8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

_________________

Date of Report
(Date of earliest
event reported):	January 20, 2005

Harley-Davidson, Inc.

(Exact name of registrant as specified in its charter)

Wisconsin	1-9183	39-1382325
(State or other	(Commission File	(IRS Employer
jurisdiction of	Number)	Identification No.)
incorporation)

3700 West Juneau Avenue, Milwaukee, Wisconsin 53208

(Address of principal executive offices, including zip code)

(414) 342-4680

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

_________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.    Results of Operations and Financial Condition.

        On January 20, 2005, Harley-Davidson, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the Company’s fourth quarter financial results for the financial period ended December 31, 2004. A copy of the Press Release is being furnished as Exhibit 99.1 to this Current Report.

Item 9.01.    Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Exhibits. The following exhibit is being furnished herewith:

(99.1) Press Release of Harley-Davidson, Inc., January 20, 2005.

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SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HARLEY-DAVIDSON, INC.
Date:  Janaury 21, 2005	By:  /s/ Gail A. Lione
	Gail A. Lione
	Vice President, General Counsel and Secretary

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HARLEY-DAVIDSON, INC.

Exhibit Index to Current Report on Form 8-K
Dated January 20, 2005

Exhibit
Number

(99.1) Press Release of Harley-Davidson, Inc., dated January 20, 2005.

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EX-99.1

Financial Contact:	Patrick Davidson (414) 343-8002
Media Contact:	Bob Klein (414) 343-4433

HARLEY-DAVIDSON ANNOUNCES RECORD FOURTH QUARTER
AND 19th CONSECUTIVE RECORD YEAR
Company Surpasses $5 Billion in Revenue

        Milwaukee, Wis., January 20, 2005 — Harley-Davidson, Inc. (NYSE: HDI) today announced record revenue and earnings for its fourth quarter and year ended December 31, 2004. Revenue for the quarter was $1.22 billion compared with $1.16 billion in the year-ago quarter, a 5.4 percent increase. Net income for the quarter was $209.0 million compared to $182.4 million, an increase of 14.5 percent over 2003. Fourth quarter diluted earnings per share (EPS) was 71 cents, an 18.3 percent increase compared with last year’s 60 cents.

        Revenue for the full year was $5.02 billion, compared with $4.62 billion in 2003, an 8.5 percent increase. Net income for the year was $889.8 million, a 16.9 percent increase versus last year’s $760.9 million, while diluted EPS for the full year was $3.00, a 20.0 percent increase compared with $2.50 in 2003.

        “Once again Harley-Davidson achieved record revenue and earnings, making 2004 the nineteenth consecutive record year for the Company,” said Jeffrey L. Bleustein, Chairman and Chief Executive Officer. “We focused on exceeding the impressive results of our 100^th Anniversary year by increasing motorcycle availability to improve customer satisfaction and by stimulating interest among prospective customers. U.S. retail sales for Harley-Davidson motorcycles increased more than 7 percent over last year, demonstrating that the dream of owning a Harley-Davidson^® motorcycle remains extremely powerful,” said Bleustein.

        “Our fourth quarter retail sales of Harley-Davidson motorcycles were up 6.7 percent in the U.S. over the same period in 2003 and up 14 percent in international markets,” he said.

        “We expect to continue to grow in 2005 and ship 339,000 Harley-Davidson motorcycles during the year to support that growth. This is consistent with our established goals of satisfying demand for 400,000 motorcycles in 2007 and generating an annual earnings growth rate in the mid-teens,” said Bleustein.

Motorcycles and Related Products Segment – Fourth Quarter Results

        Revenue from Harley-Davidson^® motorcycles was $992.6 million, an increase of $47.3 million or 5.0 percent over the same period last year. Shipments of Harley-Davidson motorcycles totaled 80,587 units, an increase of 3,531 units or 4.6 percent over last year’s fourth quarter.

Harley-Davidson, Inc. - 4^th Quarter 2004 Press Release Text - page 1

        Revenue from Parts and Accessories (P&A), which consists of Genuine Motor Parts and Genuine Motor Accessories, totaled $157.9 million, an increase of $16.9 million, or 12.0 percent over the year-ago quarter. Revenue from General Merchandise, which consists of MotorClothes™ apparel and collectibles, totaled $54.9 million, an increase of $4.2 million or 8.2 percent.

        Gross margin was 37.8 percent of revenue, up from 35.9 percent in the prior year. Gross margin was favorably impacted primarily by manufacturing efficiencies and foreign currency exchange rates. Consistent with the higher gross margin, operating margin increased from 21.5 percent in 2003 to 23.0 percent in 2004.

Motorcycle Retail Sales Data

        Retail sales of Harley-Davidson motorcycles for the year 2004 grew 7.1 percent in the U.S. and 1.5 percent internationally compared with the prior year. Retail sales of Harley-Davidson motorcycles grew in many of the Company’s international markets. However, overall retail sales in Europe decreased 5.3 percent.

        “In response to the current market conditions and the strong Euro, Harley-Davidson is reducing suggested retail prices in 2005 on select motorcycle models in our European markets. This will make our motorcycles more affordable to a broader range of customers,” said Bleustein.

Financial Services Segment

        Harley-Davidson Financial Services, Inc. (HDFS), a subsidiary of Harley-Davidson, Inc., reported fourth quarter operating income of $39.2 million, up $5.4 million or 15.9 percent compared to the year-ago quarter.

        The segment’s performance was driven by continued strong marketplace acceptance of its finance and insurance products as well as positive foreign currency exchange.

        Annualized credit losses net of recoveries on a managed portfolio basis were 0.81 percent during the year. This is better than the Company’s stated target of 1 percent.

Harley-Davidson, Inc. — Twelve Month Results

        For the fiscal year ended 2004, total Harley-Davidson motorcycle shipments were 317,289 units compared with 291,147 units in 2003, a 9.0 percent increase. Harley-Davidson motorcycle revenue was $3.93 billion, an increase of $306.7 million or 8.5 percent.

        P&A revenue totaled $781.6 million, a $68.8 million or 9.7 percent increase, while General Merchandise revenue totaled $223.7 million, a $12.3 million or 5.8 percent increase compared with 2003.

        Full year operating income for HDFS was $188.6 million, an increase of $20.7 million or 12.3 percent compared to 2003.

Cash Flow – Twelve Month Results

        As of December 31, 2004, cash and marketable securities were $1.61 billion. During the year the Company invested $213.6 million in capital expenditures, repurchased 10.6 million shares of Company stock for $564.1 million, paid $119.2 million in dividends and increased cash and marketable securities by $289.4 million.

Harley-Davidson, Inc. - 4^th Quarter 2004 Press Release Text - page 2

Stock Option Accounting

        In December 2004, the Financial Accounting Standards Board issued new rules requiring companies to recognize the expense of stock option grants in their income statements. Although the new rules are not effective until the Company’s third quarter of 2005, the Company will implement this change in accounting as of January 1, 2005. If the Company had elected to expense stock options in 2004 under the new standard, the effect would have been a $22.5 million pretax charge. The Company expects a similar charge in 2005.

2005 and Beyond

        In addition to the previously stated motorcycle unit shipment goal, the Company expects growth in all of its product lines. Harley-Davidson expects the growth rate for P&A revenues to be slightly higher than the motorcycle unit growth rate, and the General Merchandise growth rate is expected to be lower than the motorcycle unit growth rate. The Company expects the HDFS growth rate to be slightly higher than the Company’s motorcycle unit growth rate.

Company Background

        Harley-Davidson, Inc. is the parent company for the group of companies doing business as Harley-Davidson Motor Company, Buell Motorcycle Company and Harley-Davidson Financial Services. Harley-Davidson Motor Company, the only major U.S.-based motorcycle manufacturer, produces heavyweight motorcycles and offers a complete line of motorcycle parts, accessories, apparel, and general merchandise. Buell Motorcycle Company produces sport motorcycles. Harley-Davidson Financial Services provides wholesale and retail financing and insurance programs to Harley-Davidson dealers and customers.

Forward-Looking Statements

The Company intends that certain matters discussed in this release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company “believes,” “anticipates,” “expects,” “plans,” or “estimates” or words of similar meaning. Similarly, statements that describe future plans, objectives, outlooks, targets or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are only made as of the date of this release, and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

        The Company’s ability to meet the targets and expectations noted depends upon, among other factors, the Company’s ability to (i) continue to realize production efficiencies at its production facilities through the implementation of innovative manufacturing techniques and other means, (ii) successfully implement production capacity increases in its facilities, (iii) successfully introduce new products and services, (iv) avoid unexpected supply chain issues, (v) sell all of the Harley-Davidson motorcycles it plans to produce, (vi) continue to develop the capacity of its distributor and dealer network, (vii) avoid unexpected changes in the regulatory environment for its products, (viii) successfully adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices, (ix) adjust to worldwide economic and political conditions, and (x) successfully manage the credit quality of HDFS’s loan portfolio.

Harley-Davidson, Inc. - 4^th Quarter 2004 Press Release Text - page 3

        In addition, the Company could experience delays in the operation of manufacturing facilities as a result of work stoppages, natural causes, terrorism or other factors. Risk factors are also disclosed in documents previously filed by the Company with the Securities and Exchange Commission.

TABLES FOLLOW

Harley-Davidson, Inc. - 4^th Quarter 2004 Press Release Text - page 4

Harley-Davidson, Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share amounts)

	Three Months Ended				Twelve Months Ended
	(Unaudited)		(Unaudited)		(Unaudited)
	Dec 31, 2004		Dec 31, 2003		Dec 31, 2004		Dec 31, 2003
Net revenue	$	1,220,997	$	1,158,070	$	5,015,190	$	4,624,274
Gross profit		461,422		416,026		1,899,535		1,665,566
Operating expenses		180,672		167,488		710,016		668,677
Operating income from
motorcycles & related products		280,750		248,538		1,189,519		996,889
Financial services income		66,224		62,743		305,262		279,459
Financial services expense		27,018		28,906		116,662		111,586
Operating income from financial services		39,206		33,837		188,600		167,873
Corporate expenses		3,757		3,475		16,628		15,498
Total operating income		316,199		278,900		1,361,491		1,149,264
Investment income and other, net		7,775		3,936		17,995		16,771
Income before provision for taxes		323,974		282,836		1,379,486		1,166,035
Provision for income taxes		115,012		100,406		489,720		405,107
Net income	$	208,962	$	182,430	$	889,766	$	760,928
Earnings per common share:
Basic	$	0.71	$	0.60	$	3.02	$	2.52
Diluted	$	0.71	$	0.60	$	3.00	$	2.50
Weighted-average common shares:
Basic		294,014		302,244		295,008		302,271
Diluted		295,406		304,404		296,852		304,470

Harley-Davidson, Inc. - 4th Quarter 2004 Press Release Financial Tables - page 1

Harley-Davidson, Inc.
Condensed Consolidated Balance Sheets
(In thousands)

	(Unaudited)
	Dec 31, 2004		Dec 31, 2003
ASSETS
Current assets:
Cash and cash equivalents	$	1,089,249	$	812,449
Marketable securities		522,819		510,211
Accounts receivable, net		121,333		112,406
Finance receivables, net		1,207,124		1,001,990
Inventories		226,893		207,726
Other current assets		98,854		84,345
Total current assets		3,266,272		2,729,127
Finance receivables, net		905,176		735,859
Other long-term assets		1,311,845		1,458,102
Total assets	$	5,483,293	$	4,923,088
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable & accrued expenses	$	677,255	$	631,468
Current portion of finance debt		495,441		324,305
Total current liabilities		1,172,696		955,773
Finance debt		800,000		670,000
Other long-term liabilities		142,278		212,179
Postretirement health care benefits		149,848		127,444
Shareholders' equity		3,218,471		2,957,692
Total liabilities and shareholders' equity	$	5,483,293	$	4,923,088

Harley-Davidson, Inc. - 4th Quarter 2004 Press Release Financial Tables - page 2

Harley-Davidson, Inc.
Net Revenue and Motorcycle
Shipment Data

	Three Months Ended				Twelve Months Ended
	Dec 31, 2004		Dec 31, 2003		Dec 31, 2004		Dec 31, 2003
NET REVENUE (in thousands)
Harley-Davidson® motorcycles	$	992,611	$	945,292	$	3,928,232	$	3,621,488
Buell® motorcycles		15,519		20,079		79,029		76,064
Parts & Accessories		157,906		141,020		781,621		712,829
General Merchandise		54,884		50,730		223,712		211,388
Other		77		949		2,596		2,505
	$	1,220,997	$	1,158,070	$	5,015,190	$	4,624,274
HARLEY-DAVIDSON UNITS
Motorcycle shipments:
United States		68,902		63,944		260,607		237,656
Export		11,685		13,112		56,682		53,491
Total		80,587		77,056		317,289		291,147
Motorcycle product mix:
Touring		25,052		22,106		93,305		82,577
Custom		38,035		38,146		154,163		151,405
Sportster®		17,500		16,804		69,821		57,165
Total		80,587		77,056		317,289		291,147
BUELL UNITS
Motorcycle shipments:
Buell		2,064		2,610		9,857		9,974

Harley-Davidson, Inc. - 4th Quarter 2004 Press Release Financial Tables - page 3

Year-to-date Heavyweight (651+ cc)
Motorcycle Retail Registrations (Units),
data through month indicated

	2004		2003		% change
United States
- H-D (December)		244,539		228,393		7.1	%
- Industry (December)		494,045		461,154		7.1	%
Europe
- H-D (December)		24,594		25,966		-5.3	%
- Industry (November)		332,706		318,428		4.5	%
Japan
- H-D (December)		11,893		11,802		0.8	%
- Industry (November)		40,309		42,068		-4.2	%

Only Harley-Davidson® motorcycles are included in the Harley-Davidson (H-D) data.

Data for Europe includes registrations in Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and United Kingdom.

Data Sources: (subject to update)
United States: Motorcycle Industry Council
Europe: Company reports, Giral S.A.
Japan: Industry sources

Harley-Davidson, Inc. - 4th Quarter 2004 Press Release Financial Tables - page 4