Harley-Davidson, which has been facing surging costs for raw materials and logistics, said it now expects higher input costs to continue through the rest of the fiscal year
reported a drop in first-quarter profit, in line with Wall Street expectations as margins were squeezed by higher costs and chip shortages, while sales were boosted by global price increases.The 119-year-old company, which has been facing surging costs for raw materials and logistics, said it now expects higher input costs to continue through the rest of the fiscal year. Even so, Harley said it is seeing strong consumer demand for its bikes.
The global semiconductor shortage has not yet eased which has added to margin pressures – pushing the company to maintain its outlook for an already extended backlog order for bikes.Net profit was $223-million, or $1.45 per share, in the first quarter, compared with $259-million, or $1.68 per share, a year earlier. The company price surcharges in global markets has helped offset production costs and boost sales. Revenue rose 5 per cent to about $1.50-billion.
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