Harley-Davidson has reported its third quarter sales and earnings to its stockholders, and the Bar & Shield brand is showing a modest up-tick in its Q3 sales. Growing 5.1% globally (61,838 units) for Q3, compared to 2010, Harley-Davidison has had similar growth in the US, where sales were up 5.4% (42,640 units). Year-to-date (YTD) sales globally were up 4.9% (194,829 units), continuing the bottoming-out trend in 2011 (up 4.7% in the US, or 127,930 units). Despite the modest sales increases, Harley-Davidson’s financials are significantly stronger than before, with the company posting a 95.9% increase in income from continuing operations.
Nearly doubling its bottom line, Harley walked away with $183.6 million in profit the last three months, up from $88.8 million during the same time period last year. YTD net income is up 155% compared to 2010, with Harley-Davidson reporting $493.4 million in profits made thus far this year.
“We are pleased with our sustained progress and we continue to realize strong momentum in the transformation our business,” said Keith Wandell, President and Chief Executive Officer of Harley-Davidson, Inc. “Two years ago we embarked on our strategy to focus solely on the Harley-Davidson brand, provide the flexibility required in today’s market and make Harley-Davidson lean, agile and more effective than ever at delivering remarkable products and extraordinary customer experiences. Today, we continue to see the positive results of the course we have charted. The changes underway in manufacturing, product development and retail capability will increasingly enable Harley-Davidson to be customer-led like never before.”
Harley’s bottom line growth is primarily due to the work of Wandell, as the company’s restructuring efforts have cut building and operating costs, and made Harley-Davidson profitable at its current volume structure. Harley-Davidson expects to ship between 228,000 to 235,000 motorcycles to dealers and distributors worldwide in 2011, with an expectation of 45,500 to 52,500 motorcycles in Q4.