Harley-Davidson (NYSE: HOG) reported Q1 EPS of $1.27, $0.02 better than the analyst estimate of $1.25. Revenue for the quarter came in at $1.67 billion versus the consensus estimate of $1.59 billion.

"While the first quarter had its share of headwinds, our business is strong and we remain clearly focused on executing Harley-Davidson's strategy to be customer-led in everything we do, grow our reach among new customers in the U.S., grow internationally and continuously improve every aspect of our operations," said Keith Wandell, Chairman, President and Chief Executive Officer of Harley-Davidson, Inc. "We continue to manage Harley-Davidson for long-term performance from a position of great strength."

"Given the first-quarter retail results, and ongoing, increased levels of aggressive competitive discounting in the U.S. which we expect will continue, we are taking the precautionary step of lowering our estimated growth rate for full-year motorcycle shipments in order to manage supply in line with demand and protect the premium nature of our brand," said Wandell.

The company now expects motorcycle shipments to grow approximately 2 percent to 4 percent in 2015, compared to its previous forecast of approximately 4 percent to 6 percent shipment growth.

For earnings history and earnings-related data on Harley-Davidson (HOG) click here.