It was a great report. Hope the conference call goes as well in the morning.
Highlights after a quick read.
Net $.02 above expectations.
Strong sales across the board.
Gross margins up versus last year 33.9% vs 32.1%
Gross margin for full year 1998 was 33.5% and 34.1% in 4q98.
Revenue growth may not have beat analysts estimates as much as EPS growth.
Increased HDI target units by 1000 and Buell by 500 over January estimates.
Monday April 12 8:15 PM ET
Harley-Davidson Profit, Sales Climb
MILWAUKEE (Reuters) - Harley-Davidson Inc. (NYSE:HDI - news) said Monday rising worldwide demand for its motorcycles pushed first-quarter earnings and sales to record highs.
For the first quarter ended March 28, earnings rose 31 percent to $59 million, or 38 cents a share, from $44.7 million, or 29 cents, in the year-earlier quarter. Analysts on average had estimated earnings at 36 cents, according to First Call Corp., a research firm that tracks such forecasts.
Sales generated by the Milwaukee-based company in the latest quarter climbed 20 percent to a record $558.6 million from $466.5 million.
''We achieved a strong start to 1999 with another record quarter of double-digit growth,'' said Jeffrey Bleustein, chairman and chief executive of Harley-Davidson Inc. ''We continue to increase our production capacity to meet the growing worldwide demand for Harley-Davidson motorcycles.''
Bleustein said Harley Davidson's dealers were expanding their capabilities and service capacity. He said the company's new products in development would attract new customers and sustain long-term growth.
In its motorcycle segment, first-quarter sales of Harley-Davidson climbed 21 percent to $436.5 million. Shipments of Harley-Davidson motorcycles in the first quarter totaled 41,181 units, up 6,699 from in the same period last year.
Based on the first-quarter results, Harley-Davidson's motorcycle production target for 1999 has been increased to 168,000 units, and the second quarter production target is 43,500 units, the company said.
Harley-Davidson Inc. is the parent company for Harley-Davidson Motor Co., sport motorcycle maker Buell Motorcycle Co. and Eaglemark Financial Services Inc.
Harley-Davidson, the only major U.S.-based motorcycle manufacturer, produces heavyweight motorcycles and offers a complete line of motorcycle parts, accessories, apparel, and general merchandise.
Shares of Harley-Davidson ended 25 cents higher at $58.3125 in trading on the New York Stock Exchange.
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