Harley-Davidson's Earnings Report Is Even Worse Than You Might Think

Harley-Davidson (NYSE: HOG) may have beaten Wall Street's profit expectations, but that's because analysts had set the bar so low. The third-quarter earnings report was actually quite bad. In fact, it was even worse than you might think.

The motorcycle giant can't move its bikes. Sales and shipments for the period are at their lowest level since the Great Recession, and things are deteriorating rapidly. Harley shipped fewer than 20,000 motorcycles to U.S. dealers in the third quarter -- a shockingly low number -- and only half as many as it said it would last quarter. Management said the pullback was purposeful, to clear out dealers' inventory, yet that decision also hurt sales.

Image source: Harley-Davidson.

Source: Fool.com