By Sam Boughedda
Investing.com -- Shares of Harley-Davidson, Inc. (NYSE:HOG) fell at the open after the company missed earnings and revenue forecasts as it felt the impact of supply chain challenges.
The American motorcycle manufacturer reported earnings per share of $1.45 on revenue of $1.3 billion. Analysts polled by Investing.com forecast earnings per share of $1.46 on revenue of $1.32 billion.
The company said it is seeing strong consumer demand as it enters the second year of its five-year Hardwire Strategic Plan, and they continue to work through supply chain issues.
However, its operating income declined 16%, with Harley-Davidson saying it was negatively impacted by lower shipments due to higher supply chain inflation and production challenges due to semi-conductor availability.
The company reaffirmed its initial guidance and continues to expect revenue growth of 5% to 10% for 2022.
Harley-Davidson stock is down over 1.7% in early Wednesday trading.