Hopes of a recovery in demand from makers of leisure products are dimming and spending on big-ticket purchases has slowed as consumers remain wary of falling credit card debt.
“We worked diligently during the quarter to mitigate the impact of higher interest rates and macroeconomic and political uncertainty, which continue to put pressure on our industry and customers, particularly in our core markets,” said Harley CEO Jochen Zeitz.
Harley’s retail sales in North America, its largest market, fell 10%.
Amid falling demand, the company focused on selling its more attractive touring bike models that helped it beat third-quarter profit estimates.
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In July, Harley said it would scale back motorcycle shipments in the second half of this year to align with retail sales.
The company said on Thursday that it now expects full-year global shipments to fall 16% to 17%, compared with its previous forecast of 7% to 10%.
Harley also predicts a 6% to 8% annual retail sales decline. It had previously expected sales to be flat by up to 3%.
“Given these continued soft retail trends, HOG once again lowered its 2024 guidance, although the magnitude was slightly higher than we expected,” said Raymond James analyst Joseph Altobello.
Harley reported third-quarter profit of 91 cents per share, compared with the average analyst estimate of 79 cents, according to data compiled by LSEG.
The company now expects motorcycle and related products revenue to fall 14% to 16% in 2024, down from its previous forecast of 5% to 9%.
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