Harley-Davidson Inc., the biggest U.S. motorcycle maker, said third-quarter profit more than doubled as earnings in its finance unit made up for declining sales worldwide.
Net income rose to $88.8 million, or 38 cents a share, from $26.5 million, or 11 cents, a year earlier, Milwaukee-based Harley said today in a statement. The average estimate of seven analysts surveyed by Bloomberg was 36 cents. Revenue fell 1.9 percent to $1.09 billion, and the shares dropped 6.8 percent.
Chief Executive Officer Keith Wandell, who has cut costs by renegotiating labor contracts, said Harley is transforming itself to “succeed at today’s volumes.” The financial-services unit, which makes loans to motorcycle buyers, had operating income of $50.9 million compared with a $31.5 million loss a year earlier. Harley’s retail sales slid 7.7 percent.
No comments:
Post a Comment