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[CVOJOE]

"Harley-Davidson performance shows continued improvement"

The Company reported first quarter income from continuing operations of $119.3 million, or $0.51 per share, compared to income from continuing operations of $68.7 million, or $0.29 per share in the year-ago period. Worldwide retail sales of new Harley-Davidson motorcycles grew 3.5 percent in the first quarter, compared to last year's first quarter.
The Company's improved first-quarter earnings performance was driven by operating income from financial services, which climbed 154.6 percent compared to the first quarter of 2010. Operating income from motorcycles and related products was flat with the year-ago quarter and was impacted by expected inefficiencies related to the restructuring and implementation of the new operating system underway at the Company's manufacturing operations.

Revenue from Harley-Davidson motorcycles in the first quarter of 2011 was $833.4 million, up 3.0 percent compared to the year-ago period. The Company shipped 53,827 Harley-Davidson motorcycles to dealers and distributors worldwide during the quarter, compared to shipments of 53,674 motorcycles in the first quarter of 2010.

Revenue from Parts and Accessories totaled $164.3 million during the quarter, up 10.2 percent, and revenue from General Merchandise, which includes MotorClothes® apparel, was $62.6 million, down 5.6 percent, compared to the year-ago period.

Gross margin was 33.1 percent in the first quarter, compared to 36.6 percent in the year-ago period.

The financial services segment recorded operating income of $67.9 million in the quarter, compared to operating income of $26.7 million in the year-ago quarter. The increase in year-over-year operating income is largely the result of continued improvement in credit performance.

Harley-Davidson expects all previously announced company-wide restructuring activities, including those related to the ratification of new labor agreements at its vehicle operations in Kansas City, Mo., to result in one-time charges of $510 million to $525 million, and annual ongoing savings of $305 million to $325 million when fully implemented.

[Gecko]

I got my proxy voting form not long ago - the board recommended voting in favor of granting "short-term incentive awards" to the officers.  Most were in the million dollar range, one would have been up to 236 percent of base salary.  I declined.  Why reward what they've been doing?

[CVOJOE]

I declined. 

That makes at least two "no" votes in that direction.

[PierceEye]

53,827 shipped in the 1st quarter! No wonder why they don't give a chit 

[spydglide]

53,827 shipped in the 1st quarter! No wonder why they don't give a chit 

Yeah, but ya gotta sell a lot of units to give management those kind of bonuses.    spyder

[grc]

Gotta love how big business works.  Shrink the company, jerk around the employee's, suppliers, dealers, state and local governments, and the customer's, then give yourself a huge bonus.  Sad part of all of this is that this "success" will just give management a false sense of a job well done, and there will be less urgency to make real improvements in the business and the products.  Once again, the winners are the executives, the losers are everyone else.  Not exactly a new story in American business.


Jerry

[iski]

Harley appears to be turning back into a profitable company, due to some savvy biz moves.  Appears new mgt. is more serious about the long term profitablity.  May look at HD stock again - have owned it a few times in the past & it used to be a great investment.

Glad to see the improvement - economy is still tough.



BTW - while it is "pc" to root for company failures at times & all, I would prefer to see an American company such as HD succeed than fail.  Too many failed companies already - when they go they do not come back. 

[BALIS]

The bonus for CEO Keith Wandell for eight months work in 2010 : 6,4 million dollars!!!!!!!!!

[Chains]

High bonus and poor quality whats wrong with that picture?

[FNGw/08SERK]

High bonus and poor quality whats wrong with that picture?

Capitalism .....       

[iski]

For a $4 billion or so company in a recovery mode, $8 million or so is probably average compensation.  Much too lazy to research that number, but it sounds about right. 

Any of you guys who run $4+ billion dollar companies can chime in & let us know whether you make more or less than that.  Or iffn ya want, start a poll?