Harley-Davidson’s Street-model motorcycles are fabricated in India for Italy, Spain and Portugal. Harley said Tuesday that it’s gearing up motorcycle accumulation at its new bulb in Thailand, advancing to address those bikes to the European Union. (Photo: Harley-Davidson)
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Harley-Davidson Inc. on Tuesday said it’s gearing up motorcycle accumulation at its new bulb in Thailand, advancing to address those bikes to the European Union.
U.S. accomplishment of EU-destined Harleys is ambagious down, the aggregation said, as it seeks to abstain a 31% EU tax on motorcycles fabricated in the U.S.
The European Union aftermost year imposed the assessment as backfire for the Trump administration’s animate and aluminum levies. Harley won approval from EU regulators to address bikes from Thailand to avoid the tariff, but the approval action took best than expected.
The Thailand plant, abreast Bangkok, has already congenital some Harleys for China.
“We apprehend to alpha bearing bikes for the EU (in Thailand) in backward October,” Harley-Davidson CEO Matt Levatich said in a appointment alarm with analysts afterward Tuesday’s third-quarter balance announcement.
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In the division concluded Sept. 29, balance fell 24% as the amount of tariffs and anemic sales in the U.S. hurt the company’s basal line.
Harley said it becoming $86.6 actor in the three-month period, down from $113.9 actor in the aforementioned aeon a year earlier.
On a per-share basis, the Milwaukee aggregation becoming 55 cents, compared with 68 cents a year ago.
Harley appear $1.27 billion in revenue, compared with $1.32 billion in the third division of 2018. The aggregation said it was encouraged by a 2.7% access in all-embracing sales, admitting it was aching by $21.6 actor in tariffs on motorcycles alien to the European Union and China.
For the abounding year, Harley says the tariffs will amount it $105 million.
Harley already has accumulation plants in India and Brazil. The company’s Street-model motorcycles are fabricated in India for Italy, Spain and Portugal.
The new Thailand plant, appear in 2017, will accumulate bikes from apparatus produced at the company’s U.S. facilities, according to Harley.
Harley’s U.S. sales were bottomward 3.6% in the contempo quarter, absorption a connected abrogating trend but the aboriginal abatement in about three years.
The aggregation will abide to attempt with crumbling sales and abortive demographic trends, analyst Garrett Nelson with CFRA Research wrote in a agenda to clients.
Excluding the appulse of tariffs and restructuring plan costs, the aggregation becoming 70 cents a share, assault analysts’ estimates of 52 cents.
In the quarter, Harley launched its model-year 2020 motorcycles including its aboriginal electric bike, LiveWire, and an electric bike for kids. The aggregation says its goals through 2027 are to abound all-embracing sales to 50% of the company’s anniversary motorcycle revenue, barrage 100 new bikes, and add several actor riders in the U.S.
“We accept article in our plan for everyone, starting with 3-year-olds,” Levatich said.
The aggregation has cut basic amount affairs for the year to a ambit of $205 actor to $225 million, admitting in the division business spending was up 30% as allotment of an advancing accomplishment to allure new customers.
Levatich says he has apropos about the U.S. economy, stemming from the aftereffect of barter wars and uncertainties in Washington, admitting it’s no added abashing than six months ago.
“We are attractive at our business with an affluence of attention all-important in an ambiance like this … acquainted that we are apparently in the best ambiguous advanced (looking) ambiance that we accept been in for a continued time,” he said.
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