Motorcycle sales have slumped in the last year. That makes bad news for Milwaukee manufacturer, Harley Davidson. The company plans to lay off 225 salaried employees between now and the end of this year.
The Milwaukee Journal Sentinel reports:
Hurt by weak U.S. motorcycle sales, Harley-Davidson Inc. on Tuesday reported a sluggish third quarter and said it expects to lay off 225 salaried positions between now and the end of the year.
Harley said it had a profit of $114.1 million in the third quarter ended Sept. 25, down 18.7% from $140.3 million in the same period a year earlier. On a per share basis, the company earned 64 cents, down 7.2% from 69 cents a year ago.
The company says it is throttling back motorcycle production between now and the end of the year and is taking other steps to cut costs.
In an email, Harley spokeswoman Maripat Blankenheim said, “The reductions are company-wide and will occur between now and the end of the year. Roughly 225 salaried employees and 70 contractors will be affected.”
Harley reported $1.27 billion in revenue in the recent quarter, down 3.8% from $1.32 billion a year earlier.
For more, visit Milwaukee Journal Sentinel.