{"id":1511,"date":"2023-04-28T16:14:02","date_gmt":"2023-04-28T20:14:02","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/harley-earnings-beat-despite-tepid-north-american-retail-sales\/"},"modified":"2023-04-28T16:14:02","modified_gmt":"2023-04-28T20:14:02","slug":"harley-earnings-beat-despite-tepid-north-american-retail-sales","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1511","title":{"rendered":"Harley earnings beat despite tepid North American retail sales"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Harley-Davidson motorcycles stand in a garage at Harley-Davidson dealer in Wrigleyville neighborhood, in Chicago, Illinois, U.S., July 13, 2022. REUTERS\/Bianca Flowers<\/span>
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By Kannaki Deka<\/p>\n

(Reuters) -Harley-Davidson Inc on Thursday reported better-than-expected first-quarter results even as retail sales in North America fell, indicating a softness in demand in the motorcycle maker’s largest market due to inflationary pressures.<\/p>\n

Shares of Harley-Davidson (NYSE:) were down about 3% in afternoon trade as first-quarter retail sales in North America fell 17%. <\/p>\n

The earnings beat was aided by pent-up demand for its popular models, but recession fears, as well as global market volatility, are signaling that demand for motorcycles will start to dissipate as consumers begin to pull back on leisure purchases, analysts said. <\/p>\n

“It is obviously clear in an environment of rising rates and inflation that there is some moderation in customer behavior,” Chief Commercial Officer Edel O’Sullivan said on a call with analysts. <\/p>\n

The company also reaffirmed its full-year forecast for revenue growth of 4-7% for its motorcycle division, disappointing investors who were looking for an upward revision. <\/p>\n

“The fact they didn’t raise guidance following their massive Q1 beat is raising fears that the balance of the year could be weaker,” said Garrett Nelson, senior equity analyst at CFRA Research.\u00a0<\/p>\n

Overall, sales from motorcycles and related products rose 21% to $1.56 billion, driven by a rise in wholesale shipments and continued price increases. <\/p>\n

The company’s financial services division saw a 32% decline in growth, affirming investor fears that consumers are forgoing borrowing cash due to higher interest rates. <\/p>\n

Harley-Davidson reported a net profit of $2.04 per share, beating analysts’ expectations of $1.39 per share, according to Refinitiv. <\/p>\n

Revenue from the motorcycle division came in at $1.56 billion, while analysts were expecting $1.36 billion. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Harley-Davidson motorcycles stand in a garage at Harley-Davidson dealer in Wrigleyville neighborhood, in Chicago, Illinois, U.S., July 13, 2022. REUTERS\/Bianca Flowers By Kannaki Deka (Reuters) -Harley-Davidson Inc on Thursday reported better-than-expected first-quarter results even as retail sales in North America fell, indicating a softness in demand in the motorcycle maker’s largest […]<\/p>\n","protected":false},"author":1,"featured_media":988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-1511","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nHarley earnings beat despite tepid North American retail sales | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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