During a Conference Call this morning just before Wall Street opening, Harley-Davidson announced its first quarter 2010 financial results. Although Keith Wandell, the company’s President and Chief Executive stated again that market conditions remain challenging, operating profit per share was $0.29 vs $0.22 Wall-Street estimate.
This result is helped in big part by re-structuration and a rebound at its in-house finance unit and. First-quarter net profit is $35.4 million, or 14 cents a share, down from $117 million, or 50 cents a share, a year before.
Worldwide retail sales of new Harley-Davidson motorcycles declined 18.2 percent in the first quarter, a smaller rate of decline than in the prior three quarters. The brightest spot was international retail sales, which fell just 2.8 percent during the quarter after posting double-digit declines for a year. Sales in Europe and Canada were both up slightly during the quarter. Parts and accessories sales fell 12 percent to $149.1 million and general merchandise sales, which includes Harley-branded apparel, fell 12 percent to $66.3 million. Revenue from sales of Harley-Davidson motorcycles was down 20 percent during the quarter to $808.8 million. At opening this day April 20, 2010 the stock (HOG), was up 7.60%.