Thursday, August 28th16.7°C
22663
21755

Harley-Davidson 4Q earnings rise 6.8 per cent as motorcycle sales grow worldwide

MILWAUKEE - Harley-Davidson's fourth-quarter earnings rose 6.8 per cent as motorcycle sales continued to rise worldwide.

The Milwaukee company says global sales of new motorcycles grew 5.7 per cent in the quarter and 4.4 per cent for the full year as buyers responded to its new model lineup.

Harley-Davidson posted fourth-quarter net income of $75.4 million, up from $70.6 million a year ago.

That's 34 cents per share, compared with 31 cents in the last quarter of 2012. Revenue rose 2.1 per cent to $1.03 billion.

The company beat Wall Street's earnings expectations for the quarter. Analysts polled by FactSet expected 33 cents per share, on motorcycle revenue of $1.04 billion.

For the full year, Harley's profit rose 17.6 per cent to just under $734 million, or $3.28 per share. Revenue was $5.26 billion.

The annual performance also beat Wall Street estimates. Analysts expected earnings of $3.27 per share on revenue of just under $5.26 billion.

Harley predicted strong growth in global motorcycle shipments for 2014, up 7 per cent to 9 per cent to a range of 279,000 to 284,000. First-quarter shipments are expected to be 76,500 to 81,500, up from 75,222 a year earlier. Harley expects capital spending this year of $215 million to $235 million.

The company said it completed restructuring activities in 2013, realizing a benefit of $2.1 million for the year. It has spent $479 million on restructuring in its motorcycles business since 2009, and the measures saved the company $310 million last year. It expects recurring annual savings from restructuring of about $320 million, starting this year.

"We believe we are well-positioned to leverage our momentum, expand our reach among new and existing customers, and further strengthen Harley-Davidson's position as one of the world's leading brands," Chairman and CEO Keith Wandell said in a statement Thursday.

The Canadian Press


Read more Business News

22671


Recent Trending




Today's Market
S&P TSX15558.17-44.48
S&P CDNX1022.373.03
DJIA17079.57-42.44
Nasdaq4557.695-11.927
S&P 5001996.74-3.38
CDN Dollar0.9210+0.0002
Gold1281.70-2.1001
Oil94.66+0.11
Lumber349.40+2.40
Natural Gas3.965+0.054

 
Okanagan Companies
Pacific Safety0.195-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.190.00
Cantex0.08+0.01
Anavex Life Sciences0.240.00
Metalex Ventures0.075-0.005
Russel Metals36.39-0.21
Copper Mountain Mining2.91-0.05
Colorado Resources0.180.00
ReliaBrand Inc0.099-0.016
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.25+0.01

 



22852

FEATURED Property
1852793648 keremeos bypass rd
5 bedrooms 4 baths
$530,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...


What is a journey without a destination?

Photo: ContributedI would call it a joy ride... You see a planned project or business has a destination. It may be an ongoing revenue stream, it may be a business value or an exit strategy. If you don...


Joint accounts: what you need to know!

Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...

_








Member of BC Press Council


22885