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Harley-Davidson Beats Expectations

January 21, 2003

MILWAUKEE (AP) _ Harley-Davidson Inc. on Tuesday beat analysts’ expectations for fourth-quarter earnings by two cents a share, driven by a nearly 17 percent jump in revenue from bike parts and accessories.

The No. 1 seller of heavyweight motorcycles posted a profit of $150.8 million, or 49 cents a share, on revenue of $1.02 billion in the fourth quarter, compared with $118.3 million, or 39 cents a share, on revenue of $905.9 million, a year ago.

Analysts were expecting 47 cents a share, according to Thomson First Call.

For the year, Harley-Davidson netted $580.2 million, or $1.90 a share. Revenue came in at $4.09 billion.

Analysts were expecting 2002 earnings of $1.87 a share, according to First Call.

In 2001, the Milwaukee-based company had net income of $437.8 million, or $1.43 a share, with revenue of $3.4 billion.

During the latest quarter, sales of Harley-Davidson motorcycles rose 12 percent from a year ago to $820.3 million.

Revenue from parts and accessories totaled $130 million, up 16.6 percent from the same quarter last year.

General merchandise sales jumped 15.4 percent to $55 million.

Harley-Davidson contributed $100 million to its various pension plans during the quarter, which brought the total year contribution to $154 million, compared with a contribution of $19 million in 2001.

The company said it responded to current market conditions by lowering its pension plan discount rate to 7.25 percent from 8 percent.

On the New York Stock Exchange, shares of Harley-Davidson traded Tuesday morning at $43.05, down $4.05, or 9 percent.

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