By Denny Jacob
Harley-Davidson pulled its guidance for the year, citing an uncertain business environment as tariffs and broader concerns on the economy weighed on sales in its latest quarter.
The motorcycle maker on Thursday said global motorcycle shipments declined 33%, which it added was mostly expected but also reflects a softer-than-expected demand environment. Global retail motorcycle sales in the first quarter declined 21% from the prior year as demand weakened in the face of a high interest rate environment and an uncertain economic outlook.
Revenue in the first quarter declined 23% to $1.33 billion from $1.73 billion. Analysts polled by FactSet expected $1.11 billion.
The Milwaukee company recorded net income of $133 million, or $1.07 a share, compared to $235 million, or $1.72 a share, in the prior-year period. Analysts polled by FactSet expected 77 cents a share.
Chief Executive Jochen Zeitz said Harley is focused on navigating the challenging economic and tariff environment through supply chain mitigation and reducing dealer inventory, among other measures.
Harley in April said it's seeking a new CEO as Zeitz plans to retire after five years on the job. He helped boost Harley's profit during his tenure, but sales of the company's bikes have continued to decline as the brand struggles to resonate with a younger generation of riders.
Investment firm H Partners has urged Harley shareholders to remove three longstanding directors from Harley's eight-member board and quickly replace its chief executive at a coming annual meeting in mid-May, as first reported by The Wall Street Journal.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
May 01, 2025 07:31 ET (11:31 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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