Harley-Davidson 4Q profit skids 26.3 percent on weak U.S. sales

MILWAUKEE -- Harley-Davidson Inc. said Friday its fourth-quarter profit tumbled 26.3 percent due to slumping U.S. motorcycle sales amid a weakening economy.

Net income for the quarter ended Dec. 31 totaled $186.1 million, or 78 cents per share, compared with a profit of $252.4 million, or 97 cents per share, a year ago. Revenue dropped 7.7 percent to $1.39 billion from $1.50 billion in the period.

Analysts had expected a profit of 82 cents per share on revenue of $1.34 billion, acccording to a poll by Thomson Financial. The earnings estimates typically exclude one-time items.

Worldwide retail sales of Harley-Davidson motorcycles were down 6.1 percent in the quarter, and 14.2 percent in the U.S. The company said the domestic heavyweight motorcycle market was down 9 percent in the quarter. Overseas, Harley's sales were up 17.4 percent.

Harley's shipments were down 12.5 to 81,206 units, a drop of 11,642 units.