Harley-Davidson Earnings Lower on Higher Losses
Even Hogs are finding it hard to pay their bills these days.
Harley-Davidson Inc. reported its fourth quarter earnings today, and losses at the motorcycle manufacturer’s financing operation are one of the reasons why the company announced it was laying off 1,100 workers, or 11% of its workforce.
About 300 of those layoffs will come from salaried employees.
Harley-Davidson Financial Services lost about $25 million in the fourth quarter and is trying to line up $1.5 billion of financing to fund its liquidity needs in 2009. The net loss was a result of higher delinquency and default rates, according to the company.
Net income at the parent company was $78 million during the final three months of 2008, down from $186 million a year earlier.
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