: Harley-Davidson’s stock drops after profit misses expectations and full-year growth and LiveWire unit sales outlook were cut

Shares of Harley-Davidson Inc. HOG tumbled 11.5% in premarket trading Thursday, after the motorcycle maker missed profit expectations and cut its full-year outlook for overall sales and for its LiveWire electric motorcycle. Net income fell to $178.0 million, or $1.22 a share, from $215.8 million, or $1.46 a share, in the year-ago period. That missed the FactSet consensus for earnings per share of $1.24. Revenue fell 1.6% to $1.45 billion, above the FactSet consensus of $1.32 billion. “Following the production suspension we experienced late in the quarter impacting motorcycle shipments, we achieved retail growth for the quarter in addition to a strong increase in gross margin,” said Chief Executive Jochen Zeitz. For 2023, the company cuts its sales growth outlook to flat to 3% from 4% to 7% and for LiveWire unit sales to 600 to 1,000 from 750 to 2,000. The stock has lost 9.5% year to date through Wednesday while the S&P 500 SPX has advanced 18.9%.

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