Shares of Harley-Davidson Inc. (HOG) took a hit in premarket trading on Thursday, plummeting by 11.5% following disappointing profit numbers and a downward revision of the company's sales outlook. The motorcycle manufacturer reported a decrease in net income, with $178.0 million, or $1.22 per share, compared to $215.8 million, or $1.46 per share, in the same period last year. The earnings per share fell short of the FactSet consensus estimate of $1.24.
Although revenue showed a 1.6% decline to $1.45 billion, it surpassed the FactSet consensus of $1.32 billion. Despite overcoming production challenges that affected motorcycle shipments, Chief Executive Jochen Zeitz acknowledged the growth in retail sales and a considerable improvement in gross margin for the quarter.
The company's revised sales growth outlook for 2023 now ranges from flat to 3%, down from the previous projection of 4% to 7%. Similarly, the LiveWire electric motorcycle unit sales forecast has been reduced to a range of 600 to 1,000 units, down from 750 to 2,000 units.
Year to date through Wednesday, Harley-Davidson's stock has experienced a decline of 9.5%, while the S&P 500 has seen an 18.9% increase.
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