Harley-Davidson Inc (HOG) Stock Dips on Q4 Earnings Miss

Harley-Davidson Inc (NYSE:HOG) had a disappointing earnings call as the company missed its sales estimates.

Harley-Davidson IncFor its fiscal fourth-quarter, the motorcycle manufacturer revealed that global retail sales fell 1.6% year-over-year. The decline was even larger in the U.S. as sales were 3.9% lower.

Over the three winter months, net income was 12% higher compared to 2015’s totals at $47.2 million. The figure was below the $54.1 million that analysts were expecting.

Earnings came in at 27 cents per share, which was lower than the 30 cents per share that analysts were calling for. In the same period last year, Harley-Davidson reported earnings of 22 cents per share.

“The global competitive environment remains intense, but our 2016 results demonstrate that our increased investments to drive demand and bring impactful new products to market are working,” said Harley-Davidson Inc. President and CEO Matt Levatich, in a statement. “Our long-term strategy is all about growing ridership in the U.S., growing reach and impact internationally, and growing share and profit in every market we serve.”

In the new fiscal year, the company expects shipments of motorcycles to be around the same as 2016, or perhaps even decline, according to the company’s fourth-quarter earnings call. Shipments of bikes are slated to be between 66,000 to 71,000 cycles.

HOG shares fell 3.3% Tuesday.

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