Harley-Davidson Inc (HOG) Stock Tanks on Weak Sales
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Harley-Davidson Inc (NYSE:HOG) stock was hit hard today following the release of its earnings report for the second quarter of 2017.
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During the second quarter of 2017, Harley-Davidson Inc reported revenue of $1.58 billion. This is down from its revenue of $1.67 billion that was reported during the second quarter of 2016. It also failed to reach Wall Street’s revenue estimate of $1.59 billion for the quarter. The revenue miss didn’t help HOG stock today.
Harley-Davidson Inc reported earnings per share of $1.48 for the second quarter of 2017. This is a decrease from its earnings per share of $1.55 from the same time last year. However, it was able to surpass the earnings per share estimate of $1.38 that analysts were expecting for the second quarter of the year.
HOG stock also wasn’t helped by the company’s operating and net income for the quarter. It reported operating income of $401 million for the quarter, which is down from its operating income of $412 million in the second quarter of 2016.
Net income reported by Harley-Davidson Inc in the second quarter of 2017 was $258 million. This is a drop from the $280 million in net income that was reported during the same quarter of the year prior.
Harley-Davidson Inc also updated its guidance for 2017 in its most recent earnings report. It expects motorcycle shipments for the year to be between 241,000 to 246,000 units. This is down 6% to 8% from 2016. HOG previously expected motorcycle shipments to be flat to down modestly from 2016.
HOG stock was down 8% as of noon Tuesday and and 18% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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