Harley-Davidson Inc. today reported second-quarter net income of $71.16 million, or 30 cents per share, from $19.75 million, or 8 cents a share, in the same period a year ago.
The Milwaukee-based motorcycle manufacturer's quarterly revenues remained flat at about $1.1 billion.
"Harley-Davidson is making steady progress at executing its strategy to deliver results through focus," said Keith Wandell, president and chief executive officer of Harley. "We are seeing the benefits of our restructuring and continuous improvement activities reflected in our earnings performance."
Wandell said he is encouraged by the continued moderation in the company's rate of declining motorcycle sales.
"At the same time, we continue to believe conditions will remain challenging this year for new motorcycle purchases and we will manage the business based on that expectation, with a continued strong focus on managing supply in line with demand," Wandell said. "Despite the decline in second-quarter retail motorcycle sales, we believe interest in the Harley-Davidson brand remains strong among riders of all generations. In fact, Harley-Davidson is the U.S. market share leader of on-road motorcycles among young adults. We will continue to focus our resources on expanding the global reach of the brand and developing new products that will reach even more riders going forward. I would like to thank our employees for their continued hard work and support of our strategy."
The higher profits come as Harley is telling its union workforce in Wisconsin that the company must reduce its labor costs in the Badger State or it will move elsewhere.
Harley profits soar, but sales still down
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