Harley-Davidson reported second-quarter revenue of $1.2 billion, missing Wall Street estimates of $1.3 billion, but raised its full-year global motorcycle sales forecast to as many as 138,500 units, up from a previous top of 135,000. Sales rose 3% in the quarter compared to the same period last year, as price cuts attracted more budget-conscious customers. Chief Executive Officer Artie Starrs plans to introduce a lower-priced model called the Sprint, a strategy that has divided analysts. Loop Capital Markets upgraded the stock to buy, citing more affordable models, while S&P Global Ratings cut Harley's debt to junk status, warning that discounting could pressure profitability. Shares fell as much as 2.2% in premarket trading.
Harley-Davidson IncRevenue missed estimates and S&P downgraded debt to junk, warning discounting hurts profitability.
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