Harley-Davidson Inc reported a 25.6 percent fall in quarterly profit (Photo: Reuters)
Iconic motorcycle maker Harley-Davidson Inc reported a 25.6 percent fall in quarterly profit, hurt by a drop in shipments.
The Milwaukee-based company’s net income fell to $ 186.37 million, $ 1.05 per share, in the first quarter ended March 26, from $ 250.49 million, or $ 1.36 per share, a year earlier.
Revenue from motorcycles and related products fell 15.7 percent to $ 1.33 billion.
Harley said it continues to expect full-year shipments to be flat to down modestly.
The decline in the U.S. was mostly behind the weaker-than-expected results for the iconic manufacturer, as the home market forms roughly two-thirds of the net shipments for the company.
As per analyst, Company’s first quarter shipments were helped by warmer-than-usual weather that led to an early start to the annual riding season, probably resulting in a pull-forward in demand from the second quarter.
In order to grow its business now, Harley is looking for growth in international markets by increasing its reach to the outreach segment.