harley-davidson inc (HOG) Key Developments
Harley-Davidson, Inc. Declares Dividend, Payable on December 27, 2013
Dec 3 13
Harley-Davidson, Inc. announced that its board of directors approved a cash dividend of $0.21 per share for the fourth quarter of 2013. The dividend is payable December 27, 2013 to the holders of record of the company's common stock on December 17, 2013.
Harley-Davidson Announces New Motorcycle Platform
Nov 5 13
Harley-Davidson is continuing its monumental ride, which began with the introduction of Project RUSHMORE in August, by revealing two, new Dark Custom(TM) motorcycles designed for young urban riders around the world. The Harley-Davidson Street(TM) 750 and Street(TM) 500 motorcycles -- the first all-new platform from Harley-Davidson in 13 years -- are built for urban environments with all-new liquid-cooled Revolution X(TM) powertrains, nimble agility and the sound and look that lets everyone know they are genuine Harley-Davidson. Both the Street 750 and Street 500 were designed with thousands of hours of input from young adults in cities around the world. This input guided both the attitude and capabilities of these motorcycles. They are proof that being customer-led continues to be a core driver of product development process. The Street 750 and Street 500 from Harley-Davidson are built for an urban environment. Each motorcycle features the new, Revolution X engine, designed to match the demands of stop-and-go traffic with nimble agility, while delivering instant throttle response to escape city gridlock.
The Revolution X engine will be housed in a new, narrow and lean chassis built for agility, with a super-low seat height, new suspension and broad handlebar sweep that provides confidence and maneuverability when managing tight turns and fast moves. Both signature Dark Custom motorcycles feature a premium, minimalist style that serves as a blank canvas for riders to customize. The Harley-Davidson Street(TM) 750 and Street(TM) 500 will be rolling into dealerships in select markets starting in 2014.
Harley-Davidson, Inc. Announces Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 29, 2013; Provides Financial Guidance for the Fourth Quarter and Full Year of 2013
Oct 22 13
Harley-Davidson, Inc. announced unaudited consolidated earnings and operating results for the third quarter and nine months ended September 29, 2013. Diluted earnings per share increased 23.7% to $0.73, primarily on strong operating results in the motorcycles segment, including higher motorcycle shipments and gains in plant operating efficiencies, compared to the year-ago period. Third-quarter net income was $162.7 million on consolidated revenue of $1.34 billion, compared to net income of $134.0 million on consolidated revenue of $1.25 billion in the year-ago period. Operating income was $251.539 million compared to $217.102 million a year ago period. Income before income taxes was $241.331 million compared to $207.111 million a year ago period.
Through nine months, the company's net income was $658.6 million on consolidated revenue of $4.71 billion, compared to net income of $553.3 million on consolidated revenue of $4.41 billion in the year-ago period. Nine-month 2013 diluted earnings per share were $2.93, up 22.1% compared to $2.40 in the year-ago period. Operating income was $1,031.666 million compared to $884.073 million a year ago period. Income before income taxes was $1,002.214 million compared to $855.156 million a year ago period. Net cash provided by operating activities was $825.103 million against $712.498 million a year ago period. Capital expenditures were $111.690 million against $95.329 million a year ago period.
Dealers worldwide sold 70,517 new Harley-Davidson motorcycles in the third quarter of 2013, compared to 61,053 motorcycles in the year-ago quarter. In the U.S., dealers sold 48,529 new Harley-Davidson motorcycles in the quarter, up 20.1%, compared to sales of 40,402 motorcycles in the year-ago period. In international markets, dealers sold 21,988 new Harley-Davidson motorcycles during the third quarter, up 6.5% compared to 20,651 motorcycles in the year-ago period, with unit sales up 10.0% in the Asia Pacific region, 1.6% in the EMEA region, 15.6% in the Latin America region, and 7.0% in Canada. Retail sales were driven by strong double-digit growth in the sale of touring motorcycles following the third-quarter launch of the Company's Project Rushmore line of revamped motorcycles.
Through nine months, dealers sold 214,964 new Harley-Davidson motorcycles worldwide, compared to 206,444 motorcycles in the year-ago period, with retail unit sales up 4.1% in the U.S., 11.3% in the Asia Pacific region, 20.1% in the Latin America region and 3.7% in Canada, and down 2.2% in the EMEA region, compared to the first nine months of 2012.
The company continues to expect to ship 259,000 to 264,000 motorcycles to dealers and distributors worldwide in 2013. 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. The company now expects its full-year 2013 effective tax rate will be approximately 34.7%.
During the fourth quarter, the company expects to ship between 45,000 and 50,000 motorcycles, which is in line with last year's fourth quarter shipments of 47,067 motorcycles. The company expects its gross margin percent will be in line with last year's fourth quarter. Gross margin will reflect the ongoing benefits from restructuring savings and lower temporary inefficiencies. And finally, the company expects fourth quarter gross margin percent will reflect the dilutive impact of its model year 2014 price increase net of related costs.
Harley-Davidson, Inc. to Report Q3, 2013 Results on Oct 22, 2013
Oct 22 13
Harley-Davidson, Inc. announced that they will report Q3, 2013 results Pre-Market on Oct 22, 2013
Harley-Davidson Issues Voluntary Recalls of Certain 2014 Motorcycles
Oct 16 13
Harley-Davidson is acting quickly to address potential safety issues by voluntarily recalling certain 2014 Touring motorcycles equipped with a hydraulic clutch system that may pose a safety issue for riders and/or passengers. The recalls include a Do Not Ride notice to owners and a Do Not Deliver notice to Harley-Davidson dealers until the motorcycle is fixed. The recalls affect 25,185 Touring motorcycles, models FLHTCU, FLHTK, FLHTP, FLHX, FLHXS, FLHTKSE and FLHRSE, and 3,861 Softail(R) CVOs and Trikes, models FLHTCUTG, FXSBSE and FLSTNSE, built between May 3, 2013, and October 14, 2013. Some of these motorcycles may exhibit a condition in which the hydraulic clutch system may lose the ability to generate enough lift to disengage the clutch. If the clutch does not disengage as intended, the rider may have difficulty slowing or stopping the motorcycle, which could result in an accident. Harley-Davidson has initiated these recalls to correct the affected motorcycles. The company is taking the additional measure of issuing a Do Not Ride notice to riders given the potential safety issues. The company wants owners of affected motorcycles to contact an authorized Harley-Davidson dealer immediately to arrange for an inspection. The dealer will pick up, inspect and make the necessary repairs at no cost to the owner. The repairs have been identified and should take less than one hour.