Harley-Davidson cuts losses sharply

Harley Davidson motorbike
Image caption Harley-Davidson said that motorcycle dealers are starting to replenish their stocks

Harley-Davidson, maker of motorcycles with names such as Fat Boy and V-Rod, cut its losses sharply in the last three months of its financial year.

A net loss of $46.8m (£29.6m) for fourth quarter compared with a $218.7m loss in the period last year.

The improvement was mostly due to restructuring and a strong performance from Harley's financial services division.

For the full year, global motorcycle sales fell 8.5% to 222,110 units.

However, the number of motorcycles Harley shipped to dealers in the last quarter rose 24% on the year as sales outlets started replenishing stock.

The company would have made a profit for the quarter without a requirement to repay $85m in loans.

Revenues for the quarter rose nearly 20% to $917m.

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