MILWAUKEE, July 18, 2017 /PRNewswire/
-- Harley-Davidson, Inc. (NYSE:HOG) second quarter 2017
diluted EPS decreased 4.5 percent to $1.48 compared to $1.55 in the second quarter of 2016. Second
quarter net income was $258.9 million
on consolidated revenue of $1.77
billion versus net income of $280.4 million on consolidated revenue
of $1.86 billion for the same period in 2016.
"We are pleased with our ability to deliver strong margins in
the quarter despite challenging market conditions, particularly in
the U.S.," said Matt Levatich,
president and CEO, Harley-Davidson. "Given U.S. industry challenges
in the second quarter and the importance of the supply and demand
balance for our premium brand, we are lowering our full-year
shipment and margin guidance."
Harley-Davidson worldwide retail motorcycle sales were down 6.7
percent in the second quarter compared to the same period in 2016.
Harley-Davidson retail motorcycle sales in the U.S. were down 9.3
percent compared to the year-ago quarter, with the overall U.S.
industry down for the same period. Harley-Davidson's U.S. market
share for the quarter was 48.5 percent in the 601cc-plus segment.
Harley-Davidson's international retail sales decreased 2.3 percent
compared to the second quarter in 2016.
Through six months, Harley-Davidson's 2017 diluted EPS was
$2.53, down 13.1 percent from
$2.91 in the year-ago period. For the
first six months, Harley-Davidson's 2017 net income was
$445.2 million on consolidated
revenue of $3.27 billion compared to
six-month 2016 net income of $530.9
million on consolidated revenue of $3.61 billion. Through six months, worldwide
retail motorcycle sales were down 5.7 percent from the same period
in 2016.
"Our long-term strategy, focused on building the next generation
of Harley-Davidson riders, is our true north. Our new product
investment is one pillar of our long-term strategy to build riders
globally and we are energized by the strength of our model year
2018 motorcycles coming later this summer," said Levatich.
Harley-Davidson
Retail Motorcycle Sales
|
In units as
reported by H-D dealers
|
2nd
Quarter
|
Six
Months
|
2017
|
2016
|
Change
|
2017
|
2016
|
Change
|
U.S.
|
49,668
|
54,786
|
(9.3)%
|
82,984
|
90,112
|
(7.9)%
|
Canada
|
3,827
|
3,813
|
0.4%
|
6,188
|
6,283
|
(1.5)%
|
Latin
America
|
2,355
|
2,573
|
(8.5)%
|
4,697
|
4,459
|
5.3%
|
EMEA
|
17,230
|
17,513
|
(1.6)%
|
27,397
|
27,723
|
(1.2)%
|
Asia
Pacific
|
8,308
|
8,581
|
(3.2)%
|
15,171
|
16,147
|
(6.0)%
|
International
Total
|
31,720
|
32,480
|
(2.3)%
|
53,453
|
54,612
|
(2.1)%
|
Worldwide
Total
|
81,388
|
87,266
|
(6.7)%
|
136,437
|
144,724
|
(5.7)%
|
Harley-Davidson new retail motorcycle sales in the U.S. were
down primarily driven by weak industry conditions. New retail sales
internationally were also down but generally in-line with company
expectations for the second quarter of 2017.
Motorcycles and
Related Products Segment Results
|
$ in
thousands
|
2nd
Quarter
|
Six
Months
|
2017
|
2016
|
Change
|
2017
|
2016
|
Change
|
Motorcycle Shipments
(vehicles)
|
81,807
|
88,160
|
(7.2)%
|
152,638
|
171,196
|
(10.8)%
|
Revenue
|
|
|
|
|
|
|
Motorcycles
|
$1,270,433
|
$1,330,632
|
(4.5)%
|
$2,370,135
|
$2,648,210
|
(10.5)%
|
Parts &
Accessories
|
$237,498
|
$258,208
|
(8.0)%
|
$406,523
|
$441,913
|
(8.0)%
|
General
Merchandise
|
$63,017
|
$75,757
|
(16.8)%
|
$118,853
|
$146,375
|
(18.8)%
|
Gross
Margin
|
36.5%
|
36.4%
|
0.1pts
|
36.2%
|
36.9%
|
(0.7)pts
|
Operating
Income
|
$319,647
|
$322,749
|
(1.0)%
|
$558,489
|
$655,206
|
(14.8)%
|
Operating
Margin
|
20.3%
|
19.3%
|
1.0pts
|
19.2%
|
20.2%
|
(1.0)pts
|
Revenue from the Motorcycles and Related Products segment was
down in the second quarter of 2017 versus prior year largely due to
lower motorcycle shipments. Operating margin as a percent of
revenue increased versus the prior year quarter primarily as a
result of mix favorability driven by demand for the Milwaukee-Eight
powered touring motorcycles and lower SG&A spending.
Financial Services
Segment Results
|
$ in
thousands
|
2nd
Quarter
|
Six
Months
|
2017
|
2016
|
Change
|
2017
|
2016
|
Change
|
Revenue
|
$188,034
|
$190,964
|
(1.5)%
|
$361,255
|
$364,322
|
(0.8)%
|
Operating
Income
|
$81,935
|
$89,573
|
(8.5)%
|
$134,571
|
$145,944
|
(7.8)%
|
The Financial Services segment operating income was down 8.5
percent due to the full securitization gain on sale recognized
during the second quarter of 2016 which did not recur in the second
quarter of 2017.
Income Tax Rate
For the first half of 2017,
Harley-Davidson's effective tax rate was 34.4 percent compared
to 32.7 percent in the prior year period. The company continues to
expect its full-year 2017 effective tax rate to be approximately
34.5 percent.
Other Results
Cash and marketable securities totaled
$988.5 million at the end of the
quarter, compared to $869.7 million in the year-ago quarter.
During the first six months of 2017,
Harley-Davidson generated $627.1 million of cash from
operating activities compared to $456.3 million for the first
half of 2016. The company paid a cash dividend of $0.365 per share for the second quarter of 2017,
and a cumulative total of $0.73 for
the first six months of 2017. On a discretionary basis, the company
repurchased 3.0 million shares of its common stock during the
second quarter of 2017 for $163.2
million. In the second quarter of 2017, there were
approximately 175.3 million weighted-average diluted common shares
outstanding, compared to 181.3 million shares in the same period a
year ago. At the end of the period, 15.0 million shares remained on
a board-approved share repurchase authorization.
Guidance
Harley-Davidson is revising its full-year
guidance for motorcycle shipments and now expects to ship 241,000
to 246,000 motorcycles to dealers worldwide in 2017, which is down
approximately 6 percent to 8 percent from 2016. The company had
previously provided full-year shipment guidance of flat to down
modestly in comparison to 2016. In the third quarter, the company
expects to ship 39,000 to 44,000 motorcycles, which is down
approximately 10 percent to 20 percent from 2016. The company now
expects full-year 2017 operating margin to be down approximately 1
percentage point compared to 2016. The company continues to expect
2017 capital expenditures to be $200 million
to $220 million.
Company Background
Harley-Davidson, Inc. is the parent
company of Harley-Davidson Motor Company and Harley-Davidson
Financial Services. Since 1903, Harley-Davidson Motor Company has
fulfilled dreams of personal freedom with custom, cruiser and
touring motorcycles, riding experiences and events and a complete
line of Harley-Davidson motorcycle parts, accessories, general
merchandise, riding gear and apparel. 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 other select
international markets. For more information, visit
Harley-Davidson's Web site at www.harley-davidson.com.
Conference Call and Webcast
Presentation
Harley-Davidson will discuss second quarter
results on a Webcast at 8:00 a.m. CT
today. The supporting slides will be posted prior to the call and
can be accessed at http://investor.harley-davidson.com under the
Events and Presentations section. The audio portion of today's call
will also be posted approximately two hours after the call
concludes.
Forward-Looking Statements
The company intends that
certain matters discussed in this release are "forward-looking
statements" intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. These forward-looking statements can generally be identified
as such because the context of the statement will include words
such as the company "believes," "anticipates," "expects," "plans,"
or "estimates" or words of similar meaning. Similarly, statements
that describe future plans, objectives, outlooks, targets, guidance
or goals are also forward-looking statements. Such forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially, unfavorably or
favorably, from those anticipated as of the date of this release.
Certain of such risks and uncertainties are described below.
Shareholders, potential investors, and other readers are urged to
consider these factors in evaluating the forward-looking statements
and cautioned not to place undue reliance on such forward-looking
statements. The forward-looking statements included in this release
are only made as of the date of this release, and the company
disclaims any obligation to publicly update such forward-looking
statements to reflect subsequent events or circumstances.
The company's ability to meet the targets and expectations noted
depends upon, among other factors, the company's ability to (i)
execute its business strategy, (ii) drive demand by executing its
marketing strategy of appealing to and growing sales to
multi-generational and multi-cultural customers worldwide in an
increasingly competitive marketplace, (iii) develop and introduce
products, services and experiences that are successful in the
marketplace, (iv) manage the impact that prices for and supply of
used motorcycles may have on its business, including on retail
sales of new motorcycles, (v) balance production volumes for its
new motorcycles with consumer demand, including in circumstances
where competitors may be supplying new motorcycles to the market in
excess of demand at reduced prices, (vi) manage through changes in
general economic and business conditions, including changing
capital, credit and retail markets, and the changing political
environment, (vii) manage risks that arise through expanding
international manufacturing, operations and sales, (viii)
accurately estimate and adjust to fluctuations in foreign currency
exchange rates, interest rates and commodity prices, (ix) manage
the credit quality, the loan servicing and collection activities,
and the recovery rates of HDFS' loan portfolio, (x) prevent and
detect any issues with its motorcycles or any associated
manufacturing processes to avoid delays in new model launches,
recall campaigns, regulatory agency investigations, increased
warranty costs or litigation and adverse effects on its reputation
and brand strength, (xi) retain and attract talented employees,
(xii) prevent a cybersecurity breach involving consumer, employee,
dealer, supplier, or company data and respond to evolving
regulatory requirements regarding data security, (xiii) continue to
develop the capabilities of its distributors and dealers and manage
the risks that its independent dealers may have difficulty
obtaining capital and managing through changing economic conditions
and consumer demand, (xiv) adjust to tax reform, healthcare
inflation and reform and pension reform, (xv) manage through the
effects inconsistent and unpredictable weather patterns may have on
retail sales of motorcycles, (xvi) manage supply chain issues,
including quality issues and any unexpected interruptions or price
increases caused by raw material shortages or natural disasters,
(xvii) implement and manage enterprise-wide information technology
systems, including systems at its manufacturing facilities, (xviii)
manage changes and prepare for requirements in legislative and
regulatory environments for its products, services and operations,
(xix) manage its exposure to product liability claims and
commercial or contractual disputes, (xx) execute its flexible
production strategy, (xxi) successfully access the capital
and/or credit markets on terms (including interest rates) that are
acceptable to the company and within its expectations, and (xxii)
continue to manage the relationships and agreements that the
company has with its labor unions to help drive long-term
competitiveness.
In addition, the company could experience delays or disruptions
in its operations as a result of work stoppages, strikes, natural
causes, terrorism or other factors. Other factors are described in
risk factors that the company has disclosed in documents previously
filed with the Securities and Exchange Commission.
The company's ability to sell its motorcycles and related
products and services and to meet its financial expectations also
depends on the ability of the company's independent dealers to sell
its motorcycles and related products and services to retail
customers. The company depends on the capability and financial
capacity of its independent dealers and distributors to develop and
implement effective retail sales plans to create demand for the
motorcycles and related products and services they purchase from
the company. In addition, the company's independent dealers and
distributors may experience difficulties in operating their
businesses and selling Harley-Davidson motorcycles and
related products and services as a result of weather, economic
conditions or other factors.
Harley-Davidson,
Inc.
|
Condensed
Consolidated Statements of Income
|
(In thousands, except
per share amounts)
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June 25,
|
|
June 26,
|
|
June 25,
|
|
June 26,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Motorcycles and
related products revenue
|
|
$
1,577,135
|
|
$
1,670,113
|
|
$
2,905,846
|
|
$
3,246,723
|
Gross
profit
|
|
575,623
|
|
607,558
|
|
1,053,108
|
|
1,197,838
|
Selling,
administrative and engineering expense
|
|
255,976
|
|
284,809
|
|
494,619
|
|
542,632
|
Operating
income from motorcycles & related products
|
|
319,647
|
|
322,749
|
|
558,489
|
|
655,206
|
|
|
|
|
|
|
|
|
|
Financial services
revenue
|
|
188,034
|
|
190,964
|
|
361,255
|
|
364,322
|
Financial services
expense
|
|
106,099
|
|
101,391
|
|
226,684
|
|
218,378
|
Operating
income from financial services
|
|
81,935
|
|
89,573
|
|
134,571
|
|
145,944
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
401,582
|
|
412,322
|
|
693,060
|
|
801,150
|
Investment
income
|
|
577
|
|
688
|
|
1,456
|
|
1,454
|
Interest
expense
|
|
7,726
|
|
7,094
|
|
15,399
|
|
14,262
|
Income before income
taxes
|
|
394,433
|
|
405,916
|
|
679,117
|
|
788,342
|
Provision for income
taxes
|
|
135,566
|
|
125,485
|
|
233,881
|
|
257,422
|
Net income
|
|
$
258,867
|
|
$
280,431
|
|
$
445,236
|
|
$
530,920
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
1.48
|
|
$
1.55
|
|
$
2.54
|
|
$
2.92
|
Diluted
|
|
$
1.48
|
|
$
1.55
|
|
$
2.53
|
|
$
2.91
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares:
|
|
|
|
|
|
|
|
|
Basic
|
|
174,409
|
|
180,587
|
|
175,178
|
|
181,976
|
Diluted
|
|
175,324
|
|
181,339
|
|
176,170
|
|
182,740
|
|
|
|
|
|
|
|
|
|
Cash dividends per
common share
|
|
$
0.365
|
|
$
0.350
|
|
$
0.730
|
|
$
0.700
|
Harley-Davidson,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
June 25,
|
|
December
31,
|
|
June 26,
|
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
988,476
|
|
$
759,984
|
|
$
864,670
|
Marketable securities
|
|
-
|
|
5,519
|
|
5,070
|
Accounts receivable, net
|
|
330,933
|
|
285,106
|
|
311,956
|
Finance receivables, net
|
|
2,338,533
|
|
2,076,261
|
|
2,457,974
|
Inventories
|
|
372,012
|
|
499,917
|
|
371,196
|
Restricted cash
|
|
63,225
|
|
52,574
|
|
78,078
|
Other current assets
|
|
151,423
|
|
174,491
|
|
270,080
|
Total current
assets
|
|
4,244,602
|
|
3,853,852
|
|
4,359,024
|
|
|
|
|
|
|
|
Finance receivables,
net
|
|
4,994,002
|
|
4,759,197
|
|
4,824,071
|
Other long-term
assets
|
|
1,249,167
|
|
1,277,191
|
|
1,165,345
|
|
|
$
10,487,771
|
|
$
9,890,240
|
|
$
10,348,440
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts payable & accrued liabilities
|
|
$
860,758
|
|
$
721,970
|
|
$
759,507
|
Short-term debt
|
|
928,445
|
|
1,055,708
|
|
1,020,487
|
Current portion of long-term debt, net
|
|
1,565,558
|
|
1,084,884
|
|
732,773
|
Total current
liabilities
|
|
3,354,761
|
|
2,862,562
|
|
2,512,767
|
|
|
|
|
|
|
|
Long-term debt,
net
|
|
4,678,350
|
|
4,666,975
|
|
5,308,063
|
Pension and
postretirement healthcare liabilities
|
|
217,820
|
|
257,709
|
|
318,311
|
Other long-term
liabilities
|
|
190,673
|
|
182,836
|
|
188,292
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
2,046,167
|
|
1,920,158
|
|
2,021,007
|
|
|
$
10,487,771
|
|
$
9,890,240
|
|
$
10,348,440
|
Harley-Davidson,
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(In
thousands)
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Six months
ended
|
|
|
June 25,
|
|
June 26,
|
|
|
2017
|
|
2016
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
627,068
|
|
$
456,290
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
|
(69,816)
|
|
(107,531)
|
Finance
receivables, net
|
|
(330,040)
|
|
(361,171)
|
Proceeds from
sale of finance receivables
|
|
-
|
|
312,571
|
Net change in
marketable securities
|
|
6,916
|
|
40,000
|
Other
|
|
115
|
|
166
|
Net cash used by
investing activities
|
|
(392,825)
|
|
(115,965)
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
issuance of medium-term notes
|
|
893,668
|
|
1,193,396
|
Repayments of
medium-term notes
|
|
(400,000)
|
|
(450,000)
|
Repayments of
securitization debt
|
|
(275,659)
|
|
(385,837)
|
Net decrease
in credit facilities and unsecured commercial paper
|
|
(128,787)
|
|
(181,259)
|
Borrowings of
asset-backed commercial paper
|
|
341,625
|
|
33,428
|
Repayments of
asset-backed commercial paper
|
|
(77,732)
|
|
(34,989)
|
Net change in
restricted cash
|
|
(7,248)
|
|
17,992
|
Dividends
paid
|
|
(128,452)
|
|
(127,800)
|
Purchase of
common stock for treasury
|
|
(243,055)
|
|
(269,411)
|
Excess tax
benefits from share-based payments
|
|
-
|
|
331
|
Issuance of
common stock under employee stock option plans
|
|
7,432
|
|
2,367
|
Net cash used by
financing activities
|
|
(18,208)
|
|
(201,782)
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
12,457
|
|
3,918
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
|
$
228,492
|
|
$
142,461
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
Cash and cash
equivalents - beginning of period
|
|
$
759,984
|
|
$
722,209
|
Net increase
in cash and cash equivalents
|
|
228,492
|
|
142,461
|
Cash and cash
equivalents - end of period
|
|
$
988,476
|
|
$
864,670
|
Motorcycles and
Related Products Revenue and
|
Motorcycle
Shipment Data
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June 25,
|
|
June 26,
|
|
June 25,
|
|
June 26,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
MOTORCYCLES AND
RELATED
PRODUCTS REVENUE (in thousands)
|
|
|
|
|
|
|
|
|
Motorcycles
|
|
$
1,270,433
|
|
$
1,330,632
|
|
$
2,370,135
|
|
$
2,648,210
|
Parts &
Accessories
|
|
237,498
|
|
258,208
|
|
406,523
|
|
441,913
|
General
Merchandise
|
|
63,017
|
|
75,757
|
|
118,853
|
|
146,375
|
Other
|
|
6,187
|
|
5,516
|
|
10,335
|
|
10,225
|
|
|
$
1,577,135
|
|
$
1,670,113
|
|
$
2,905,846
|
|
$
3,246,723
|
|
|
|
|
|
|
|
|
|
MOTORCYCLE
SHIPMENTS:
|
|
|
|
|
|
|
|
|
United States
|
|
52,966
|
|
57,804
|
|
98,750
|
|
115,439
|
International
|
|
28,841
|
|
30,356
|
|
53,888
|
|
55,757
|
Total
|
|
81,807
|
|
88,160
|
|
152,638
|
|
171,196
|
|
|
|
|
|
|
|
|
|
MOTORCYCLE PRODUCT
MIX:
|
|
|
|
|
|
|
|
|
Touring
|
|
36,650
|
|
27,675
|
|
65,718
|
|
66,172
|
Cruiser
|
|
25,247
|
|
37,655
|
|
50,401
|
|
64,584
|
Sportster®/ Street
|
|
19,910
|
|
22,830
|
|
36,519
|
|
40,440
|
Total
|
|
81,807
|
|
88,160
|
|
152,638
|
|
171,196
|
Worldwide Retail
Sales of Harley-Davidson Motorcycles(1)
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
United
States
|
|
49,668
|
|
54,786
|
|
82,984
|
|
90,112
|
|
|
|
|
|
|
|
|
|
Europe(2)
|
|
15,357
|
|
15,188
|
|
24,341
|
|
24,034
|
EMEA -
Other
|
|
1,873
|
|
2,325
|
|
3,056
|
|
3,689
|
Total
EMEA
|
|
17,230
|
|
17,513
|
|
27,397
|
|
27,723
|
|
|
|
|
|
|
|
|
|
Japan
|
|
2,677
|
|
2,763
|
|
4,663
|
|
4,869
|
Asia Pacific -
Other
|
|
5,631
|
|
5,818
|
|
10,508
|
|
11,278
|
Total Asia
Pacific
|
|
8,308
|
|
8,581
|
|
15,171
|
|
16,147
|
|
|
|
|
|
|
|
|
|
Latin
America
|
|
2,355
|
|
2,573
|
|
4,697
|
|
4,459
|
Canada
|
|
3,827
|
|
3,813
|
|
6,188
|
|
6,283
|
Total
International Retail Sales
|
|
31,720
|
|
32,480
|
|
53,453
|
|
54,612
|
Total
Worldwide Retail Sales
|
|
81,388
|
|
87,266
|
|
136,437
|
|
144,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Data source for retail sales figures shown above is new sales
warranty and registration information provided by Harley-Davidson
dealers and compiled by the Company. The Company must rely on
information that its dealers supply concerning new retail sales and
the Company does not regularly verify the information that its
dealers supply. This information is subject to revision. The EMEA
Europe total for the six months ended June 30, 2016 includes 251
units originally reported in the EMEA - Other total.
|
|
|
|
|
|
|
|
|
|
(2)
Europe data includes Austria, Belgium, Denmark,
Finland, France, Germany, Greece, Italy, Luxembourg, Netherlands,
Norway, Portugal, Spain, Sweden, Switzerland, and the United
Kingdom.
|
Motorcycle
Registration Data(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
|
|
2017
|
|
2016
|
United
States(2)
|
|
|
|
|
|
165,589
|
|
177,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Five months
ended
|
|
|
|
|
|
|
May 31,
|
|
May 31,
|
|
|
|
|
|
|
2017
|
|
2016
|
Europe(3)
|
|
|
|
|
|
203,278
|
|
200,906
|
|
|
|
|
|
|
|
|
|
(1)
Data includes on-road 601+cc models. On-road 601+cc models include
dual purpose models, three-wheeled motorcycles and
autocycles.
|
|
|
|
|
|
|
|
|
|
(2)United
States data is derived from information provided by Motorcycle
Industry Council (MIC). This third-party data is subject to
revision and update.
|
|
|
|
|
|
|
|
|
|
(3)Europe
data includes Austria, Belgium, Denmark, Finland, France, Germany,
Greece, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain,
Sweden, Switzerland, and the United Kingdom. Industry retail
motorcycle registration data includes 601+cc models derived from
information provided by Association des Constructeurs Europeens de
Motocycles (ACEM), an independent agency. This third-party data is
subject to revision and update.
|
View original
content:http://www.prnewswire.com/news-releases/harley-davidson-announces-second-quarter-2017-results-300489446.html
SOURCE Harley-Davidson, Inc.