UPDATE: Harley-Davidson Posts Upbeat Q2 Earnings, Lowers Full-year Shipment Guidance

Shares of Harley-Davidson

tumbled more than 2% in pre-market trading after the company cut its motorcycle shipments forecast for the full year. Harley-Davidson posted its quarterly earnings of $354.2 million, or $1.62 per share, versus $271.7 million, or $1.21 per share, in the year-ago period. Its EPS surged 33.9% to $1.62 in the quarter. Its revenue climbed to $2.0 billion from $1.79 billion. However, analysts were expecting earnings of $1.46 per share on revenue of $1.834 billion. Harley-Davidson's dealers worldwide sold 90,218 motorcycles in the period, compared to 90,193 units in the year-earlier period. US sales fell to 58,225 units, versus 58,241 units. In international markets, dealers sold 31,993 new motorcycles, versus 31,952 motorcycles. Harley-Davidson's revenue from motorcycles climbed 16.2% to $1.48 billion, while revenue from motorcycle parts and accessories rose 0.7% to $271.6 million. Revenue from general merchandise declined 6.5% to $76.4 million. Harley-Davidson, Inc. Chairman, President and Chief Executive Officer Keith Wandell said, "Harley-Davidson's second-quarter results reflect the financial strength of the Company and brand, including the benefits of continuous improvement throughout our operation." Harley-Davidson shares fell 2.36% to $65.50 in pre-market trading.