Harley quarterly revenue hit by two-week production shutdown
2022.07.28 15:58
FILE PHOTO: FILE PHOTO: Motorcycle maker Harley Davidson’s logo appears on the window of a store in Boston, Massachusetts July 17, 2008. REUTERS/Brian Snyder
(Reuters) – Harley-Davidson Inc (NYSE:HOG) reported a fall in quarterly revenue, hurt by the motorcycle maker’s two-week production shutdown in May that delayed shipments and affected dealer inventories.
The 119-year-old Milwaukee-based company had suspended assembly and shipments of motorcycles, excluding electric models, in its manufacturing plants in Wisconsin and Pennsylvania in May following a regulatory compliance issue at a third-party parts supplier.
Harley did not disclose specifics related to the issue.
Sales from motorcycles and related products fell about 5% to $1.27 billion in the second quarter, and total revenue fell 4% to about $1.46 billion.
Net profit for the 119-year old motorcycle maker came in at $215.8 million, or $1.46 per share, in the second quarter, compared with $206.3 million, or $1.33 per share, a year earlier.
