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Merrill said: We adjust our 2012 estimates with management forecasting 2012 net cash of $200mn and 2013 capital expenditure of $650mn leaving a "discretionary spend" shortfall of around $450mn.
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Harley-Davidson management forecast a strong 2004, citing dealer optimism, the improving economy and momentum from the 100th anniversary.
The market's reaction was tempered by a management forecast for the current quarter that was slightly below analysts' expectations.
They were told at a creditors' meeting today that internal management forecasts had been projecting the 807 shops to make an operating loss of about £50m for the year to January 31 compared to a £4m profit for the previous year.
The company said: "Based on current management forecasts, the board expects results for 2016 to be materially below market expectations and the group no longer expects to be cashflow positive for the year.
Luxury motor dealer HR Owen accelerated 11% to 120.5p after it made a positive start to the year, with profits ahead of management forecasts thanks to strong sales of used cars.
"We are pleased to report that the performance in our business has continued to be strong with like for like sales remaining in excess of management forecasts although, as previously reported, we have suffered some loss of margin from the weakness in the euro in JD's euro denominated business," the statement said.
Range forecasts have evolved to be the most common form of management forecasts.
Management forecasts that revenues next quarter will be another record at $77 million to $79 million.
I'm carrying HP as a $3 earner, not the management forecast of over $3.75 a share.
For fiscal year 2007 beginning in May, management forecasts some $430 million of revenue with pro-forma earnings per share of 15 cents.
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