Harley-Davidson Inc (NYSE:HOG) stock was up on Tuesday after the company released its earnings report for the third quarter of 2016.
Harley-Davidson reported earnings per share of 64 cents during the third quarter of 2016. This represents a 7.2% drop from the earnings per share of 69 cents reported during the same time last year. However, it did manage to match analysts’ estimates for earnings per share in the quarter.
Harley-Davidson reported $1.27 billion in revenue during the third quarter of 2016. This is down from the $1.32 billion that it reported during the third quarter of 2015. Despite the revenue decline, HOG still came in above Wall Street’s revenue estimate of $1.09 billion.
Net income reported by Harley-Davidson in the third quarter of 2016 was $114.1 million. The motorcycle company’s net income during the third quarter of the year prior was $140.3 million.
Harley-Davidson was able to post positive results during its third quarter of 2016 despite weak demand in the United States. Overall motorcycle sales were down 4.5% for the quarter and U.S. sales were down 7.1%.
Harley-Davidson repurchased 2.1 million HOG shares for $104.6 million during the third quarter of 2016. It is still authorized to repurchase 20.9 million shares as of the end of the third quarter. It also paid a dividend of 35 cents per share to investors during the quarter.
Harley-Davidson’s guidance for the fourth quarter of 2016 includes motorcycle shipments between 44,200 to 49,200. Motorcycle cycle shipments during the fourth quarter of 2015 were 48,149. The company is also expecting 2016 capital expenditures to range from $255 million to $275 million.
HOG shares were up 6% as of Noon Tuesday.
