NEW YORK: Harley-Davidson Inc. reported a higher-than-expected quarterly profit but cut its full-year forecast for motorcycle shipments, citing weaker-than-expected US retail sales and a delay in getting its newest bike into dealer showrooms.
The news sent the company’s shares down 1.6 percent to $66 in premarket trading.
Harley-Davidson posted a second-quarter profit of $354.2 million, or $1.62 a share, up from $271.7 million, or $1.21 a share, a year earlier.
Analysts on average expected the Milwaukee-based company to report a profit per share of $1.46, according to Thomson Reuters I/B/E/S.
Consolidated sales, which include revenue from the company’s financing business, rose nearly 12 percent to $2 billion.
But Harley cut its full-year shipment forecast, saying second-quarter sales had suffered from prolonged poor weather across parts of the United States and soft demand for its low-priced Sportster motorcycles.
The company said it now expected to ship between 270,000 and 275,000 bikes to its worldwide network of independent dealers in 2014, down from a previous forecast of 279,000 to 284,000.
The low end of the new range translates into year-over-year worldwide shipment growth of just 3.5 percent.
Harley-Davidson cuts shipment outlook
