Harley-Davidson (HOG) reported earnings on Tue 31 Jan 17 (b/o)

** charts after earnings **

 

Harley-Davidson misses by $0.04, misses on revs; sees FY17 shipments flat to down modestly with gross margin flat:

• Reports Q4 (Dec) earnings of $0.27 per share, $0.04 worse than the Capital IQ Consensus of $0.31; revenues fell 7.4% year/year to $933 mln vs the $975.31 mln Capital IQ Consensus. 
• Shipments -12% to 42.4K vs. 44.2-49.2K guidance. In the fourth quarter, worldwide retail sales of new Harley-Davidson motorcycles declined 0.5 percent versus the prior year behind modest declines in some international markets partially offset by slight growth in the U.S.
• For 2017, Harley-Davidson anticipates full-year motorcycle shipments to be flat to down modestly in comparison to 2016.
• In the first quarter of 2017, Harley-Davidson expects to ship ~66,000 to 71,000 motorcycles.
• Harley-Davidson expects full-year 2017 operating and gross margin as a percent of revenue to be ~in line with 2016 and its full-year effective tax rate to be ~34.5 percent. The company anticipates 2017 capital expenditures of $200 million to $220 million