Iconic motorcycle maker Harley-Davidson net income slides 33%January 29, 2013 - 18:33 AMT PanARMENIAN.Net - Harley-Davidson's net income slid 33 percent in the fourth quarter compared with last year when the company booked a $51 million gain related to taxes, AP said. Net income figures fell just shy of Wall Street profit expectations, yet shares moved in and out of positive territory in premarket trading as the company outlined cost savings from a massive retooling at the iconic motorcycle maker. For the three months ended Dec. 31, the Milwaukee motorcycle maker earned $70.6 million, or 31 cents per share. That's down from $105.7 million, or 24 cents per share, a year earlier. The year-ago period included a $51 million benefit related to tax issues stemming from the sale of Italian motorcycle maker MV Agusta in 2010. The per-share discrepancy is due to fewer shares outstanding in the current quarter. Revenue declined slightly to $1.17 billion from $1.18 billion, hurt partly by plans for lower motorcycle shipments during the period related to a seasonal increase in production during 2013's first half. Global retail sales of Harley-Davidson motorcycles increased 7.5 percent, with unit sales up in both the U.S. and overseas. Harley-Davidson's full-year net income climbed 4 percent to $623.9 million, or $2.72 per share, from $599.1 million, or $2.33 per share, in the previous year. Annual revenue rose 5 percent to $5.58 billion from $5.31 billion. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |