Harley-Davidson 3Q Net Down, Co. Boosts Sales Volume Projection

Dow Jones10-29

Harley-Davidson's third-quarter net income fell as a year-earlier gain and a shift in its dealer inventory strategy weighed, but the maker of high-end motorbikes boosted its sales volume projection for the year.

The motorcycle maker logged earnings of $42.8 million, or 40 cents a share, down from $377.4 million, or $3.10 a share, a year earlier, and short of the average Wall Street target of 47 cents a share.

The year-earlier quarter included gains related to a transaction involving retail finance receivables.

Revenue slipped to $964 million, short of the mean analyst estimate of $1.07 billion, as per FactSet.

Global retail motorcycle shipments fell 8% to 33,616 units as part of Harley's plan to ease dealer inventory issues. Global retail sales rose 5%.

For the year, Harley-Davidson boosted its forecast for global motorcycle retail sales to a range between 135,500 and 139,000 units from a prior projection of 133,500 to 138,500 units.

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