Harley-Davidson Revenue Tops Estimates, To Cut Costs In Fourth Quarter

Harley-Davidson Inc. said Tuesday it had net income of $114.1 million, or 64 cents a share, in the third quarter, down from net income of $140.3 million, or 69 cents a share, in the year-earlier period. Revenue fell to $1.27 billion from $1.32 billion. The FactSet consensus was for EPS of 64 cents and revenue of $1.09 billion. The company said worldwide motorcycle sales fell 4.5% in the quarter, mostly due to weakness in the U.S. "We continue to effectively navigate a fiercely competitive environment and an ongoing weak U.S. industry," Chief Executive Matt Levatich said in a statement. The company is planning to streamline operations in the fourth quarter and will book a $20 million to $25 million charge to cover separation and restructuring costs. It now expects to ship 264,000 to 269,000 motorcycles in 2016, down 1% to up 1% versus the year earlier. Shares were not yet active premarket, but are p 9.5% in the year so far, while the S&P 500 has gained 4%.