Harley-Davidson, Inc. (NYSE:HOG) reported revenues and earnings for the third quarter of 2012 that were lower than those of 2011, but still in line with company expectations. The cause of the decline was due to the launch of an ERP (enterprise resource planning) production system in the company’s largest assembly plant rather than external factors. The market reacted favorably, with HOG jumping sharply in price on a day when the Dow Jones Industrial Average and S&P 500 both fell.
Revenues and earnings for the nine months ended September 30, 2012 are both up compared to the same period in 2011, and management expects full year 2012 motorcycle shipments to exceed 2011 by 5 – 7%.
In the company’s earnings announcement, Keith Wandell, Chairman, President and Chief Executive Officer was quoted as saying “Harley-Davidson had a lot of exciting news for customers in the third quarter, with the launch of the 110th Anniversary year and Anniversary Edition motorcycles, and the rollout of our exciting full line of 2013 bikes. While we see great untapped opportunity at retail, we continue to temper our expectations in light of continued softness in the global economy.”