Harley-Davidson Inc shares veer lower as motorcycle maker posts drop in quarterly profit

Motorcycle company Harley-Davidson (NYSE:HOG) has posted a decline in quarterly profit as revenues fell on lower shipments.

Shares fell 3.35% to US$ 57.52 in early US trading.

Profit the first quarter ended 31 March came to US$ 186.4mln, down 25% from US$ 250.5mln the same period a year earlier.

Revenue from motorcycles and related products decreased 16% to US$ 1.33bn from US$ 1.57bn.

The company reported a 5.7% drop in sales in the US as well as a 0.4% dip in the Europe, the Middle East and Africa region and a 9.3% slide in the Asia Pacific. In contrast, Latin America revenue, which made up 11% of international sales, surged 24.2%.

The Milwaukee-based group issued a downbeat outlook, saying it expects motorcycle shipments in 2017 to be “flat to down modestly in comparison to 2016”.

Harley Davidson has tried to encourage dealers to shed existing inventory by lowering shipments.

President Donald Trump earlier this year said that global trade barriers made it difficult for Harley Davidson to conduct international business. The motorcycle manufacturer sells more than a third of its hogs outside the US.

<!–

–>

Let’s block ads! (Why?)

Google Alert – harley davidson news

Craig Ballantyne

I love anything to do with Harley Davidson and have two beautiful children and a beautiful partner. In my spare time i like building websites and love anything to do with the internet.

Leave a Reply

Your email address will not be published. Required fields are marked *