The American motorcycle manufacturer, Harley-Davidson reports its third-quarter profit fall 84 % on lower motorcycle shipments and recession-related difficulties in getting loans for its clients.
Harley also intends to stop making Buell motorcycle products and will sell its MV Agusta division. Its shares are down 3 % in premarket trading.
Harley-Davidson — which has implemented production and job cuts this year — said Thursday its earned $26.5 million, or 11 cents per share. That's down from $166.5 million, or 71 cents per share, a year ago.
It says sales dropped 21 % to $1.12 billion
Analysts forecast profit of 21 cents per share on revenue of $1.1 billion. Reported by the Associated Press.