Harley-Davidson posts surprise fourth-quarter profit:
Harley-Davidson reported a surprise profit in the fourth quarter as strong demand in its home market and higher motorcycle prices padded earnings and shipping delays eased. The shares rose in early trading.
Two years into his tenure as chief executive officer, Jochen Zeitz has slashed costs, exited unprofitable markets and tightened inventory to raise motorcycle prices. His turnaround plan, dubbed “Hardwire,” paid off in the quarter as shipments of motorcycles replenished U.S. inventory that had been drained by shipping delays and parts shortages.
Zeitz, a branding expert who revived the Puma shoe brand in the late 1990s, served as a Harley board member for years before taking over as CEO. He unveiled his Hardwire turnaround plan a year ago. It calls for investing as much as $250 million annually in part to develop Harley’s electrification technology.
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