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Harley-Davidson Reports Net Income Climbs as Sales Drop in 3Q

Harley-Davidson says that its net income more than tripled in the third quarter mostly because of its financial division, however the company says bike sales are projected to be 5 percent to 7 percent less than last year, according to an AP report.

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Harley-Davidson says that its net income more than tripled in the third
quarter mostly because of its financial division, however the company says bike sales are projected to be 5 percent to 7 percent less than
last year, according to an AP report.

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The report says net income totaled $88.8 million, or 38
cents per share, in the three months that ended Sept. 26. That compares
with income of $26.5 million, or 11 cents per share, in the same period
last year.

The company’s Financial Services unit recorded a third-quarter
operating income of $50.9 million, compared with a $31.5 million loss
in the year-ago quarter.

The company reported a 7.7 percent decrease in motorcycle sales worldwide, including a 9.4 percent drop in the U.S.

Harley-Davidson posted a net profit of 40 cents per share from continuing operations. Revenue fell 2 percent to $1.09 billion.

Analysts surveyed by Thomson Reuters expected 35 cents per share on $1.1 billion in revenue, according to the report.

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