Harley-Davidson 3Q profit falls on lower shipments

MILWAUKEE: Harley-Davidson says its third-quarter profit slid 84 per cent on lower motorcycle shipments and recession-related difficulties in getting loans for its customers.

Harley also plans to stop making Buell motorcycle products and will sell its MV Agusta division. Its shares are down 3 per cent in premarket trading.

Harley-Davidson - which has implemented production and job cuts this year - said Thursday its earned $26.5 million, or 11 cents per share. That's down from $166.5 million, or 71 cents per share, a year ago.

It says sales dropped 21 percent to $1.12 billion Analysts forecast profit of 21 cents per share on revenue of $1.1 billion.