Harley-Davidson Financial Services First Quarter Income Grows
Harley-Davidson Financial Services (HDFS) reported first quarter income of $41.7 million, up from $32.9 million in the year-ago quarter. HDFS operating income was $12.2 million, compared with $5.0 million last year.
The increase was due in part to continued strong acceptance of its consumer financing programs as well as growth across all product lines, according to HDFS.
Also contributing to the income growth was the January completion of the remaining $93 million sale of receivables from HDFS' fourth quarter 2001 asset-backed securitization offering. The company said it expects HDFS operating income to grow at a rate approaching 25 percent for 2002.
Retail sales of Harley-Davidson motorcycles in the United States were up 21.2 percent for the period January through March 2002, compared to the same period last year. Retail sales in Europe and Japan were up 16.6 and 3.7 percent, respectively.
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