Profit decline and fewer sold motorcycles characterized Harley-Davidson's third quarter. Margins are being squeezed as demand for the most expensive motorcycles is decreasing.
Harley-Davidson reports a profit per share of 91 cents for the third quarter, down from $1.38 per share for the corresponding quarter a year earlier.
Revenues fell to $1.15 billion, which can be compared to an average forecast among analysts of $1.25 billion according to Bloomberg.
The number of delivered motorcycles during the quarter fell 39 percent to 27,500 units, which can be compared to an average forecast of 32,717.
The forecast for 2024 is being lowered to 14-16 percent lower revenues than 2023 and an operating margin of 7.5-8.5 percent.
In the previous forecast, Harley-Davidson expected sales revenues to decline by 5-9 percent this year and the margin to end up at 10.6-11.6 percent.
The Harley-Davidson share, which has so far this year fallen by 7 percent, falls a further 1.6 percent in futures trading ahead of Thursday's trading start on Wall Street.
