** charts before earnings **
** charts after earnings **
Harley-Davidson beats by $0.03, misses on revs; reaffirms FY17 guidance:
- Reports Q1 (Mar) earnings of $1.05 per share, $0.03 better than the Capital IQ Consensus of $1.02; revenues fell 15.7% year/year to $1.33 bln vs the $1.35 bln Capital IQ Consensus.
- Motorcycle shipments were 70,831 vs. guidance for approximately 66,000 to 71,000
- First quarter worldwide? retail sales of new Harley-Davidson motorcycles were down driven by lower sales in the U.S. As we expected, U.S. sales were adversely impacted by soft industry sales and the company's decision to reduce shipments of model year 2017 motorcycles. This decision helped dealers focus on selling down their model year 2016 retail inventory. International retail sales were down behind weak sales in Asia Pacific, partially offset by strong growth in Latin America. Retail sales in EMEA and Canada were both down as they compared against strong prior year growth of 8.8 percent and 16.3 percent, respectively.
- For 2017, Harley-Davidson continues to anticipate full-year motorcycle shipments to be flat to down modestly in comparison to 2016. Harley-Davidson continues to expect full-year 2017 operating and gross margin as a percent of revenue to be approximately in line with 2016. The company continues to expect that full-year 2017 capital expenditures will be $200 million to $220 million.
- In the second quarter of 2017, the company expects to ship approximately 80,000 to 85,000 motorcycles.
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