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Harley 3rd quarter falls,selling MV Agusta, stop Buell production
Saw this on Google News:
MILWAUKEE — Harley-Davidson Inc. said Thursday that its third-quarter profit slid 84 percent on fewer motorcycle shipments and recession-related difficulties in getting loans for its customers.
The motorcycle manufacturer also plans to stop making Buell motorcycle products and will sell its MV Agusta division.
Its shares fell 76 cents, or 2.9 percent, to $25.50 in electronic premarket trading.
Harley-Davidson — which has implemented production and job cuts this year — earned $26.5 million, or 11 cents per share, for the period ended Sept. 27. That's down from $166.5 million, or 71 cents per share, a year ago.
Sales dropped 21 percent to $1.12 billion from $1.42 billion, but its retail motorcycle sales decline of 21.3 percent was not as steep as the previous quarter's 30.1 percent dropoff.
Analysts surveyed by Thomson Reuters, whose estimates typically exclude one-time items, forecast profit of 21 cents per share on revenue of $1.1 billion.
Harley-Davidson said the economic downturn has crimped the retail and wholesale loan performance of lending arm, Harley-Davidson Financial Services. The unit has struggled as tighter credit markets have made it harder for customers to get loans.
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My dealer in Northern NJ is going to start selling BMW bikes in there as well as Harleys. I dont understand how this stuff happens....but it's happening.....
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2009 Street Glide FLHX
Sun GLO Red, Chrome spoke wheels
Hog Tunes n Tweeters, Progressive 440's
Heat Demon Grips, Screemin Eagle Air Cleaner, Rinehart Slip ons, Screemin Eagle Pro Tuner
Well I guess I won't be buying that Uly that I'd been wanting. Of course they also announced that they are trying to sell MV Agusta which they just acquired last year, guess that was just another piss poor business decision to have bought them in the first place.
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"I turned out to be the only hell my mama ever raised"
Harley 3rd quarter falls,selling MV Agusta, stop Buell production
'02 Ultra & '96 1200 Custom Sportster.
