Harley-Davidson to cut more jobs as 1Q profit dips

MILWAUKEE - Harley-Davidson Inc. says its first-quarter profit fell 37 percent and expects to cut as many as 400 more jobs as the motorcycle market remains sluggish.

The company said Thursday it earned $117.3 million, or 50 cents per share, in the three months ended March 29. That's down from $187.6 million, or 79 cents per share, a year ago.

Excluding charges, Harley says it earned 59 cents per share. Thomson Reuters says analysts expected earnings of 51 cents per share excluding irtems.

The motorcycle maker says its revenue slipped 2 percent to $1.29 billion.

Harley says it expects to cut an another 300 to 400 blue-collar workers over the next two years. That brings the total expected cuts to 1,400 to 1,500 over that period.

A service of the Associated Press(AP)