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2006年04月12日

hdi

カテゴリ：カテゴリ未分類

CHICAGO, April 12 (Reuters) - Motorcycle maker Harley-Davidson Inc. (HDI.N: Quote, Profile, Research) said on Wednesday its quarterly earnings edged up 3 percent, helped by strong overseas demand for its bikes.

But company issued a modest forecast for second-quarter shipments, worrying some investors and sending its stock down 5 percent.

The Milwaukee, Wisconsin-based company reported first-quarter net profit of $234.6 million, or 86 cents a share, up from $227.2 million, or 77 cents a share, a year earlier.

Sales rose 4 percent to $1.29 billion.

The results were in line with Wall Street expectations.

Harley said it shipped 79,506 bikes during the quarter, an increase of 3.6 percent over the same quarter in 2005.

It said it plans to ship 78,000 motorcycles in the second quarter, a projected increase of just 1.1 percent over the comparable quarter last year.

The company reiterated its forecast that it would ship between 348,000 and 352,000 bikes for the full year, meaning growth in the second half would be stronger than in the first half.

In a note to investors, UBS analyst Robin Farley suggested management had avoided cutting its guidance only by "pushing back shipments into later in the (year)."

"It back-end loads the full (year) shipment increase," Farley wrote. "Now, (second-half) shipments will have to be an aggressive 9-11 percent (higher) to stay within ... guidance."

Investors and analysts have been watching Harley-Davidson closely in recent months, concerned that it might announce production or shipments cuts.

The company has said it continues to face inventory issues in the United States, which accounts for 80 percent of its sales, because of consumers' highly seasonal purchase patterns.

International sales grew 11.6 percent during the first quarter, pulled higher by an especially strong performance in Japan, where sales grew 16.3 percent.

The company's performance in the United States, where the aging of the baby boom generation is turning a demographic tailwind into a headwind, was more modest, with sales growing just 5.8 percent.

Harley-Davidson shares were down $2.92, or 5.5 percent, at $50.05 on the New York Stock Exchange.