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Tue, June 6 at 7:00PM ET

HOG: Harley-Davidson Stock Revs Up on Earnings Beat

On Tuesday, Harley-Davidson (HOG) reported first-quarter earnings that topped Wall Street forecasts. HOG stock surged almost 8% on the news.

Back of black Harley-Davidson motorcycle 630 HOG

HOG shares jumped after the motorcycle-maker said it earned $265.9 million during the quarter, up 18.7% from $224.1 million in the prior-year period. EPS came in at $1.21, easily beating the $1.07 that analysts had predicted, the Associated Press noted.

Revenue at HOG climbed to $1.73 billion, up from $1.57 billion in the year-ago quarter. Despite snowy weather, U.S. motorcycle sales increased 3%. By contrast, Asia-Pacific region motorcycle sales vaulted more than 20%, while sales in Europe, the Middle East and Africa climbed 8.2%.

Worldwide, HOG said it sold 57,415 motorcycles during the quarter, including 35,730 in the U.S. In a release, Keith Wandell, Harley-Davidson’s Chairman, President and CEO, noted that HOG was “encouraged by the continued growth of new Harley-Davidson motorcycle sales in Europe.”

HOG is standing by its previously-issued guidance of between 7% and 9% growth in motorcycle shipments this year. Harley-Davidson says it anticipates second-quarter motorcycle shipment growth of between 9% and 15% compared to last year.

On Monday, HOG stock closed at $67.54 a share.

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