Fool by Numbers: Harley-Davidson Q2 2005

Editor's Note: This piece has been revised to correct an error in the reported growth rate of finance debt.

Harley-Davidson (NYSE: HDI  ) released earnings for the period ended June 26, 2005, on July 13.

• EPS of $0.84 per share beat analysts' estimates.
• The company repurchased 17.7 million shares during the quarter.
• Motorcycle shipments were lower than the prior-year quarter.

Income Statement Highlights (What's this?)

	Avg. Est.	Q2 2005	Q2 2004	% Change
Sales	$1,310,000	$1,333,264	$1,327,808	+0.4%
Net Profit	--	$237,391	$247,241	-4.0%
EPS	$0.79	$0.84	$0.83	+1.2%

(Figures in thousands, except per-share data)

Margin Checkup (What's this?)

	Q2 2005	Q2 2004	Change
Gross Margin	37.53%	37.91%	-0.38%
Op. Margin	27.25%	28.55%	-1.29%
Net Margin	17.81%	18.62%	-0.81%

(Figures in thousands, except per-share data)

Balance Sheet Highlights (What's this?)

Assets	Q2 2005	Q2 2004	% Change
Cash+ ST Invest.	$735,922	$1,313,004	-44.0%
Inventory	$225,778	$217,711	+3.7%
Accounts Rec.	$138,413	$130,606	+6.0%

Liabilities	Q2 2005	Q2 2004	% Change
Finance Debt*	$807,994	$766,977	+5.3%
Accounts Pay.	$628,695	$654,477	-3.9%

*Current and otherwise.

(Figures in thousands, except per-share data)

Cash Flow Highlights (What's this?)

	Q2 2005	Q2 2004	% Change
Cash From Ops	$561,731	$660,962	-15.0%
Capital Expend.	$75,430	$64,205	+17.5%
Free Cash Flow	$486,301	$596,757	-18.5%

(Figures in thousands, except per-share data)

Related Companies:

• Polaris Industries (NYSE: PII  )
• Honda (NYSE: HMC  )

Related Foolishness:

• Was Harley a value after last quarter's drop?
• Review Harley's gnarly quarter.
• But things looked so good in July.
• Harley's back where it was more than a year ago, when I pondered its long road.

Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean.

At the time of publication, Seth Jayson had positions in no company mentioned. Fool rules are here.