HARLEY-DAVIDSON REPORT RECORD EARNINGS
October 14 2006.
Harley-Davidson, Inc. has announced record revenue and earnings per share for its third quarter ended September 24, 2006. Revenue for the quarter was $1.64 billion compared to $1.43 billion in the year-ago quarter, a 14.3 percent increase. Net income for the quarter was $312.7 million compared to $265.0 million, an increase of 18.0 percent over the third quarter of 2005. Third quarter diluted earnings per share (EPS) were $1.20, a 25.0 percent increase compared to last year's $0.96.
"Harley-Davidson delivered record results for both revenue and earnings per share during the third quarter," said Jim Ziemer, Chief Executive Officer, Harley-Davidson, Inc. "In addition, worldwide retail sales of Harley- Davidson(R) motorcycles grew 8.9 percent during the quarter. With four new models and an all-new Twin Cam 96(TM) engine with 6-speed transmission on Big Twin motorcycles, the 2007 model line has been a big hit with customers," he said.
For the first nine months of 2006, the Company's worldwide wholesale shipments were 256,348 Harley-Davidson motorcycles. For the full year, the Company now expects to ship between 349,000 and 351,000 units.
During the first nine months of 2006, the Company repurchased 17.2 million shares of its common stock at a cost of $911.0 million. On October 11, 2006, the board of directors of Harley-Davidson, Inc. authorized a new share repurchase program for up to 20 million additional shares.
"As we look to the future, the Company believes it will continue to deliver EPS growth in the range of 11 - 17 % annually through 2009. We expect earnings growth to be driven by solid revenue growth, margin improvement and the benefits of strong free cash flow," said Ziemer.