MILWAUKEE, WI (WSAU) The drop in sales worldwide for Harley-Davidson is showing up in the balance sheet. The Milwaukee-based motorcycle manufacturer posted a 40-percent decline in third-quarter profits.
Earnings were $68.2-million, down sharply from $114.1-million a year ago.
Earnings per share fell 24-cents to 40-cents. Harley’s worldwide sales were down almost 7-percent for the quarter, with most of the decline in the U.S.
The company is planning to furlough some workers this fall, and will cut 180 manufacturing jobs in Menomonee Falls and in Missouri.
CEO Matt Levatich issued a statement saying, “The continued weakness in the U.S. motorcycle industry only heightens our resolve and the intensity we are bringing to the quest to build the next generation of Harley-Davidson riders.”
The MetroSource news wire contributed to this report.