Harley-Davidson Jumps on Boost From New Engine, Cost Cuts
- Shares rise 9 percent, the biggest daily gain since July 1
- Company reaffirms annual shipment goal despite U.S. weakness
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Harley-Davidson Inc. climbed the most in more than three months as the motorcycle maker said that its new engine is boosting sales despite a weak U.S. 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 U.S., where Harley has struggled amid heightened competition and an industry slump, Chief Executive Officer Matthew Levatich said on an earnings conference call 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.