() Houston – American icon motorcycle manufacturer Harley-Davidson (NYSE: HOG) shares roared Tuesday, rising more than 8.5% after the company announced stronger-than-expected earnings results for the first-quarter.
Milwaukee-based Harley-Davidson, Inc. reported earnings of $33.3 million, or 14 cents a share, down from $117.3 million, or 50 cents a share, in the year-ago period.
Net revenue dropped to $1.04 billion from $1.28 billion as motorcycle sales continued falling.
HOG enthusiasts were expecting the bike-maker to report even worse results due to the lagging U.S. economy, but Harley-Davdison managed to do better than investors expected.
CEO Keith Wandell was encouraged by the results though he remained cautious towards Harley-Davidson’s full-year outlook.
“Given the global economic uncertainty that still exists, we believe conditions will remain challenging throughout this year, and we will continue to factor that into how we manage the business,” said Wandell.
Motorcycle shipments fell to 53,674 in the first quarter from 74,670 a year ago. HOG expects second quarter shipments of between 55,000 to 60,000 motorcycles.
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Tags: Earnings, Shares Roar
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