Harley-Davidson Inc. (NYSE: HOG) released its second-quarter earnings report Tuesday before the markets opened. The company had $1.44 in earnings per share (EPS) on $1.82 billion in revenue, compared to Thomson Reuters consensus estimates of $1.39 in EPS on $1.67 billion in revenue. The same quarter from the previous year had $1.62 in EPS on $1.83 billion in revenue.
Source: Harley-Davidson Inc.
The company gave guidance for the 2015 full year. Harley-Davidson expects to ship 276,000 to 281,000 motorcycles worldwide, and that capital expenditures will be in the range of $240 million and $260 million. The consensus estimates of $3.97 in EPS on $5.57 billion in revenue.
At the end of the second quarter, the company had cash, cash equivalents and marketable securities of $1.30 billion, compared to the same period last year, which had $1.06 billion.
On a discretionary basis, the company repurchased 2.8 million shares of common stock during the second quarter of 2015 at a cost of $164.8 million. In the second quarter, there were about 208.6 million weighted-average diluted common shares outstanding, compared to roughly 219.2 million shares in the same quarter last year.
Matt Levatich, president and CEO of Harley-Davidson, said:
In the face of a tough competitive environment, driven mostly by currency and greater competitive activity, we are leveraging our many strengths and meeting the challenge head on. Our actions during the quarter have had a positive impact. We are encouraged by the momentum at retail as the quarter progressed, both in the U.S. and internationally.
He continued:
We are confident in the strength of our business and the strategies we have in place to maintain our industry leadership and grow our business over the long term. Our singular focus on the customer through unrivaled products, unique experiences and our expanding dealer network is the bedrock we are building on to continue to grow our reach and impact with customers across the globe.
Shares of Harley-Davidson closed Monday relatively flat at $54.94. Following the release of the earnings report, shares were up 3.8% at $57.00 in Tuesday’s premarket. The stock has a consensus analyst price target of $64.62 and a 52-week trading range of $53.04 to $70.41.
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