Harley-Davidson reports third-quarter financial results

Harley-Davidson announced its third quarter results were down, which ended Sept. 30, according to its press release.

Revenue for the quarter was $1.54 billion compared to $1.64 billion during the same period last year, a 5.8 percent decrease. The net income for the quarter was $265 million compared to $312.7 million in 2006, a 15.3 percent decrease. H-D’s third quarter diluted earnings per share were $1.07, down from 2006’s $1.20, a 10.8 percent decrease. During the third quarter, H-D repurchased $509 million of its common stock.

H-D CEO Jim Ziemer said the results were disappointing but expected.

“In early September, we announced that we would reduce planned motorcycle shipments for the rest of 2007, and our results for the quarter are consistent with the company’s revised guidance,” Ziemer said in the release.

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