Harley-Davidson, Inc., Milwaukee, Wisc., reported net income for its fourth quarter ended Dec. 31, 2004, of $209.0 million, or 71 cents per share, up from $182.4 million, or 60 cents per share, during the same period in 2003. Revenue for its fourth quarter was $1.22 billion, up 5.4% from revenue of $1.16 billion in the year-ago quarter.
Harley says revenue for the year ended Dec. 31, 2004, was $5.02 billion, 8.5% more than the $4.62 billion posted in 2003. Net income for the year ended Dec. 31 was $889.8 million, or $3.00 per share, compared to last year's net income of $760.9 million, or $2.50 per share.
In the fourth quarter, retail sales of Harley-Davidson motorcycles were up 6.7% in the U.S. and up 14% in international markets compared to the year-ago quarter. Fourth quarter revenue from Harley-Davidson motorcycles was $992.6 million, an increase of $47.3 million or five percent. Motorcycle shipments totaled 80,587 units, an increase of 3,531 units or 4.6%.
For the full year, retail sales of Harley-Davidson motorcycles grew 7.1% in the U.S. and 1.5% internationally. In Europe, sales shrunk by 5.3%. Year-end motorcycle revenue was $3.93 billion, an increase of $306.7 million or 8.5%. The company shipped a total of 317,289 units in 2004, compared with 291,147 units in 2003.
Fourth quarter revenue from Parts and Accessories (P&A), which consists of Genuine Motor Parts and Genuine Motor Accessories, totaled $157.9 million, an increase of $16.9 million or 12% over the year-ago quarter. Revenue from General Merchandise, which consists of MotorClothes, apparel and collectibles, totaled $54.9 million, an increase of $4.2 million or 8.2%.
Full-year P&A revenue totaled $781.6 million, a $68.8 million or 9.7% increase, while full-year General Merchandise revenue totaled $223.7 million, a $12.3 million or 5.8% increase.
Harley-Davidson Financial Services, Inc. (HDFS), a subsidiary of Harley-Davidson, Inc., reported fourth quarter operating income of $39.2 million, up $5.4 million or 15.9% compared to the year-ago quarter.
Full year operating income for HDFS was $188.6 million, an increase of $20.7 million or 12.3% compared to 2003.
Officials at Harley said the company expects to ship 339,000 units in 2005. Jeffrey L. Bleustein, chairman and CEO, says the company, responding to current market conditions and the strong euro, will reduce prices on select motorcycles in Europe in 2005 in an effort to attract a broader range of customer.
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