The Milwaukee-based company posted earnings of $1.46 a share, well over the $1.02 average of analysts’ estimates compiled by Bloomberg.
Revenue from motorcycles and related products rose to $1.27 billion, compared with the $1.25 billion forecast by analysts.shares rose 6.7% at 10:10 a.m. in New York and earlier gained 10%, the most on an intraday basis since early February.
Zeitz, a former Puma SE executive who took the helm of the troubled manufacturer in February 2020, has slashed costs, exited unprofitable markets and tightened inventory to raise motorcycle prices as part of his “Hardwire” turnaround plan. While he’s successfully introduced new models and mopped up excess bike inventory, shipping bottlenecks and parts shortages have constrained sales growth coming out of the pandemic.
The profit beat came even as global sales of motorcycles fell to 50,500, down 23% from the year-earlier quarter. Sales by that measure were down 28%, to 34,900, in North America, Harley’s largest market. Europe fell 15%, Latin America dropped 8%, and sales in Asia rose about 1%.
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