Buell is dead....
#1
10-15-2009, 08:01 AM
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.
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.
#4
10-15-2009, 08:32 AM
Ultimate HDF Member
Harley purchased MV Agusta for $109 Million back in July of 2008...
#6
10-15-2009, 08:35 AM
Road Master
Buell is dead....
Harley-Davidson announced the discontinuing of the Buell product line today....
R.I.P.
R.I.P.
#7
10-15-2009, 08:39 AM
Road Master
Yep. I'm not completely suprised. Too bad, but I guess you-gotta-do-what-you-gotta-do.
http://www.harley-davidson.com/wcm/C...9&history=news
http://www.harley-davidson.com/wcm/C...9&history=news
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#8
10-15-2009, 08:42 AM
Outstanding HDF Member
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 **** poor business decision to have bought them in the first place.
#9
10-15-2009, 08:43 AM
Wow it's true!! http://www.buell.com/en_us/ I guess it's hard to compete against the big 4 metric when it comes to sport bikes.
Last edited by John TN; 10-15-2009 at 08:48 AM.