Harley-Davidson Shares Rise After Profits, Revenue Surpassed Expectations As Motorcycle Sales More Than Doubled


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Harley-Davidson Inc. HOG Shares,
+ 4.48%
On Wednesday, after the motorcycle seller reported better-than-expected second-quarter profit and higher than expected revenue, a slight decline in motorcycle revenue was offset by lower sales of parts and accessories. Net income was $ 206 million, or $ 1.33 per share, after a loss of $ 92 million, or 60 cents per share, during the period last year. Excluding one-time items, the company fell to earnings per share of $ 1.41 from a loss per share of 38 cents, beating the FactSet consensus of $ 1.21. Revenue rose 77% to $ 1.53 billion, beating the FactSet consensus of $ 1.39 billion. Motorcycle revenues jumped 131% to $ 1.03 billion, just below the FactSet consensus of $ 1.11 billion, while parts and accessories revenue rose 32% to $ 223 million for exceed expectations of $ 212.9 million. Retail sales of Harley-Davidson motorcycles increased 24% to 65,300 units, with growth of 43% in North America to 48,200 units. “We are encouraged by the signs of consumer positivity in the market; however, we remain cognizant of the significant supply chain challenges which we believe will continue to impact the industry, ”said Managing Director Jochen Zeitz. The stock was up 19.4% year-to-date through Tuesday, while the S&P 500 SPX,
+ 1.52%
gained 15.1%.

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