Harley-Davidson Earnings Sales Show Continued Strength

New Bike Sales Climb 10.9 Percent in Fourth Quarter and 5.9 Percent for the Year

MILWAUKEE, Jan. 24, 2012 -- Harley-Davidson, Inc. (NYSE: HOG) reported a strong finish to 2011, with improved fourth-quarter performance capping a year of earnings and dealer retail sales growth. Income from continuing operations was $54.6 million in the fourth quarter of 2011, compared to a loss of $42.1 million from continuing operations in the year-ago quarter. For the full year 2011, income from continuing operations more than doubled to $548.1 million compared to income of $259.7 million in 2010.

Retail sales of new Harley-Davidson motorcycles grew 10.9 percent worldwide in the fourth quarter compared to the prior-year period, including an 11.8 percent increase in the U.S. For the full year 2011, new Harley-Davidson motorcycle retail sales rose 5.9 percent worldwide and 5.8 percent in the U.S.

On a segment basis, full-year operating income from Motorcycles and Related Products grew 48.2 percent on higher shipment volume and operating margin improvement.

"...we believe the solid improvement in new Harley-Davidson motorcycle sales reflects the strong appeal of our product lineup to a diverse customer base and the great efforts of our dealers, combined with improved consumer confidence in the U.S. While we are encouraged by the retail sales trend, we continue to keep a close watch on the marketplace and remain cautious in our expectations for 2012," said CEO of Harley-Davidson, Inc., Keith Wandell. Retail Harley-Davidson Motorcycle Sales
On a worldwide basis, dealers sold 40,359 new Harley-Davidson motorcycles in the fourth quarter of 2011, a 10.9 percent increase compared to the year-ago period. Dealers sold 23,753 new Harley-Davidsons in the U.S., an 11.8 percent increase compared to the fourth quarter of 2010. In international markets, dealers sold 16,606 new Harley machines during the fourth quarter, an increase of 9.7 percent compared to a year ago.

For the full year, worldwide retail sales of new Harley-Davidson motorcycles increased 5.9 percent to 235,188 units. U.S. retail sales of new Harley-Davidson motorcycles increased 5.8 percent, and in international markets sales increased 6.1 percent for the full year. Industry-wide U.S. heavyweight new motorcycle (651cc-plus) retail unit sales increased 4.3 percent for the full year, compared to 2010. **Harley-Davidson Motorcycles and Related Products Segment Financial Results **
Fourth-Quarter Segment Results: Revenue from Motorcycles during the fourth quarter of 2011 was up 13.5 percent compared to the year-ago period. The Company shipped 50,730 motorcycles to dealers and distributors worldwide during the quarter.

Revenue from Motorcycle Parts and Accessories (P&A;) was up 7.9 percent, and revenue from General Merchandise, which includes MotorClothes(r) Apparel and Accessories, was up 12.8 percent compared to the year-ago period.

Company Background
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Harley-Davidson Motor Company produces heavyweight custom, cruiser and touring motorcycles and offers a complete line of Harley-Davidson motorcycle parts, accessories, riding gear and apparel, and general merchandise. Harley-Davidson Financial Services provides wholesale and retail financing, insurance, extended service and other protection plans and credit card programs to Harley-Davidson dealers and riders in the U.S., Canada and select European countries. For more information, visit Harley-Davidson's Web site at www.harley-davidson.com.

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