As it is gets ready to celebrate its 105th birthday, Harley-Davidson (HOG) is poised for a bumpy ride in the months ahead.
The Milwaukee-based outfit, which produces and sells the iconic Harley-Davidson motorcycles, said on Apr. 17 that it will reduce production for the year and cut its workforce, as the U.S. economy and business environment continue to be "challenging" , with "no signs when things will turn around", as CEO Jim Ziemer put it in an Apr. 17 conference call with analysts. The word "challenging" popped up frequently during the call.
Harley-Davidson now expects earnings to decline by 15% to 20% per share. Previously it was forecasting a modest growth of 4% to 7%.
Harley Davidson Commercial