(In conjunction with this post, also read the one from last week on Winnebago, especially the quote from Ron Muhlenkamp at the top).
Revenue was down 5.8% and net income 15.3% from the year ago period.
Revenue in their core business of selling Harley Davidson motorcycles was down 8.5% on a 10.8% decrease in shipments of Harley Davidson motorcycles.
Significantly, weak results were entirely driven by weak US sales. Shipments of Harley Davidson motorcycles were actually up 24.8% internationally. It was the fact that they were down 18.2% in the US that weighed down the business for the quarter.
This represents a large drop off from the 2nd quarter (2Q Earnings Release) when shipments of Harley’s were up 17.1% in the US and overall revenue from the sale of Harleys was up 22%.
It’s been quite a ride for Harley the last couple of years as the outlook and emerging reality for consumer spending have gyrated back and forth (2 Year Chart).