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UPDATE: Harley-Davidson shares up 6.6% premarket after earnings beat

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Harley-Davidson reports stronger-than-forecast earnings

Harley-Davidson Inc. shares HOG, +1.39% extended their premarket gains to 6.6% Tuesday, after the company beat profit and revenue estimates for the third quarter. The Milwaukee-based motorbike maker said it had net income of $86.6 million, or 55 cents a share, in the quarter, down from $113.9 million, or 68 cents a share, in the year-earlier period. Adjusted per-share earnings came to 70 cents, ahead of the 66 cents FactSet consensus. Revenue fell to $1.069 billion from $1.

124 billion, ahead of the $1.037 billion FactSet consensus. U.S. retail sales fell 3.6%, while international retail sales were up 2.7%. The company said it's aiming to expand to 4 million total riders in the U.S. and to grow international business to 50% of motorcycle revenue, launch 100 new high impact motorcycles and to do it profitably and sustainably. The company still expects full-year motorcycle shipments of about 212,000 to 217,000. Shares have gained 8.

 

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