America's No.1 motorcycle manufacturer shows a net income decrease of 23.3 percent
HARLEY-DAVIDSON may have just lashed out a sizeable chunk of money to obtain MV Agusta earlier this week but America's No.1 motorcycle manufacturer is still suffering in the current economic decline.
Today the company announced its results for the second quarter ended June 29,
2008. Revenue for the quarter was $1.57 billion compared to $1.62 billion in
the year ago quarter, a 2.9 percent decrease. Net income was $222.8 million
compared to $290.5 million in the year ago quarter, a decrease of 23.3
percent. Second quarter diluted earnings per share (EPS) were $0.95, a 16.7
percent decrease compared to last year's $1.14.
"During the second quarter we shipped 80,326 Harley-Davidson(R)
motorcycles to our dealers and distributors around the world. While this
result exceeds our guidance range of 76,000 to 80,000 units for the quarter,
it is a decrease of 15.6 percent from the year-ago period. This decrease
reflects the impact of the shipment reduction we announced April 17th in
response to ongoing weakness in the U.S. economy," said Jim Ziemer, Chief
Executive Officer of Harley-Davidson, Inc.
