News

Harley shares top analysts' expectations

Written by Gary Haber/York Daily Record | Jan 29, 2016 8:37 AM
harley_davidson.jpg

Photo by Rich-Joseph Facun/AP Images for Harley Davidson

(Undated) -- Harley-Davidson shares rose almost 4 percent Thursday after the Milwaukee-based motorcycle giant posted higher-than-expected fourth-quarter earnings.

Harley, which has manufacturing operations in Springettsbury Township, earned 22 cents a share for the three months ending Dec. 31. Analysts expected the company would earn 19 cents a share.

Shares gained $1.43 Thursday, or 3.8 percent, closing at $38.92.

The company posted net income of $42.2 million for the fourth quarter, down from $74.5 million in the fourth quarter of 2014. A more competitive market and unfavorable currency exchange rates cut into sales, offsetting higher motorcycle shipments, the company said. Revenue fell to $1.18 million, down from $1.2 billion in the year-ago quarter.

"Although we expect the macro-economic environment to remain challenging, we are confident we'll continue to lead with our powerful brand -- not simply because of our substantial strengths but through our increased demand driving investments and our incredibly talented and passionate employees and dealers," Harley CEO Matt Levatich said in a news release.

Harley forecasts it will ship between 269,000 and 274,000 motorcycles this year, an increase of 1 percent to 3 percent from 2015.

For all of 2015, Harley earned $752.2 million, or $3.69 a share, on revenue of $6 billion. That was down from net income of $844.6 million, or $3.88 a share, on revenue of $6.23 billion in 2015.

 

*This article is part of a content-sharing partnership between WITF and the York Daily Record

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