Tags: Harley-Davidson | motorcycle | earnings | profit

Harley-Davidson Rises 6 Percent After Beating Profit Estimates

Tuesday, 21 Oct 2014 03:44 PM

Harley-Davidson's third-quarter profit fell nearly 8 percent on a planned reduction of motorcycle shipments for the quarter.

But its earnings topped Wall Street expectations, and its shares climbed more than 6 percent in afternoon trading.

The Milwaukee company said Tuesday that its net income was $150.1 million, or 69 cents per share, from July through September. That compares with $162.7 million, or 73 cents per share, a year ago.

But analysts polled by FactSet expected only 60 cents per share.

Revenue from motorcycles and related products was $1.13 billion, down 4.2 percent for the quarter and short of analysts' estimates of $1.14 billion.

Harley-Davidson Inc. said it shipped 50,670 motorcycles worldwide, a planned decrease of 6.2 percent that was in line with prior guidance. That led to a decline in revenue.

But dealers worldwide sold more than 73,000 new bikes during the quarter, a 4 percent increase over the prior year.

The company stuck with previous estimates that it would ship 270,000 to 275,000 motorcycles worldwide this year, a 3.5 percent to 5.5 percent increase over 2013. After the first quarter it expected 7 percent to 9 percent shipment growth. Harley-Davidson also expects to make capital expenditures of $215 million to $235 million this year, and post a full-year operating margin of 17.5 percent to 18.5 percent.

Harley's shares rose $3.58, or 6.1 percent, to $61.96 in afternoon trading Tuesday.

The shares have declined 8.6 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 3 percent.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
1Like our page
2Share
Companies
Harley-Davidson's third-quarter profit fell nearly 8 percent on a planned reduction of motorcycle shipments for the quarter.But its earnings topped Wall Street expectations, and its shares climbed more than 6 percent in afternoon trading.
Harley-Davidson, motorcycle, earnings, profit
253
2014-44-21
Tuesday, 21 Oct 2014 03:44 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved