Harley-Davidson cuts shipments, jobs

MILWAUKEE: Harley-Davidson Inc says its first-quarter profit fell 2.5 per cent with US motorcycle sales tumbling nearly 13 per cent. The motorcycle maker said today it'll cut back on bike production this year, idle plants and cut 730 jobs.

Net income for the quarter ended March 30 totaled $187.6 million (euro117.8 million), or 79 cents (50 euro cents) per share, compared with a profit of $192.3 million, or 74 cents per share, a year ago. Revenue increased 10.8 per cent to $1.31 billion (euro0.82 billion) from $1.18 billion.

A poll by Thomson financial has analysts expecting a profit of 77 cents (48 euro cents) per share on revenue of $1.23 billion (euro770 million). Worldwide retail sales of Harley-Davidson motorcycles were down 5.6 per cent in the quarter, and 12.8 per cent in the US. The company says it will ship up to 27,000 fewer bikes this year. (AP) BHA 04180111 DEL NNNN