Harley-Davidson (HOG) Beats On Q1 Earnings, Guides Lower

Harley-Davidson, Inc. (HOG - Analyst Report) reported a 5% year-over-year rise in earnings to $1.27 per share in the first quarter of 2015 from $1.21 recorded in the year-ago quarter. Also, earnings beat the Zacks Consensus Estimate of $1.24.

The year-over-year increase came on the back of higher revenues from the Financial Services segment and a significant decline in interest expense. Net income increased 1.5% to $269.9 million from $265.9 million a year ago.

Harley-Davidson Inc. - Earnings Surprise | FindTheCompany

Consolidated revenues declined 3.5% to $1.67 billion, exceeding the Zacks Consensus Estimate of $1.59 billion. The decline was due to unfavorable foreign currency exchange and lower motorcycle shipments. Operating income dropped 0.2% to $410.1 million from $410.9 million in the first quarter of 2014.

Motorcycles and Related Products

Revenues from Motorcycles and Related Products declined to $1.51 billion in first-quarter 2015 from $1.57 billion in the year-ago quarter. Operating income from Motorcycles and Related Products decreased to $345.5 million from $347.7 million a year ago. The year-over-year decline was due to unfavorable currency translation, partially offset by productivity gains.

Revenues from Harley-Davidson motorcycles fell 3.8% to $1.26 billion. Harley-Davidson shipped 79,589 motorcycles to dealers and distributors worldwide during the first quarter of 2015, compared with 80,682 shipments in first-quarter 2014.

Harley-Davidson’s worldwide dealer retail sales of new motorcycles went down 1.3% to 56,661 units from 57,415 motorcycles sold in the year-ago quarter. Sales in the U.S declined 0.7% to 35,488 motorcycles. International sales went down 2.4% to 21,173 motorcycles from 21,685 motorcycles in the prior-year quarter. A 1.1% decline in sales in the Asia Pacific region and a 5.6% fall in the Europe, Middle East, and Africa (“EMEA”) region, offset the 0.3% increase in the Latin America region and a 5.7% improvement in Canada.

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