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James Hardiman, managing director at Wedbush Securities, spoke on CNBC's "Squawk Box" about Harley-Davidson's (NYSE:HOG) earnings report. The company managed to beat on the bottom line, but it missed its revenue estimate.
Hardiman said domestically Harley-Davidson missed marginally. Domestic retail sales were down about 8% in comparison to the previous year and the Street was looking for a decline in a range of 5% to 6%, explained Hardiman. He added that this is not a massive disappointment.
He sees the international market as the bigger area of concern as it declined 9%, while the Street was modeling an increase in the segment. EU and Canada sales were down 14%.
The EU tariffs on U.S. motorcycles shouldn't have an impact on demand because Harley-Davidson pledged to pay additional costs instead of the consumer, Hardiman said. He is concerned the trade war could have an impact on the company's brand.
Harley's stock closed higher by 6.5% at $36.48 per share.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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