Harley earnings beat despite tepid North American retail sales

on Thursday reported better-than-expected first-quarter results even as retail sales in North America fell, indicating a softness in demand in the motorcycle maker's largest market due to inflationary pressures.

The earnings beat was aided by pent-up demand for its popular models, but recession fears, as well as global market volatility, are signaling that demand for motorcycles will start to dissipate as consumers begin to pull back on leisure purchases, analysts said. The company also reaffirmed its full-year forecast for revenue growth of 4-7% for its motorcycle division, disappointing investors who were looking for an upward revision.

Overall, sales from motorcycles and related products rose 21% to $1.56 billion, driven by a rise in wholesale shipments and continued price increases.

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