific Region was up 17.5 percent; and the Latin America Region was up
41.6 percent.
During the first nine months of 2008, worldwide retail sales of
Harley-Davidson motorcycles decreased 6.0 percent compared to the prior
year. In the U.S., Harley-Davidson motorcycle retail sales decreased
11.9 percent for the first nine months of the year while the U.S.
heavyweight market was down 4.0 percent for the same period.
International retail sales increased by 12.6 percent for the first nine
months of 2008.
Third quarter and year-to-date data are listed in the accompanying tables.
MV
Agusta
On August 8, 2008, the Company completed the purchase of the
privately-held Italian motorcycle maker MV Agusta Group. The Company
acquired 100 percent of MV Agusta Group shares for total consideration of
68.3 million euros ($105.1 million), which includes the satisfaction of
existing bank debt for 47.5 million euros ($73.2 million). As a
result of the acquisition, the Company recorded $87.9 million of goodwill
and the $16.6 million one-time expense related to the value of acquired
in-process research and development. These results are included in
the quarterly financial data.
Financial
Services Segment
Harley-Davidson Financial Services (HDFS) operating income for the third
quarter was $35.6 million, a decrease of $13.9 million or 28.0 percent
compared to the year-ago quarter. The decrease is primarily due to a
$9.4 million write-down of finance receivables held for sale to fair
value. In addition, last year’s third quarter included a $3.5
million securitization gain compared to no securitization transaction
during the third quarter of 2008.
Income
Tax Rate
The Company's third quarter effective income tax rate was 38.2 percent
compared to 35.5 percent in the same quarter last year. The third
quarter increase was due primarily to a non-deductible in-process research
and development charge for MV Agusta Group and the expiration of the
federal research and development tax credit as of December 31, 2007.
In October 2008, the federal research and development tax credit was
reinstated for two years retroactive to January 1, 2008 continuing through
December 31, 2009. The Company expects its full year effective
income tax rate in 2008 will be approximately 35.5 percent.
Harley-Davidson,
Inc. - Nine Month Results
For
the first nine months of 2008, revenue totaled $4.30 billion, a 0.9
percent decrease from the year-ago period.
Diluted earnings per share were $2.45, a decrease of 16.9 percent compared
to the same period last year.
Through
the first nine months of this year, shipments of Harley-Davidson
motorcycles were 226,898 units, a 9.0 percent decrease compared to last
year’s 249,413 units. Harley-Davidson motorcycle revenue was $3.26
billion, which is down 2.2 percent compared to last year’s $3.33
billion. P&A revenue totaled $706.6 million, a 0.5 percent
increase over last year’s $703.1 million. General Merchandise
revenue totaled $244.8 million, a 5.5 percent increase compared to $232.0
million during the same period in 2007.
HDFS
operating income was $107.7 million, a 38.0 percent decrease from last
year’s $173.6 million.
Cash
Flow
Cash
and marketable securities totaled $504.9
million as of September 28, 2008. Cash used by operations was
$221.2 million, and capital expenditures were $153.7
million during the first nine months of 2008. For the full year
of 2008, capital expenditures are still expected to be between $235
million and $250 million.
Stock
Repurchase
The Company repurchased 2.5
million shares of its common stock at a cost of $100.1
million during the third quarter of 2008. On September 28, 2008, the
Company had 232.8 million shares of common stock
outstanding.
As of September 28, 2008, there were
16.7 million shares remaining on a board-approved share repurchase
authorization. An additional board-approved share repurchase
authorization is in place to offset option exercises.
Company
Background
Harley-Davidson, Inc. is the parent company for the group of
companies doing business as Harley-Davidson Motor Company (HDMC), Buell
Motorcycle Company (Buell), Harley-Davidson Financial Services (HDFS) and
MV Agusta Group (MVAG). Harley-Davidson Motor Company produces
heavyweight motorcycles and offers a line of motorcycle parts,
accessories, general merchandise and related services. HDMC
manufactures five families of motorcycles: Touring, Dyna®,
Softail ®, Sportster ® and VRSC™.
Buell produces premium sport performance motorcycles and offers a line of
motorcycle parts, accessories, and apparel. HDFS provides wholesale
and retail financing and insurance programs primarily to Harley-Davidson
and Buell dealers and customers. MVAG produces premium,
high-performance sport motorcycles sold under the MV Agusta®
brand and lightweight sport motorcycles sold under the Cagiva® brand.
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) continue to
realize production efficiencies at its production facilities and manage
operating costs including materials, labor and overhead, (ii) manage
production capacity and production changes, (iii) manage supply chain
issues, (iv) provide products, services and experiences that are
successful in the marketplace, (v) develop and implement sales and
marketing plans that retain existing retail customers and attract new
retail customers in an increasingly competitive marketplace, (vi) sell all
of its motorcycles and related products and services to its independent
dealers, (vii) continue to develop the capabilities of its distributor and
dealer network, (viii) manage changes and prepare for requirements in
legislative and regulatory environments for its products, services and
operations, (ix) adjust to fluctuations in foreign currency exchange
rates, interest rates and commodity prices, (x) manage access to reliable
sources of capital and adjust to fluctuations in the cost of capital, (xi)
adjust to regional and worldwide demographic trends and economic and
political conditions, including healthcare inflation, pension reform and
tax changes, (xii) anticipate consumer confidence in the economy, (xiii)
manage the credit quality, the loan servicing and collection activities,
and the recovery rates of HDFS’ loan portfolio, (xiv) retain and attract
talented employees, (xv) detect any issues with our motorcycles or
manufacturing processes to avoid delays in new model launches, recall
campaigns, increased warranty costs or litigation, (xvi) implement and
manage enterprise-wide information technology solutions and secure data
contained in those systems, and (xvii) successfully integrate and
profitably operate MV Agusta Group.
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. All of these risk factors
are impacted by the current turbulent capital, credit and retail markets.
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.
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
|
September 28, |
|
September 30, |
|
September 28, |
|
September 30, |
|
|
2008 |
|
2007 |
|
2008 |
|
2007 |
|
|
|
|
|
|
|
|
|
| Net revenue |
|
$1,422,834 |
|
$1,541,401 |
|
$4,301,716 |
|
$4,340,494 |
| Gross profit |
|
484,072 |
|
591,353 |
|
1,522,133 |
|
1,619,566 |
| Operating expenses |
|
250,046 |
|
233,068 |
|
710,420 |
|
639,512 |
|
Operating income from motorcycles & related products |
|
234,026 |
|
358,285 |
|
811,713 |
|
980,054 |
|
|
|
|
|
|
|
|
|
| Financial services
income |
|
111,966 |
|
98,471 |
|
312,095 |
|
319,964 |
| Financial services
expense |
|
76,333 |
|
49,002 |
|
204,408 |
|
146,349 |
| Operating income
from financial services |
|
35,633 |
|
49,469 |
|
107,687 |
|
173,615 |
|
|
|
|
|
|
|
|
|
| Corporate expenses |
|
1,657 |
|
2,292 |
|
14,482 |
|
13,763 |
| Income from
operations |
|
268,002 |
|
405,462 |
|
904,918 |
|
1,139,906 |
| Investment income,
net |
|
2,751 |
|
5,353 |
|
7,033 |
|
19,432 |
| Interest expense |
|
1,226 |
|
- |
|
1,226 |
|
- |
| Income before
provision for income taxes |
|
269,527 |
|
410,815 |
|
910,725 |
|
1,159,338 |
| Provision for
income taxes |
|
102,986 |
|
145,849 |
|
333,816 |
|
411,572 |
| Net income |
|
$166,541 |
|
$264,966 |
|
$576,909 |
|
$747,766 |
|
|
|
|
|
|
|
|
|
| Earnings per common
share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$0.71 |
|
$1.07 |
|
$2.45 |
|
$2.96 |
|
Diluted |
|
$0.71 |
|
$1.07 |
|
$2.45 |
|
$2.95 |
|
|
|
|
|
|
|
|
|
| Weighted-average
common shares: |
|
|
|
|
|
|
|
|
|
Basic |
|
233,081 |
|
247,057 |
|
235,068 |
|
252,513 |
|
Diluted |
|
233,420 |
|
247,614 |
|
235,321 |
|
253,263 |
|
|
|
|
|
|
|
|
|
| Cash dividends per
common share |
|
$0.33 |
|
$0.30 |
|
$0.96 |
|
$0.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Harley-Davidson,
Inc. |
|
|
| Condensed
Consolidated Balance Sheets |
|
|
| (In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
|
|
|
September 28, |
|
December 31, |
|
September 30, |
|
|
|
|
2008 |
|
2007 |
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$504,385 |
|
$402,854 |
|
$401,385 |
|
|
|
Marketable securities |
|
524 |
|
2,475 |
|
55,355 |
|
|
|
Accounts receivable, net |
|
331,388 |
|
181,217 |
|
185,208 |
|
|
|
Finance receivables held for sale |
|
2,245,015 |
|
781,280 |
|
431,843 |
|
|
|
Finance receivables held for investment, net |
|
1,115,035 |
|
1,575,283 |
|
1,275,590 |
|
|
|
Inventories |
|
401,277 |
|
349,697 |
|
376,950 |
|
|
|
Other current assets |
|
222,890 |
|
174,508 |
|
130,126 |
|
|
| Total current
assets |
|
4,820,514 |
|
3,467,314 |
|
2,856,457 |
|
|
|
|
|
|
|
|
|
|
|
| Finance receivables
held for investment, net |
|
906,244 |
|
845,044 |
|
861,138 |
|
|
| Other long-term
assets |
|
1,472,979 |
|
1,344,248 |
|
1,253,365 |
|
|
|
|
$7,199,737 |
|
$5,656,606 |
|
$4,970,960 |
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable & accrued liabilities |
|
$1,070,770 |
|
$785,124 |
|
$962,250 |
|
|
|
Current portion of debt |
|
1,138,982 |
|
1,119,955 |
|
250,168 |
|
|
| Total current
liabilities |
|
2,209,752 |
|
1,905,079 |
|
1,212,418 |
|
|
|
|
|
|
|
|
|
|
|
| Debt |
|
2,033,000 |
|
980,000 |
|
980,000 |
|
|
| Postretirement
healthcare benefits |
|
207,810 |
|
192,531 |
|
207,957 |
|
|
| Other long-term
liabilities |
|
248,816 |
|
203,505 |
|
207,582 |
|
|
|
|
|
|
|
|
|
|
|
| Total shareholders'
equity |
|
2,500,359 |
|
2,375,491 |
|
2,363,003 |
|
|
| |
|
$7,199,737 |
|
$5,656,606 |
|
$4,970,960 |
|
|
|
|
|
|
|
|
|
|
|
Note: On January 1,
2008 the Company recorded a reduction to shareholders’ equity of
$18.1 million ($11.2 million, net of tax) to adopt provisions of
Statement of Financial Accounting Standard No. 158, “Employers’
Accounting for Defined Benefit Pension and Other Postretirement
Plans, an amendment of FASB Statements No. 87, 88, 106 and 132(R)”
that require sponsors of defined benefit pension and postretirement
plans to measure the funded status of those plans as of the date of
the year-end statement of financial position.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Harley-Davidson,
Inc. |
|
|
|
|
| Condensed
Consolidated Statements of Cash Flows |
|
|
|
|
| (In
thousands) |
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
|
|
|
September 28, |
|
September 30, |
|
|
|
|
|
|
2008 |
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash (used by)
provided by operating activities |
|
($221,222) |
|
$1,368,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(153,687) |
|
(139,437) |
|
|
|
|
|
Finance receivables held for investment, net |
|
(111,250) |
|
(92,147) |
|
|
|
|
|
Collection of retained securitization interests |
|
75,379 |
|
87,827 |
|
|
|
|
|
Net change in marketable securities |
|
2,019 |
|
604,927 |
|
|
|
|
|
Acquisition of business, net of cash acquired |
|
(95,224) |
|
- |
|
|
|
|
|
Other, net |
|
(1,192) |
|
1,696 |
|
|
|
|
| Net cash (used by)
provided by investing activities |
|
(283,955) |
|
462,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of medium term notes |
|
993,550 |
|
- |
|
|
|
|
|
Net decrease in finance-credit |
|
|
|
|
|
|
|
|
|
facilities and commercial paper |
|
(86,519) |
|
(506,938) |
|
|
|
|
|
Revolving debt |
|
175,057 |
|
- |
|
|
|
|
|
Dividends |
|
(225,243) |
|
(189,093) |
|
|
|
|
|
Purchase of common stock for treasury |
|
(250,008) |
|
(1,000,133) |
|
|
|
|
|
Excess tax benefits from share-based payments |
|
301 |
|
3,057 |
|
|
|
|
|
Issuance of common stock under employee |
|
|
|
|
|
|
|
|
|
stock option plans |
|
1,179 |
|
21,429 |
|
|
|
|
| Net cash provided
by (used by) financing activities |
|
608,317 |
|
(1,671,678) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Effect of exchange
rate changes on cash |
|
|
|
|
|
|
|
|
|
and cash equivalents |
|
(1,609) |
|
3,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase in
cash and cash equivalents |
|
101,531 |
|
162,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash
equivalents: |
|
|
|
|
|
|
|
|
|
At beginning of period |
|
402,854 |
|
238,397 |
|
|
|
|
|
At end of period |
|
$504,385 |
|
$401,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
Revenue and Motorcycle |
| Shipment
Data |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
|
September 28, |
|
September 30, |
|
September 28, |
|
September 30, |
|
|
2008 |
|
2007 |
|
2008 |
|
2007 |
| NET REVENUE (in
thousands) |
|
|
|
|
|
|
|
|
| Harley-Davidson®
motorcycles |
|
$1,050,969 |
|
$1,182,628 |
|
$3,255,333 |
|
$3,328,309 |
| Buell® motorcycles |
|
26,111 |
|
22,527 |
|
89,704 |
|
72,795 |
| Parts &
Accessories |
|
259,033 |
|
251,499 |
|
706,640 |
|
703,107 |
| General Merchandise |
|
84,034 |
|
83,185 |
|
244,830 |
|
232,011 |
| Other |
|
2,687 |
|
1,562 |
|
5,209 |
|
4,272 |
|
|
$1,422,834 |
|
$1,541,401 |
|
$4,301,716 |
|
$4,340,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| HARLEY-DAVIDSON
UNITS |
|
|
|
|
|
|
|
|
| Motorcycle
shipments: |
|
|
|
|
|
|
|
|
|
United States |
|
49,953 |
|
65,756 |
|
149,228 |
|
182,447 |
|
International |
|
24,751 |
|
20,779 |
|
77,670 |
|
66,966 |
| Total |
|
74,704 |
|
86,535 |
|
226,898 |
|
249,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Motorcycle product
mix: |
|
|
|
|
|
|
|
|
|
Touring |
|
24,008 |
|
28,461 |
|
75,691 |
|
84,934 |
|
Custom |
|
34,322 |
|
39,488 |
|
105,316 |
|
109,576 |
|
Sportster® |
|
16,374 |
|
18,586 |
|
45,891 |
|
54,903 |
| Total |
|
74,704 |
|
86,535 |
|
226,898 |
|
249,413 |
|
|
|
|
|
|
|
|
|
| BUELL UNITS |
|
|
|
|
|
|
|
|
| Motorcycle
shipments: |
|
|
|
|
|
|
|
|
|
Buell |
|
2,760 |
|
2,639 |
|
9,224 |
|
8,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retail
Sales of Harley-Davidson Motorcycles |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
|
September 28, |
|
September 30, |
|
September 28, |
|
September 30, |
|
|
2008 |
|
2007 |
|
2008 |
|
2007 |
| North America
Region |
|
|
|
|
|
|
|
|
|
United States |
|
59,000 |
|
69,810 |
|
189,437 |
|
215,092 |
|
Canada |
|
3,682 |
|
3,277 |
|
14,552 |
|
12,855 |
|
Total North America Region |
|
62,682 |
|
73,087 |
|
203,989 |
|
227,947 |
|
|
|
|
|
|
|
|
|
| Europe Region
(Includes Middle East and Africa) |
|
|
|
|
|
|
|
|
|
Europe* |
|
8,481 |
|
8,301 |
|
34,284 |
|
32,594 |
|
Other |
|
1,006 |
|
920 |
|
3,483 |
|
2,675 |
|
Total Europe Region |
|
9,487 |
|
9,221 |
|
37,767 |
|
35,269 |
|
|
|
|
|
|
|
|
|
| Asia Pacific
Region |
|
|
|
|
|
|
|
|
|
Japan |
|
4,697 |
|
3,808 |
|
11,502 |
|
10,028 |
|
Other |
|
2,310 |
|
2,156 |
|
7,722 |
|
6,816 |
|
Total Asia Pacific Region |
|
7,007 |
|
5,964 |
|
19,224 |
|
16,844 |
|
|
|
|
|
|
|
|
|
| Latin America
Region |
|
1,776 |
|
1,254 |
|
6,034 |
|
3,902 |
|
|
|
|
|
|
|
|
|
|
Total Worldwide Retail Sales |
|
80,952 |
|
89,526 |
|
267,014 |
|
283,962 |
|
|
|
|
|
|
|
|
|
| Data Source
(subject to update) |
|
|
|
|
|
|
|
|
| Data source for all 2007 and 2008 retail sales figures shown
above is 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 retail sales, and this information is subject to
revision. |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Only
Harley-Davidson® motorcycles are included in the Harley-Davidson
Motorcycle Sales data. |
|
|
|
|
|
|
|
|
|
|
|
|
|
| * Data for Europe include Austria, Belgium, Denmark, Finland,
France, Germany, Greece, Italy, Netherlands, Norway, Portugal,
Spain, Sweden, Switzerland, and the United Kingdom. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Heavyweight
Market Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
|
|
2008 |
|
2007 |
|
|
|
|
|
|
|
|
|
| United States1 |
|
|
|
|
|
425,731 |
|
443,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Eight months ended |
|
|
|
|
|
|
August 31, |
|
August 31, |
|
|
|
|
|
|
2008 |
|
2007 |
| Europe2 |
|
|
|
|
|
323,139 |
|
311,164 |
|
|
|
|
|
|
|
|
|
| 1 - United States industry data includes 651+cc models, derived
from submission of motorcycle retail sales by each major
manufacturer to an independent third party. |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2 - 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. |
|
|
|
|
|