Harley-Davidson’s Q3 revenue topped $1.78 billion, eclipsing the consensus estimate of $1.77 billion, and net income surged to $340 million, a 24% year‑over‑year jump. The earnings per share of $0.52 beat the $0.48 forecast, pushing the stock up 3% to $80.12 on the Nasdaq.
The 12% revenue lift is the strongest in three years, coming after a three‑quarter decline that saw $1.61 billion in 2022 and $1.73 billion in Q1‑23. Analysts noted the uptick is largely driven by a 9% rise in U.S. retail sales and a 4% increase in export volumes.
In the broader motorcycle sector, Harley’s performance dwarfs that of its peers: Yamaha posted $1.05 billion in Q3, while Ducati’s revenue dipped 5% to $680 million. Harley’s gross margin widened to 27% from 25% last quarter, reflecting better pricing power and cost control.
Citi’s latest research notes a “Buy” rating for the stock, citing improved cash flow and a clearer path to profitability as the company ramps up its electric‑vehicle lineup. The bank forecasts Q4 revenue of $1.88 billion and a net margin of 20%.
Looking ahead, Harley will report Q4 results on November 15, with management already signalling a modest upside to revenue guidance. Investors will watch closely for any shift in the company’s debt profile and the pace of its EV rollout, which are expected to be key drivers of next‑quarter performance.