Restructuring benefits Harley
Posted: Monday, January 31, 2011 6:01 pm
MILWAUKEE (AP) — Harley-Davidson Inc. cut its fourth-quarter loss, getting a ride from a restructuring and a strong performance from its financial services unit even as motorcycle sales slumped.
The Milwaukee company last week reported a net loss of $46.8 million, or 20 cents per share, a vast improvement over the $218.7 million, or 94 cents per share, that it lost in the same period a year ago.
The company would have made money for the quarter without an $85 million charge from buying back senior notes.
Harley said it lost $42.1 million, or 18 cents per share, from continuing operations.
Revenue for the quarter rose nearly 20 percent to $917 million, thanks to the financial services unit.
For the full year, Harley reported net income of $146.5 million, to 62 cents per share, versus a loss of $55.1 million, or 24 cents per share, in 2009.