Harley-Davidson reported a 9.8% drop in quarterly revenue on Tuesday as global motorcycle demand struggles to pick up from the COVID-19 induced lockdowns. Retail sales in its biggest market, the United States, plunged 10% from the same period a year ago, while overall, motorcycles revenue fell 12% to $684 million.
The Milwaukee-based company has not posted a growth in retail sales in the United States for six years and has been finding it hard to add customers beyond baby boomers.
Net income rose to $120 million, or 78 cents per share, in the third quarter ended Sept. 30, from $87 million, or 55 cents per share, a year earlier. On an adjusted basis, it earned $1.05 cents per share, according to Refinitiv data.
Motorcycles and related product revenue fell to $964 million from $1.07 billion a year earlier.