Harley-Davidson Inc on Thursday posted a 38% decrease in its quarterly earnings amid weaker demand for motorcycles in North America as consumers pared spending on more costly items.
The motorcycle maker reported a net profit of $26 million ($0.18 per share) in the fourth quarter, down from $42 million ($0.28 per share) in the year-ago period.
Sales of motorcycles and related products shrank 14% to $792 million in the latest quarter, the company said.
To bolster margins, Harley-Davidson Inc looked to sell fewer bikes at higher prices, but it did not offset lower shipments.
Stock Performance
The shares of Harley-Davidson Inc (HOG) closed 1.11% ($0.38) higher at $34.54 in New York on Wednesday, as they extended the gain from the previous market session.
Pre-market on Thursday, the shares were up 2.11% to $35.25.
The company’s total market cap now stands at $4.81 billion.
The shares of Harley-Davidson Inc (HOG) have retreated 6.24% so far this year, following another 11.44% loss in 2023.
Analyst stock price forecast and recommendation
According to TipRanks, at least 3 out of 5 surveyed investment analysts had rated Harley-Davidson Inc’s stock as “Buy”, while 2 – as “Hold”. The median price target on the stock stands at $37.80, which translates into a 9.44% upside compared to Wednesday’s closing price.
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