Harley-Davidson sees profit sag as demand for bikes wanes

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U.S. motorbike maker Harley-Davidson Inc reported a 6.four per cent drop in quarterly profit on Tuesday as a result of decrease shipments as demand for its bikes dwindle.

The corporate, which discovered itself in the course of an surprising battle over tariffs after the European Union put a levy on its merchandise, mentioned its profit fell to $248.Three million, or $1.45 per share within the second quarter ended July 1, from $258.9 million, or $1.48 per share, a yr earlier.

However regardless of the European tariff menace, the area was really one of many strongest performers for the bike maker, as the corporate bought 17,844 bikes in Europe, the Center East and Africa through the second quarter, up 3.6 per cent in comparison with the identical interval a yr earlier — however these numbers are from a time interval earlier than tariffs had been carried out.

Harley’s share of the European bike market inched as much as 10.four per cent through the quarter, the corporate mentioned.

The corporate’s tax invoice, nevertheless, went down. The corporate’s efficient tax charge was 24.1 per cent to this point in 2018, in comparison with 34.four per cent in 2017. A lot of that change got here as a results of the tax reform that the U.S. authorities handed on the finish of final yr.

General income from bikes and associated merchandise fell 3.Three per cent to $1.53 billion. The Milwaukee, Wisconsin-based firm maintained its full-year shipments forecast vary of between 231,000 and 236,000 bikes.

https://www.cbc.ca/news/business/harley-davidson-sees-profit-sag-as-demand-for-bikes-wanes-1.4759264?cmp=rss

 

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