Harley-Davidson deepens cuts as 2Q profit tumbles

Harley-Davidson deepens cuts as 2Q profit tumbles

July 16th, 2009 by Associated Press in Local - Breaking News

MILWAUKEE - Harley-Davidson Inc. says it is cutting 1,000 more employees as its second-quarter profit tumbled 91 percent on falling motorcycle shipments.

The company also says it is cutting its forecast for motorcycle shipments for the year.

Harley says its earnings for the quarter ended June 28 fell to $19.8 million, or 8 cents per share, from $222.8 million, or 95 cents per share, in the same quarter last year.

Revenue declined 27 percent to $1.15 billion.

Analysts surveyed by Thomson Reuters forecast 24 cents per share on revenue of $1.15 billion.

Harley says it plans to cut another 700 hourly and 300 salaried employees.