Harley-Davidson, Inc. (HOG) will cut its quarterly dividend by 94.7 percent to 2 cents per share in the second quarter of 2020 because of the COVID-19 pandemic. In Q1 the motorcycle manufacturer had raised its quarterly dividend by 1.4 percent to $0.38 per share, marking the 10th consecutive year of dividend increases.

The next dividend is dividend is payable June 12, 2020 to the shareholders of record of the company's common stock as of May 22, 2020. A new annual dividend rate of 8 cents per share yields 0.4% at a stock price of $20.39. Harley-Davidson announced first quarter 2020 results today together with COVID-19 response actions, including this dividend cut.

Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. The company manufactures and sells at wholesale cruiser and touring motorcycles. The Financial Services segment consists of HDFS, which provides wholesale and retail financing and insurance-related programs to the Harley-Davidson dealers and their retail customers. Harley-Davidson has been paying a dividend every year since 1993.