MILWAUKEE, July 19, 2011 -- Harley-Davidson, Inc. (NYSE: HOG) generated broad performance improvements in the second quarter of 2011, with strong earnings growth, increased shipments and growth in its dealers' new motorcycle sales both in the U.S. and globally.
Income from continuing operations in the second-quarter 2011 rose 36.8 percent to $190.6 million, compared to income of $139.3 million from continuing operations in the year-ago quarter. Second-quarter 2011 earnings results were led by operating income from the Motorcycles and Related Products, which grew 39.2 percent to $219.8 million on higher shipment volume and operating margin improvement. Operating income from the Financial Services grew 34.9 percent, compared to the second quarter of 2010.
Retail sales of new Harley-Davidson motorcycles grew 7.5 percent in the U.S. and 5.6 percent worldwide in the second quarter.
The Company raised its shipment forecast for 2011 and now expects to ship between 228,000 and 235,000 new Harley-Davidson motorcycles to dealers and distributors worldwide, an increase of 8 percent to 12 percent compared to 2010 shipments.
For the first six months of 2011, Harley-Davidson income from continuing operations was up 48.9 percent compared to the year-ago period to $309.8 million, or $1.31 per share.
"Harley-Davidson continues to make great progress as we transform our business and take our iconic brand to the many roads of the world," said Keith Wandell, President and Chief Executive Officer of Harley-Davidson, Inc.
"While we are pleased by Harley-Davidson's second-quarter results, including the strong jump at retail in the U.S., our focus remains squarely on sustaining this progress through the ongoing implementation of our business strategy."
Retail Harley-Davidson Motorcycle Sales
On a worldwide basis, second-quarter retail Harley-Davidson new motorcycle sales grew 5.6 percent compared to last year's second quarter. Dealers sold 53,599 new Harley-Davidson motorcycles in the U.S., a 7.5 percent increase compared to last year's second quarter and the first year-over-year quarterly rise in U.S. Harley-Davidson new motorcycles sales since the fourth quarter of 2006. Retail sales of 29,797 new motorcycles in international markets in the second quarter marked an increase of 2.4 percent compared to the year-ago period. Industry-wide U.S. heavyweight new motorcycle (651cc-plus) retail unit sales increased 4.2 percent in the second quarter of 2011 compared to the year-ago period.
Through six months, worldwide retail sales of new Harley-Davidson motorcycles increased 4.8 percent to 132,991 units compared to the prior-year period. U.S. retail sales of new Harley-Davidson motorcycles increased 4.4 percent to 85,290 units for the first half of the year compared to the year-ago period. In international markets, retail sales of new Harley-Davidson motorcycles increased 5.6 percent to 47,701 units for the first six months of 2011 compared to 2010. Through six months, industry-wide U.S. heavyweight new motorcycle (651cc-plus) retail unit sales increased 3.8 percent, compared to the year-ago period.