HARLEY-DAVIDSON announced yesterday that its third-quarter profit fell sharply, as the slowing economy and tighter credit markets took their toll on sales of its iconic motorcycles.
The Milwaukee-based company also cut its earnings outlook and estimate for motorcycle shipments for the rest of the year, in a sign the global credit crunch will continue to weigh on earnings. Chief Executive Jim Ziemer said the global economy and consumer concerns are expected to hobble the company into 2009.
"While we can't control the external forces at work in the economy and credit markets, or other underlying causes, Harley-Davidson is extremely focused on appropriately managing the many aspects of the business," Ziemer said in a conference call with analysts Thursday morning.
Harley said its earnings for the quarter ended Sept. 28 dropped 37 percent to $166.5 million, or 71 cents per share, from $265 million, or $1.07 per share, in the same quarter last year. It was the company's fifth straight decline in quarterly earnings.
