Harley-Davidson Shares Jump as New CEO’s Turnaround Delivers Revenue Beat
- Motorcycle maker selling bikes at full price in U.S. market
- Harley exiting 39 global markets with weak volumes and profits
This article is for subscribers only.
Harley-Davidson Inc. shares jumped by almost 30% on better-than-expected profit as Chief Executive Officer Jochen Zeitz’s moves to cut costs and boost margins on a smaller revenue base paid off in the third quarter.
In line with Zeitz’s strategy of shrinking supply and shoring up pricing, the company said dealer inventory fell more than 30% compared with a year ago, and it was able to charge asking price for 2020 model-year motorcycles in the U.S. during the quarter. The Milwaukee, Wisconsin-based manufacturer reported adjusted earnings per share of $1.05, beating analysts’ consensus of 29 cents.