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Consumer credit fears hit Harley Consumer credit fears hit Harley
(about 2 hours later)
Motorcycle legend Harley-Davidson is throttling back production as a result of fears over US consumer spending.Motorcycle legend Harley-Davidson is throttling back production as a result of fears over US consumer spending.
The iconic motorbike maker expects shipments to dealers to fall below previous forecasts for late 2007 and 2008 and has withdrawn a 2009 forecast.The iconic motorbike maker expects shipments to dealers to fall below previous forecasts for late 2007 and 2008 and has withdrawn a 2009 forecast.
Harley-Davidson said it will ship between 86,000 and 88,000 motorbikes in the third quarter of 2007, down from a previous estimate of 91,000 to 95,000.Harley-Davidson said it will ship between 86,000 and 88,000 motorbikes in the third quarter of 2007, down from a previous estimate of 91,000 to 95,000.
The company said it was dealing with "a difficult time for the US consumer."The company said it was dealing with "a difficult time for the US consumer."
Uneasy riderUneasy rider
Harley-Davidson chief executive Jim Ziemer explained that recent global credit fears were having an impact on the company's thinking.Harley-Davidson chief executive Jim Ziemer explained that recent global credit fears were having an impact on the company's thinking.
"Against the current economic background, we no longer expect worldwide dealer retail sales to increase during the second half of 2007." Mr Ziemer said. "Against the current economic background, we no longer expect worldwide dealer retail sales to increase during the second half of 2007," Mr Ziemer said.
Harley-Davidson said earnings per share in 2007 would be around 4% to 6% lower than in 2006.Harley-Davidson said earnings per share in 2007 would be around 4% to 6% lower than in 2006.
This marks an abrupt change to the group's optimistic outlook in July when it expected earnings per share to climb by 11% to 17% through 2008 and 2009.This marks an abrupt change to the group's optimistic outlook in July when it expected earnings per share to climb by 11% to 17% through 2008 and 2009.