Harley-Davidson profit drops 6.4 percent

(Reuters) – U.S. motorcycle maker Harley-Davidson Inc (HOG.N) reported a 6.4 percent drop in quarterly profit on Tuesday due to lower shipments as demand for its bikes dwindle.

FILE PHOTO: Participants of a motorcycle parade ride their bikes through the center of Prague to celebrate 115th anniversary of the Harley Davidson trademark, Czech Republic, July 7, 2018. REUTERS/David W CernyREUTERS/ File Photo

The company said its net income fell to $248.3 million, or $1.45 per share in the second quarter ended July 1, from $258.9 million, or $1.48 per share, a year earlier.

Revenue from motorcycles and related products fell 3.3 percent to $1.53 billion.

The Milwaukee, Wisconsin-based company maintained its full-year shipments forecast range of between 231,000 and 236,000 motorcycles.

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