Harley-Davidson cuts full-year shipment plans
Written on July 16, 2009
Harley-Davidson Inc reported second quarter 2009 results, lowers full-year shipment plans and provides restructuring update.
* Q2 earnings per share $0.08
* Says decline in retail motorcycle sales prompts shipment reduction, additional workforce reduction
* Says decline in retail motorcycle sales prompts shipment reduction
* Q2 net revenue $1.15 billion
* Says cutting about 700 hourly production workforce
* Says worldwide retail unit sales of new Harley Davidson motorcycles down 30.1 percent
* Says plans to offer a voluntary separation incentive package to eligible salaried employees
* Says now plans to ship between 212,000 and 228,000 Harley Davidson-motorcycles in 2009
* Says expects to ship 52,000 to 57,000 Harley Davidson-motorcycles in Q3
* Says also lowered its 2009 shipment expectations for Harley Davidson-motorcycles
* Says continues to expect full-year gross margins to be between 30 individual health insurance.5 percent and 31.5 percent
* Sees one-time charges of approximately $160 million to $190 million over the course of 2009 and 2010
* Reuters Estimates Q2 earnings per share view $0.25, revenue view $1,144.48 million
* Says will also be reducing non-production headcount by about 300 additional positions
* Says prodn shutdowns,line rate adjustments to be implemented at powertrain operations in Menomonee Falls and Wauwatosa, Wis.
* Says to accelerate and complete planned consolidation of powertrain operations by mid-2010
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