Harley-Davidson, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the First Quarter and Full Year of 2013
January 29, 2013 at 07:01 am EST
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Harley-Davidson, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, motorcycles and related products revenue was $1,010,898,000 against $1,026,777,000 a year ago. Operating income was $116,103,000 against $92,380,000 a year ago. Income before income taxes was $106,356,000 against $83,553,000 a year ago. Income from continuing operations was $70,639,000 or $0.31 per basic and diluted share against $54,644,000 or $0.24 per basic and diluted share a year ago. Net income was $70,639,000 or $0.31 per basic and diluted share against $105,680,000 or $0.46 per basic and diluted share a year ago.
For the full year, motorcycles and related products revenue was $4,942,582,000 against $4,662,264,000 a year ago. Operating income was $1,000,176,000 against $829,967,000 a year ago. Income before income taxes was $961,512,000 against $792,664,000 a year ago. Income from continuing operations was $623,925,000 or $2.75 per diluted share against $548,078,000 or $2.33 per diluted share a year ago. Net income was $623,925,000 or $2.72 per diluted share against $599,114,000 or $2.55 per diluted share a year ago. Net cash provided by operating activities of continuing operations was $793,076,000 against $885,291,000 a year ago. Capital expenditures were $189,002,000 against $189,035 a year ago.
For the full year of 2013, the company expects to ship 259,000 to 264,000 motorcycles to dealers and distributors worldwide, an approximate 4.5% to 6.5% increase from 2012. In 2013, the company expects its full-year effective tax rate from continuing operations will be approximately 34.8%.
In the first quarter of 2013, the company expects to ship 71,000 to 76,000 motorcycles, an approximate increase of 10% to 18% from the year ago period. The company's first-quarter shipment plan reflects the implementation of surge production at York in the first half of 2013. The company expects full-year 2013 gross margin of 35.25% to 36.25 %. The company expects capital expenditures of $200 million to $220 million in 2013.
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. The Company operates in three segments: Harley-Davidson Motor Company (HDMC), LiveWire, and Harley-Davidson Financial Services (HDFS). HDMC designs, manufactures and sells Harley-Davidson motorcycles. HDMC also sells motorcycle parts, accessories, and apparel as well as licenses its trademarks. LiveWire segment sells electric motorcycles, electric balance bikes for kids, parts and accessories and apparel in the United States and certain international markets. HDMC conducts business on a global basis, with sales in the United States, Canada, Europe/Middle East/Africa (EMEA), Asia Pacific, and Latin America. HDMC's products are sold to retail customers primarily through a network of independent dealers. HDMC also distributes its motorcycles through an independent distributor in India. HDMC offers internal combustion engine motorcycles under the Harley-Davidson brand.
Harley-Davidson, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the First Quarter and Full Year of 2013