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4-Traders Homepage  >  Equities  >  Nyse  >  Harley-Davidson Inc    HOG

Delayed Quote. Delayed  - 08/29 09:41:16 pm
52.31 USD   -0.49%
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Harley Davidson : EPA reach settlement

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08/25/2016 | 07:34pm CEST

By a News Reporter-Staff News Editor at Politics & Government Week -- Harley-Davidson, Inc. (NYSE:HOG) has reached a settlement with the U.S. Environmental Protection Agency (EPA) regarding the sale of one aftermarket tuning product used to calibrate motorcycles intended for off-road and closed-course competition. As part of the settlement agreement, the company will no longer sell its competition-only tuner in the U.S. The company will continue to sell a performance tuner designed to ensure Harley-Davidson motorcycles retain 50-state and EPA on-road emissions compliance. The settlement has no impact on the company's other performance product offerings.

The EPA alleged that by selling its Pro Super Tuner through its U.S. dealer network, Harley-Davidson enabled dealers and customers to tamper with motorcycles used on public roads. Harley-Davidson disagrees with the EPA's position, noting that the tuner was designed and sold as an after-market, competition-only product used to adapt engine parameters for use with Harley-Davidson after-market equipment.

"This settlement is not an admission of liability but instead represents a good faith compromise with the EPA on areas of law we interpret differently, particularly EPA's assertion that it is illegal for anyone to modify a certified vehicle even if it will be used solely for off-road/closed-course competition," said Ed Moreland, Harley-Davidson's Government Affairs Director. "For more than two decades, we have sold this product under an accepted regulatory approach that permitted the sale of competition-only parts. In our view, it is and was legal to use in race conditions in the U.S."

Harley-Davidson, one of many suppliers in the aftermarket performance parts industry, has safeguards in place to educate dealers and customers on the implications of installing Harley-Davidson performance products on their Harley-Davidson motorcycles. This includes clear product labeling of competition-only products and detail on what performance enhancements are considered street legal and for competition-use only, the legal consequences of tampering with emission controls and components, and what enhancements would void the vehicle warranty.

"Concern for our U.S. customers and dealers weighed heavily in reaching this compromise with the EPA," said Moreland. "By settling this matter, we can focus our future attention and resources on product innovation rather than a prolonged legal battle with the EPA."

Harley-Davidson is and has been committed to meeting or exceeding all emissions requirements for its motorcycles in every market it serves. It will continue to offer a broad range of industry-leading, compliant performance products that enable customization and performance enhancements that meet all emissions requirements and maintain the company's vehicle warranty.

Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Harley-Davidson Motor Company produces heavyweight custom, cruiser and touring motorcycles and offers a complete line of Harley-Davidson motorcycle parts, accessories, riding gear and apparel, and general merchandise. Harley-Davidson Financial Services provides wholesale and retail financing, insurance, extended service and other protection plans and credit card programs to Harley-Davidson dealers and riders in the U.S., Canada and other select international markets. For more information, visit Harley-Davidson's web site at www.harley-davidson.com.

Keywords for this news article include: Harley-Davidson Inc., Finance and Investment, Investment and Finance, Government Agencies Offices and Entities.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2016, NewsRx LLC

(c) 2016 NewsRx LLC, source Government & Education Newsletters

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Financials ($)
Sales 2016 5 295 M
EBIT 2016 1 072 M
Net income 2016 701 M
Debt 2016 5 460 M
Yield 2016 2,64%
P/E ratio 2016 13,57
P/E ratio 2017 12,66
EV / Sales 2016 2,81x
EV / Sales 2017 2,77x
Capitalization 9 399 M
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Mean consensus HOLD
Number of Analysts 18
Average target price 52,2 $
Spread / Average Target -0,74%
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Managers
NameTitle
Matthew S. Levatich President, Chief Executive Officer & Director
Michael J. Cave Non-Executive Chairman
Michelle A. Kumbier Senior VP-Motor Company Product & Operations
John A. Olin Chief Financial Officer & Senior Vice President
George H. Conrades Independent Director
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