On Tuesday, Harley-Davidson, Inc. (NYSE: HOG) announced its financial results for the third quarter of 2017, with earnings meeting estimates and revenue beating estimates.
According to the company, overall revenue for the third quarter dropped 9% from $1.27 billion for the same period last year to $1.15 billion. Motorcycle and related products revenue for the third quarter dropped from $1.1 billion for the same period last year to $962.14 million in the third quarter of 2017, surpassing analysts’ estimates of $960.8 million.
Net income for the company was $68.2 million, or $0.40 per share, for the third quarter, decreasing from $114.1 million, or $0.64 per share, for the same period last year. The result was in line with analysts’ estimates of $0.39 per share.
“The continued weakness in the U.S. motorcycle industry only heightens our resolve and the intensity we are bringing to the quest to build the next generation of Harley-Davidson riders,” Matt Levatich, the president and CEO of Harley-Davidson, said in the statement on Tuesday.
“Launching one hundred new high-impact motorcycles is a critical part of our 10-year journey, and the all new Softail line-up is a significant statement of our commitment,” he said.