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mfgreen:
Chicago (Reuters) - Harley-Davidson Inc. reported a 20 percent rise in quarterly earnings on Wednesday, but its shares fell on a sharp drop in U.S. retail motorcycle sales and a lower-than-expected production goal for 2005.
The Milwaukee-based company blamed the retail sales drop on tough comparisons with a year earlier, when the company
mfgreen:
Harley-Davidson's profits soar
MILWAUKEE - Harley-Davidson Inc.'s third-quarter profit surged 20 percent, revved up by higher gross margin and brisk sales of its brand-name motorcycles and accessories.
The Milwaukee-based company has also projected continued growth in demand for its motorcycles, resulting in a wholesale unit target of 339,000 motorcycles in 2005, a 7 percent increase over the 2004 target.
Harley posted earnings of $229 million, or 77 cents a share, for the third quarter ended Sept. 26, up from $190.1 million, or 62 cents a share, in the third quarter a year earlier.
Third-quarter revenue rose 15 percent to $1.3 billion from $1.13 billion for the 2003 period.
A Thomson First Call survey of Wall Street analysts projected, on average, third-quarter earnings of 75 cents a share on revenue of $1.33 billion.
Third-quarter revenue from Harley-Davidson motorcycles grew 18 percent to $996.6 million. Domestic Harley retail sales slipped 9.8 percent after a record quarter in 2003 driven by events associated with the company's 100th anniversary. International sales fell marginally amid difficult economic and market conditions in certain markets.
Revenue from parts and accessories, general merchandise and financial services outpaced 2003 levels.
Sales of Buell Motorcycles fell to $18.3 million from $20.4 million in the year-earlier period.
The company reiterated its target for Harley shipments of 317,000 motorcycles in 2004, with 2005 growth of 7 percent from that level.
Over the long term, Harley-Davidson projected growth in its parts and accessories business and operating income at financial services would trend slightly higher than motorcycle sales, with growth of general merchandise expected to trend slightly lower.
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mfgreen:
Harley-Davidson profit up 20%
MILWAUKEE (AP)
mfgreen:
NEW YORK, October 15 (newratings.com) - Analyst Joseph D Hovorka of Raymond James downgrades Harley-Davidson Inc (HDI.NYS) from "strong buy" to "market perform."
In a research note published yesterday, the analyst mentions that the company declared its 3Q04 EPS at $0.77, while posting weak revenues due to a higher-than-expected decline in bike prices. Harley-Davidson's gross margins during the quarter were, however, 152 basis points ahead of the estimates driven partly by favaurable foreign exchange valuations, the analyst says. The company witnessed sluggish retail sales in the US during the quarter due to the recent hurricanes, according to Raymond James.
mfgreen:
Harley-Davidson "neutral weight," estimates reduced
Thursday, October 14, 2004 4:18:39 AM ET
Prudential Financial
NEW YORK, October 14 (newratings.com) - Analyst William J Lerner of Prudential Financial maintains his "neutral weight" rating on Harley-Davidson Inc (HDI.NYS), while reducing his estimates for the company. The target price has been raised from $66 to $67.
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