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Milwaukee's Harley-Davidson ready to chop 400 more jobs

Milwaukee's Harley-Davidson says it will cut up to 400 more jobs after its quarterly profits plunged 37 percent from a year ago.

The motorcycle company blamed the recession, a restructuring that began three months ago, and a change in Wisconsin corporate tax laws for a $70 million drop in its first quarter profit.

Earnings totaled $117 million, down from $187 million from January-March of last year. Revenues fell 2 percent.

Still, profits did not fall as much as outside analysts from Thomson Reuters had expected. And Harley says it will not change its year-long forecast for motorcycle shipments.

But the extra job cuts will bring the total number to between 1,400 and 1,500 over the next two years.

That's on top of the 730 job cuts announced a year ago this week many at Harley plants in Wisconsin. Those cuts were Harley's deepest in over two decades.