CHICAGO (Reuters) - Harley-Davidson Inc (HOG.N), the U.S. motorcycle maker, said on Friday its quarterly earnings fell more than 15 percent, blaming "sluggish" sales in the United States, its biggest market.
Harley said it expects the retail motorcycle environment will "continue to be challenging" in the United States, where falling house prices have made consumers reluctant to buy big-ticket toys like motorcycles, boats, motorhomes and trailers.
The Milwaukee-based company said its third-quarter net profit fell 15.3 percent to $265.0 million, or $1.07 a share, from $312.7 million, or $1.20 a share, last year.
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Friday, October 19, 2007
Harley-Davidson's Profit
Harley-Davidson Inc., which last month warned that the slowing economy would result in lower sales and profits, reported a 15% drop in third-quarter net income and said it foresees a challenging U.S. retail market in 2008.
The iconic motorcycle maker reported net income of $265 million, or $1.07 a share, for the quarter, compared with $312.7 million, or $1.20 a share, a year earlier. During the quarter, the company repurchased $509 million of its common stock.
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The iconic motorcycle maker reported net income of $265 million, or $1.07 a share, for the quarter, compared with $312.7 million, or $1.20 a share, a year earlier. During the quarter, the company repurchased $509 million of its common stock.
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Harley-Davidson slows down in third quarter
New York - Legendary motorcycle maker Harley-Davidson said Friday its third-quarter profits fell 15.3 per cent year-on-year to 265 million dollars, amid a slowdown in domestic sales.
The Milwaukee, Wisconsin-based company said sales totalled 1.6 billion dollars, down 5.8 per cent from the third quarter of last year.
The company noted that while sales at home had slumped, export business showed strong growth.
In the third quarter, US sales came to 65,758 motorcycles, dwon from 80,398 in the same quarter last year. But exports rose to 20,779, up from 16,648 in the third quarter of 2006.
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The Milwaukee, Wisconsin-based company said sales totalled 1.6 billion dollars, down 5.8 per cent from the third quarter of last year.
The company noted that while sales at home had slumped, export business showed strong growth.
In the third quarter, US sales came to 65,758 motorcycles, dwon from 80,398 in the same quarter last year. But exports rose to 20,779, up from 16,648 in the third quarter of 2006.
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Stock Market Update - Fri Oct 19 08:34:47 EDT 2007
Harley-Davidson (HOG, 48.95) announced Friday a 15.3% year-over-year decrease in its third quarter income, equal to $265 million. The results, however, surpassed the street's revised expectations. Earnings per share declined 10.8% to $1.07, which was three cents better than the consensus estimate.
Early in September, Harley-Davidson lowered its outlook for the third quarter, citing an anticipated decrease in shipments amid a softened economic outlook and tighter credit conditions.
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Early in September, Harley-Davidson lowered its outlook for the third quarter, citing an anticipated decrease in shipments amid a softened economic outlook and tighter credit conditions.
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Market Report -- In Play (HOG)
Harley-Davidson beats by $0.03, beats on revs; reaffirms FY07 & FY08 guidance Reports Q3 (Sep) earnings of $1.07 per share, $0.03 better than the Reuters Estimates consensus of $1.04; revenues fell 5.8% year/year to $1.54 bln vs the $1.52 bln consensus. For the full year of 2007, the Company expects a shipment range of 328-332K Harley-Davidson motorcycles, compared to 349,196 units in 2006. The Company also expects a modest decline in revenue and lower operating margin in 2007. Reaffirms diluted earnings per share for the full year are expected to decrease 4 to 6 percent compared to 2006.
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her earnings: Google, Xerox, 3M, Harley-Davidson, Honeywell
With the market counting on an aeronautic financial performance from the Internet search leader, Google turned on the afterburners and surpassed even the most bullish expectations that have propelled the stock price into rarefied air.
With a market value just shy of $200 billion, Google on Thursday edged past Cisco Systems Inc. as Silicon Valley's most valuable company.
Google's profit jumped 46% to $1.07 billion on a 57% rise in revenue to $4.23 billion, propelled by simple text ads on Web pages.
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With a market value just shy of $200 billion, Google on Thursday edged past Cisco Systems Inc. as Silicon Valley's most valuable company.
Google's profit jumped 46% to $1.07 billion on a 57% rise in revenue to $4.23 billion, propelled by simple text ads on Web pages.
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Need a Place to Hang Your Helmet?
Bridges Covenant Church will hold its first preview service in its own building on November 4 thanks to the generosity of Asbury Covenant Church, the congregation that once occupied the facility.
Bridges pastor Mark Andrews initially arrived at Asbury to pastor the congregation’s remaining members while also starting the new church plant. The Asbury congregation eventually decided that the best opportunity to expand ministry in that community was to cease its own ministry and instead support the new Bridges Covenant initiative – and the congregation donated its building to Bridges Covenant.
“It was one of the most unselfish things I’ve ever seen,” says Andrews.
The building is undergoing extensive renovation. Drop ceilings are being removed, all new carpeting and tiles are being laid, and some of the space is being converted to a family ministry center. The church donated its 30 pews to a nearby small Baptist congregation, which was in need of the traditional seating, but did not have the money to purchase any (lower photo). For additional photos, see Renovation.
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Bridges pastor Mark Andrews initially arrived at Asbury to pastor the congregation’s remaining members while also starting the new church plant. The Asbury congregation eventually decided that the best opportunity to expand ministry in that community was to cease its own ministry and instead support the new Bridges Covenant initiative – and the congregation donated its building to Bridges Covenant.
“It was one of the most unselfish things I’ve ever seen,” says Andrews.
The building is undergoing extensive renovation. Drop ceilings are being removed, all new carpeting and tiles are being laid, and some of the space is being converted to a family ministry center. The church donated its 30 pews to a nearby small Baptist congregation, which was in need of the traditional seating, but did not have the money to purchase any (lower photo). For additional photos, see Renovation.
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Harley-Davidson CEO calls business climate 'tough'
The top executive at Harley Davidson Inc (HOG.N: Quote, Profile , Research), the U.S. motorcycle maker, said on Friday that the current business climate was "tough" as he defended the company's decision to slash production to keep output in line with reduced demand.
Ziemer's comments came during a conference call to discuss the Milwaukee-based company's third-quarter earnings, which fell 15 percent because of what it characterized as "sluggish" sales in the United States, it biggest market.
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Ziemer's comments came during a conference call to discuss the Milwaukee-based company's third-quarter earnings, which fell 15 percent because of what it characterized as "sluggish" sales in the United States, it biggest market.
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Seven Summits Research Releases Alerts on RIMM, GM, RIG, GILD, and HOG
Today's PriceWatch Alerts cover the following stocks: Research In Motion Ltd. , General Motors Corporation , Transocean Inc. , Gilead Sciences Inc. , and Harley-Davidson, Inc. .
Along with our PriceWatch Alerts, these brief reports contain a concise market overview, economic calendar and Dynamic Market Opportunities. PriceWatch Alerts include hedged trade ideas designed to potentially protect investors from unexpected market shifts. While other market reports only provide stock news, we offer strategies that hedge investments against uncertainty. Hedged trades increase your chances of making a profit, even if a stock goes down.
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Along with our PriceWatch Alerts, these brief reports contain a concise market overview, economic calendar and Dynamic Market Opportunities. PriceWatch Alerts include hedged trade ideas designed to potentially protect investors from unexpected market shifts. While other market reports only provide stock news, we offer strategies that hedge investments against uncertainty. Hedged trades increase your chances of making a profit, even if a stock goes down.
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Steve McQueen and Clark Gable motorcycles up for auction
A 1970 Kawasaki G31 belonging to actor Steve McQueen and 1934 Harley-Davidson RL formerly owned by Clark Gable are set to go up for auction on November 10 in LA.
The Bonhams and Butterfields auction is running in conjunction with the Love Ride and California Bike week at the Petersen Museum.
The Kawasaki that belonged to the star of The Great Escape and Bullet was hand painted by McQueen’s close friend Von Dutch and is expected to rake in between £7,000 and £10,000.
The RL Harley-Davidson that was owned and ridden by Gone with the Wind actor Clark Gable has been estimated at raking in even more money with a price tag between £12,000 and £17,000.
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Harley falters in Q3
Harley-Davidson, which operates its largest facility in Springettsbury Township, said this morning its third quarter revenue for 2007 was about 5.8 percent below what it was in 2006.
Jim Ziemer, chief executive officer, called “disappointing but not unexpected.”
Income was down about 15 percent and earnings per share was down about 11 percent, the company said.
International sales, one of the bright spots in Harley-Davidson's finances over the past year, were up nearly 9 percent.
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Jim Ziemer, chief executive officer, called “disappointing but not unexpected.”
Income was down about 15 percent and earnings per share was down about 11 percent, the company said.
International sales, one of the bright spots in Harley-Davidson's finances over the past year, were up nearly 9 percent.
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