Harley-Davidson reported October 29 that global retail sales of new motorcycles increased 5% in the third quarter, while wholesale shipments declined 8% to 33,616 motorcycles.
North American retail sales rose 9%. Global dealer inventory fell 26% from a year earlier and 6% from the previous quarter as the company sought to align shipments with customer demand.
Revenue at Harley-Davidson Motor Company, the motorcycle business, declined 10% to $964 million. Its operating income fell 18% to $44 million, although gross margin improved to 28.1%.
Consolidated net income attributable to Harley-Davidson fell to $43 million from $377 million. The company attributed much of the decline to a benefit in the prior-year quarter from its financial-services business selling financing assets.
Harley-Davidson raised annual guidance for its motorcycle and financial-services operations. It now forecasts worldwide retail sales and wholesale shipments of 135,500–139,000 motorcycles each, motorcycle operating income of $25 million–$55 million and financial-services operating income of $60 million–$70 million.
Those projections remain management expectations. The company also said LiveWire had withdrawn its guidance.
Sources: Harley-Davidson — October 29 Results, Distributed by PR Newswire: https://finviz.com/news/411318/harley-davidson-reports-third-quarter-financial-results-and-raises-hdmc-and-hdfs-guidance