Iconic motorcycle maker Harley-Davidson (HOG - Get Report) raced past Wall Street expectations in the second quarter. The business, however, is slowing down as the company lowered its forecast for motorcycle shipments for the year.
The company reported adjusted earnings per share of $1.46, down from $1.52 a year ago. Analysts expected earnings of $1.21 a share.
Unit sales of motorcycles fell 8.4% worldwide in the quarter to approximately 72,000 from around 78,000 a year ago. The largest drop came in Europe, the Middle East and Africa (down 12.5%).
The drop in revenue from motorcycle and related parts sales was slightly less pronounced, down 6%.
Harley-Davidson lowered its forecast for motorcycle shipments for the year, saying Tuesday it now expects to ship between 212,000 and 217,000 motorcycles in 2019, down from its previous forecast of 217,000 to 222,000 motorcycles.
The stock rose 1.06% to $34.65 in trading on Tuesday.