Harley-Davidson stock jumps on boost from new engine, cost cuts
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HARLEY-DAVIDSON Inc stock climbed the most in more than three months on Tuesday as the motorcycle maker said its new engine is boosting sales despite a weak US market and that the company is trimming almost 300 jobs as part of a cost-cutting plan.
The Milwaukee-Eight engine helped generate sales gains in September in the US, where Harley has struggled amid heightened competition and an industry slump, CEO Matthew Levatich said on an earnings conference call on Tuesday. Harley's third-quarter sales and profit matched analysts' estimates and the Milwaukee-based company reaffirmed its annual global shipments forecast of as many as 269,000 motorcycles.
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