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Harley-Davidson Earnings: HOG Stock Rides 1% Lower on Q2 Miss

Harley-Davidson (NYSE:HOG) earnings for the motorcycle company’s second quarter of 2020 have HOG stock sliding lower on Tuesday. That’s due to its adjusted losses per share of 35 cents missing Wall Street’s adjusted EPS estimate of 3 cents. Despite this, its revenue of $865 million is better than analysts’ estimates of $808.46 million.

Harley-Davidson (HOG) insignia on motorcycle in the rain

Source: Alex Erofeenkov / Shutterstock.com

Here’s what else is worth mentioning from the most recent Harley-Davidson earnings report.

  • Adjusted losses per-share are down massively compared to adjusted EPS of $1.46 from the same period of the year prior.
  • Revenue for the quarter is sitting 47% lower than the $1.63 billion reported in Q2 2020.
  • Operating loss of $116.1 million is a negative switch year-over-year from an operating income of $256.26 million.
  • The Harley-Davidson earnings report also has it bringing in a net loss of $92 million.
  • That doesn’t look good next to the company’s net income of $196 million reported during the same time last year.

Jochen Zeitz, chairman, president and CEO of Harley-Davidson, said this in the earnings report.

“I’m very pleased with our accomplishments in these times of extraordinary challenges and uncertainty. Through all of this, we have made significant progress toward the goals of The Rewire; the positive feedback from key stakeholders and the early impacts we are seeing in the marketplace are very encouraging.”

Harley-Davidson isn’t providing guidance at this time. This is due to the effects of the novel coronavirus. Many other companies are withholding outlooks during the pandemic.

HOG stock was down almost 1% as of Tuesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/07/harley-davidson-earnings-q2-hit-hog-stock/.

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