U.S. motorcycle maker Harley-Davidson Inc's quarterly profit fell sharply, as bikers put off new purchases. It also slashed its 2009 shipment forecast and said it would cut another 1,000 jobs.
The company reported a second-quarter profit of $19.8 million, or 8 cents a share, compared with $222.8 million, or 95 cents a share, last year, as it cut motorcycle shipments by 27.6 percent from year-ago levels.
Retail unit sales of new Harleys skidded 30.1 percent from the same period, and revenue fell to $1.15 billion from $1.57 billion.
Harley slashed its 2009 shipment expectations to between 212,000 and 228,000 new motorcycles, or 25 percent to 30 percent fewer than the 303,479 shipped in 2008. It had previously expected to ship 264,000 to 273,000 motorcycles.
As a result of the lowered shipment volume, the company said it would cut 700 more positions in its hourly workforce and slash the salaried workforce by about 300 positions.
It had already announced cuts of 1,400 to 1,500 hourly production positions in 2009 and 2010 and about 300 salaried positions.
(Reporting by Christopher Kaufman; Editing by Derek Caney)