Harley-Davidson results top Street, Latin America sales up

Published 07-24-2018

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MILWAUKEE (AP) - Harley-Davidson topped Wall Street expectations again on steady sales in Latin America, Europe, Middle East and Africa, though shipments slipped by 11 percent in the second quarter and the company warned that new EU tariffs would pressure operating margins.

The motorcycle maker was targeted by President Donald Trump recently after saying that because of retaliatory tariffs from the European Union in response to new U.S. aluminum and steel duties, it would be forced to move some operations overseas.

For the three months ended July 1, Harley-Davidson Inc. earned $242.3 million, or $1.45 per share. A year earlier the Milwaukee company earned $258.9 million, or $1.48 per share.

Stripping out manufacturing optimization costs, earnings were $1.52 per share. That easily beat the $1.35 per share that analysts surveyed by Zacks Investment Research were calling for.

Revenue from motorcycles and related products dropped to $1.53 billion, from $1.58 billion, as sales in the U.S., Asia Pacific region and Canada declined. Sales in Latin America rose 9.1 percent and sales in the EMEA region increased 3.6 percent. Overall revenue topped the $1.42 billion that analysts predicted.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HOG at https://www.zacks.com/ap/HOG

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HOG at https://www.zacks.com/ap/HOG

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