Harley-Davidson stock was down on Tuesday despite reporting an earnings beat for the third quarter of 2018.
Harley-Davidson’s (NYSE:HOG) earnings report for the third quarter of the year includes earnings per share of 78 cents. This is better than the company’s earnings per share of 40 cents from the same time last year. It also beat out Wall Street’s earnings per share estimate of 53 cents for the quarter, but couldn’t keep Harley-Davidson stock from falling today.
Net income reported by Harley-Davidson for the third quarter of 2018 came in at $113.90 million. This is a major increase over its net income of $68.20 million from the third quarter of 2017.
Harley-Davidson also reported operating income of $65.66 million for the third quarter of the year. The motorcycle company’s operating income from the same period of the year prior was $17.35 million.
During the third quarter of 2018, Harley-Davidson reported revenue of $1.12 billion. This is better than the company’s revenue of $962.14 million that was reported in the third quarter of the previous year. It also came in above analysts’ revenue estimate of $1.07 billion for the period, but Harley-Davidson stock is still down today.
So what exactly is keeping Harley-Davidson stock down today? It mostly likely has to do with the company’s U.S. motorcycle sales for the third quarter of 2018. Harley-Davidson notes that it sold 36,220 motorcycles during the quarter. This is a roughly 13% drop from its motorcycle sales of 41,793 from the same time in 2017.
HOG stock was down 2% as of noon Tuesday and is down 25% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
