Harley-Davidson reports larger-than-expected loss in 4th quarter on restructuring, weak sales

Harley-Davidson posts bigger-than-expected 4Q loss

MILWAUKEE — Harley-Davidson Inc. posted a larger-than-expected fourth-quarter loss, as restructuring costs and the sluggish economy wore on the motorcycle maker.

Its shares fell more than 6 percent in premarket trading

Harley has been reorganizing its business over the past year to cope with falling demand, cutting employees, closing facilities and shuttering or selling brands.

The company lost $218.7 million, or 94 per share, for the three months ended Dec. 31. That’s a reversal from a profit of $77.8 million, or 34 cents per share, a year ago.

It says its loss from continuing operations amounted to 63 cents per share as sales fell to 23 percent to $764.5 million.

Analysts expected a loss of 32 cents a share on sales of $764.3 million.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

MILWAUKEE (AP) — Harley-Davidson Inc. posted a larger-than-expected fourth-quarter loss, as restructuring costs and the sluggish economy wore on the motorcycle maker.

Harley has been reorganizing its business over the past year to cope with falling demand, cutting employees, closing facilities and shuttering or selling brands.

The company lost $218.7 million, or 94 per share, for the three months ended Dec. 31. That’s a reversal from a profit of $77.8 million, or 34 cents per share, a year ago.

Excluding one-time costs, the company lost 63 cents per share. Analysts expected a loss excluding items of only 32 cents a share.

Harley says its sales tumbled 23 percent to $764.5 million. Analysts expected $764.3 million in sales.

(This version CORRECTS last two grafs to show 63 cent loss was from continuing operations)