Harley-Davidson, Inc. (NYSE:HOG) shares dropped after reporting Q1 results, despite beating earnings and sales consensus. Adjusted EPS was $1.72, above the $1.51 consensus, with sales of $1.48 billion surpassing the $1.34 billion expectation. However, HDMC revenue fell by 5% due to reduced motorcycle shipments, contributing to a 3% decrease in consolidated revenue. The company also saw a decline in gross margin and operating income margin, attributed to pricing, sales incentives, lower volume, and increased manufacturing costs. Despite these challenges, Harley-Davidson reported a 6% retail growth in North America and expects flat to down 9% HDMC revenue for FY24, with a narrower operating loss for LiveWire. Shares fell 13.7% to $34.06.