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Archive for April 20th, 2010

That was the key take away in today’s Q1’10 earning’s call as the stock price soared.

CEO, Keith Wandell stated:

“We are seeing directional improvements in our dealers’ retail motorcycle sales as we enter the key selling season.  At the same time, given the global economic uncertainty that still exists, we believe conditions will remain challenging throughout the year, and we continue to factor that into how we manage the business.”

Net revenues for the quarter declined to $1.04B from $1.29B in the same quarter last year.  Net income was $33.33M or $0.14 per share, sharply lower than $117.35 million or $0.50 per share in the prior-year quarter.  The company noted that Q1 earnings included operating income from H-D Financial Services of $26.7 million, marking a return to profitability for the company’s financial subsidiary.

Under the motorcycles and related products, revenues for H-D motorcycles were $808.81M, down 20% from $1.01B in the year-ago quarter. Shipments of H-D motorcycles totaled 53,674 units, a decline from 74,670 units last year. Domestic shipments dropped to 35,668 units from 52,710 units in the prior-year quarter, while exports fell to 18,006 units from 21,960 units in the same quarter of last year.

Using an analogy from Iceland’s Eyjafjallajokull volcano, I’d like to see less ash and more lava coming from Harley, but it was a stable quarter!

Photo courtesy of Masternewmedia.org

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