|
Sales in the U.S. fell 2.5 percent. The Milwaukee-based
motorcycle maker reported a net income of $140.3 million, down
about 6.5 percent from $150.1 million from a year earlier.
Harley-Davidson shares fell more than 8 percent in pre-market
trading as its earnings fell below analysts' forecasts, and the
company said it would undertake "employee separations."
In the wake of an increased competitive environment, the company
said it expects to incur a one-time expense of about $30 million
to $35 million in the fourth quarter for "employee separation
and reorganization costs."
"In the short term, because the third quarter did not unfold as
we expected, we are lowering full-year shipment guidance. Matt
Levatich, President and Chief Executive Officer,
Harley-Davidson, Inc. said in a statement.
The company now expects to ship 265,000 to 270,000 motorcycles
to dealers and distributors worldwide in 2015, flat to 2 percent
lower than in 2014.
The latest projection was revised downward from previous
guidance of 276,000 to 281,000.
Diluted earnings per share were 69 cents per share in the third
quarter the same a year earlier.
Analysts had expected earnings per share for the quarter of 78
cents per share.
(Reporting By Meredith Davis Editing by W Simon)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed. |
|
