American motorcycle manufacturer Harley-Davidson Inc. released weak quarterly results, indicating a drop in demand and challenges for the company's new leadership – the CEO. This is reported by Bloomberg, writes UNN.
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In the third quarter, global retail sales fell by 6%, and in the main North American market – by 5%. The company's revenue was $1.34 billion, which is less than analysts' forecast ($1.39 billion).
Despite the overall decline in revenue, earnings per share rose to $3.10 – significantly higher than 91 cents a year ago. Harley explained that the improvement was partly due to a deal with KKR & Co. and Pacific Investment Management Co. to monetize part of the financial division.
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The Milwaukee-based company also confirmed a change in leadership: Artie Starrs officially took over as CEO on October 1, replacing Jochen Zeitz. This decision was the result of an internal struggle with activist investors and a review of profitability strategy.
Harley-Davidson shares fell 0.6% in premarket trading and have lost about 10% since the beginning of the year.
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