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| Harley-Davidson rides into red; posts $218.7 mn Q4 loss |
| Press Trust of India / New York Jan 22, 2010, 22:21 IST |
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Famed motorcycle maker Harley-Davidson posted a loss of $218.7 million for the last three months of 2009, hit by bumpy financial conditions and restructuring charges.
The bike maker had a profit of $77.8 million in the year-ago period.
Revenues in the 2009 December quarter slumped to $764.5 million, much lower than $1.2 billion in the comparable period, the company said in a statement today.
"Affecting fourth-quarter results were a previously announced 53.1 per cent reduction in Harley-Davidson motorcycle shipments from the year-ago period and $167.1 million in restructuring and .... (other) costs," it noted.
The bike maker incurred a loss of $55.1 million in 2009 on revenues of $4.3 billion. In 2008, the entity had a profit of $654.7 million.
Reflecting the effects of the financial turmoil, Harley-Davidson's retail sales fell 22.7 per cent worldwide last year.
"Industry-wide US retail heavyweight motorcycle sales declined 36.7 per cent in 2009, compared to 2008," it added.
The statement noted that restructuring efforts that began last year is anticipated to result in "total one-time charges of $430-460 million into 2012, including charges of $175-195 million in 2010.
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