Milwaukee-based Harley-Davidson Inc. today reported fourth quarter net income of $74.5 million, or 35 cents per share, down from $75.4 million, or 34 cents per share, in the fourth quarter of 2013.
Operating income was $98.3 million, down from $122 million in the same period a year ago. Motorcycle segment operating income declined 41 percent, which the company attributed to flat revenue, lower gross margin percent, higher year-over-year selling, general and administrative expense and lower operating margin percent.
Harley sold 28,075 motorcycles in the North America region in the fourth quarter, down from 28,573 in the fourth quarter of 2013. Internationally, however, the company sold 20,192 motorcycles, up 9 percent from 18,488 in the same period a year ago.
Revenue was flat in the fourth quarter, at $1.03 billion.
For the full year, Harley reported net income of $844.6 million, up from $733.9 million in 2013.
Full-year operating income was $1.3 billion, up from $1.2 billion last year.
Revenue for 2014 was $5.6 billion, up from $5.3 billion in 2013.
“Harley-Davidson achieved a great year of financial performance in 2014, with double-digit earnings growth, revenue topping $6 billion and continued strong improvement in margins,” said Keith Wandell, chairman, president and chief executive officer of Harley-Davidson Inc.
“We also continued to broaden our customer base and expand the reach of our brand through unrivaled products and experiences. In international markets, our dealers in Asia Pacific, (Europe, Middle East and Africa Region) and Latin America posted their highest new motorcycle sales on record for each region, delivering on our expectation for international sales to grow at a faster rate than U.S. sales. And in the U.S., for the third straight year, sales to our outreach customers grew at more than twice the rate of sales to core customers.
“Our success is the result of a clear focus on managing the company for the long term, building on our well-established strategies and driving continuous improvement in every aspect of our business.”
