MILWAUKEE — An unfavorable foreign currency
exchange negatively affected Harley-Davidson, Inc.’s
revenue during the first quarter, but the company
managed to make a modest profit.
According to the Milwaukee company on
Tuesday, diluted earnings per share increased 5 percent
to $1.27 compared to diluted EPS of $1.21 during the
first quarter of 2014. Net income was $269.9 million on
consolidated revenue of $1.67 billion compared to net
income of $265.9 million on consolidated revenue of
$1.73 billion in the first quarter of 2014.
In addition to the
foreign currency exchange, Harley-Davidson also cited
lower motorcycle shipments for its decline in revenue.
“While the first
quarter had its share of headwinds, our business is
strong and we remain clearly focused on executing
Harley-Davidson’s strategy to be customer-led in
everything we do, grow our reach among new customers in
the U.S., grow internationally and continuously improve
every aspect of our operations,” said Keith Wandell,
chairman, president and chief executive officer of
Harley-Davidson, Inc., in a statement. “We continue to
manage Harley-Davidson for long-term performance from a
position of great strength.”
During the first
quarter of 2015, worldwide retail sales of new
Harley-Davidson motorcycles decreased 1.3 percent
compared to last year’s first quarter, according to the
company, and dealers worldwide sold 56,661 new
Harley-Davidson motorcycles in the first quarter of 2015
compared to 57,415 motorcycles in the year-ago quarter.
Sales of new
Harley-Davidson motorcycles also declined 0.7 percent
domestically during the first quarter. In the U.S. for
that period, dealers sold 35,488 new Harley-Davidson
motorcycles compared to sales of 35,730 motorcycles in
the year-ago period.
believes increased, aggressive competitive motorcycle
discounting was among the factors adversely affecting
first-quarter U.S. retail Harley-Davidson sales,”
according to Monday’s announcement.