Harley-Davidson's stock surges after profit and sales beat expectations
Harley-Davidson Inc.'s stock shot up 6.5% in premarket trade Tuesday, after the motorcycle seller beat first-quarter profit, sales and motorcycle shipment expectations. Earnings for the latest quarter came to $250.5 million, or $1.36 a share, compared with $269.9 million, or $1.27 a share, in the same period a year ago. That beat the FactSet earnings-per-share consensus of $1.29. Revenue rose to $1.58 billion from $1.51 billion, above the FactSet consensus of $1.50 billion, as strength in international sales helped offset a slight decline in domestic sales. Motorcycle shipments increased 4.3% to 83,036, above the company's guidance provided in January of 78,000 to 83,000. The company affirmed its full-year outlook of 269,000 to 274,000. "The increased marketing and new product investments are beginning to take hold and we anticipate continued progress across our focus areas as we dial in and ramp-up our approach," said Chief Executive Matt Levatich. The stock has gained 3.4% year to date through Monday, compared with a 2.5% rise in the S&P 500.
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