Harley-Davidson's quarterly profit beats estimate; shares surge
- 8 years ago
U.S. motorcycle maker Harley-Davidson Inc reported a higher-than-expected quarterly profit on Monday despite a dip in global sales and said it would ship more vehicles during 2016, sending its stock up nearly 10 percent in early trading.
"Although we expect the macroeconomic environment to remain challenging, we are confident we'll continue to lead with our powerful brand," Chief Executive Matt Levatich said in a statement.
Harley-Davidson, which commands more than half the U.S. big-bike market, has seen its share eroded in recent years as foreign competitors cut prices to entice new buyers and due to anemic demand for its motorcycles.
When it reported third-quarter earnings in October, the Milwaukee-based company, which has been manufacturing motorcycles for over a century, announced a marketing campaign to increase brand awareness in the face of steep discounts from foreign rivals taking advantage of a strong U.S. dollar.
"Although we expect the macroeconomic environment to remain challenging, we are confident we'll continue to lead with our powerful brand," Chief Executive Matt Levatich said in a statement.
Harley-Davidson, which commands more than half the U.S. big-bike market, has seen its share eroded in recent years as foreign competitors cut prices to entice new buyers and due to anemic demand for its motorcycles.
When it reported third-quarter earnings in October, the Milwaukee-based company, which has been manufacturing motorcycles for over a century, announced a marketing campaign to increase brand awareness in the face of steep discounts from foreign rivals taking advantage of a strong U.S. dollar.