mabs
01-26-2011, 02:52 AM
January 25, 2011 | 08:29
Reuters
Harley-Davidson Inc reported a smaller-than-expected quarterly loss Tuesday as a rebound in profitability at its financial services unit offset continued weak bike sales.
The motorcycle maker said its fourth-quarter loss from continuing operations had narrowed to $42.1 million, or 18 cents a share, from $147.2 million, or 63 cents a share, a year earlier.
Revenue rose 20 percent to $917.7 billion.
Analysts on average expected the Milwaukee-based company to report a loss of 30 cents a share on sales of $863 million, according to Thomson Reuters I/B/E/S.
The company's financial services unit accounted for much of the beat. Higher net interest income and lower provisions for credit losses permitted the unit, which helps consumers purchase motorcycles, post an operating profit of $43.5 million in the quarter. During the comparable quarter last year, the unit posted an operating loss of $7.1 million.
Harley-Davidson said it gained market share in the United States, its biggest and most important market, in the fourth quarter. Its sales in the region slipped just 0.2 percent during the period while industry-wide heavyweight motorcycle retail sales plunged 14.8 percent.
Reuters
Harley-Davidson Inc reported a smaller-than-expected quarterly loss Tuesday as a rebound in profitability at its financial services unit offset continued weak bike sales.
The motorcycle maker said its fourth-quarter loss from continuing operations had narrowed to $42.1 million, or 18 cents a share, from $147.2 million, or 63 cents a share, a year earlier.
Revenue rose 20 percent to $917.7 billion.
Analysts on average expected the Milwaukee-based company to report a loss of 30 cents a share on sales of $863 million, according to Thomson Reuters I/B/E/S.
The company's financial services unit accounted for much of the beat. Higher net interest income and lower provisions for credit losses permitted the unit, which helps consumers purchase motorcycles, post an operating profit of $43.5 million in the quarter. During the comparable quarter last year, the unit posted an operating loss of $7.1 million.
Harley-Davidson said it gained market share in the United States, its biggest and most important market, in the fourth quarter. Its sales in the region slipped just 0.2 percent during the period while industry-wide heavyweight motorcycle retail sales plunged 14.8 percent.