Harley-Davidson (HOG) Misses Q4 EPS by 11c, Revenues Beat

Harley-Davidson (NYSE: HOG) reported Q4 EPS of $0.17, $0.11 worse than the analyst estimate of $0.28. Revenue for the quarter came in at $1.15 billion versus the consensus estimate of $1.05 billion.

• More Roads accelerated plan for growth unveiled; all 2018 milestones achieved
• Diluted EPS up 5.6 percent over prior year
• Record Financial Services segment operating income
• Cash from operations up over $200 million or 20 percent compared to 2017
• Building new riders - over 52,000 more Harley-Davidson riders added in the U.S.
• Motorcycles and Related Products segment (Motorcycles segment) revenue growth of 1.1 percent compared to 2017
• International retail sales up year-over-year behind strong emerging market growth
• Manufacturing optimization remains on track; 2018 costs lower than originally expected
• Repurchased $382 million of shares; paid dividends totaling $1.48 per share, up 1.4 percent versus prior year

"In 2018 we delivered value to our shareholders through improved earnings and cash from operations. The challenges we experienced during the year reinforced the commitment we have for our More Roads to Harley-Davidson accelerated plan for growth," said Matt Levatich, president and chief executive officer, Harley-Davidson, Inc. "Our plan addresses the challenges of today and the opportunities we see for growth ahead, and we are energized by the momentum we are building. New and different people, riders and non-riders, are taking notice of Harley-Davidson and the thrill of riding."

2019 Outlook For the full-year 2019, the company expects the following:

• Motorcycle shipments to be approximately 217,000 to 222,000 motorcycles. In the first quarter, the company expects to ship approximately 53,000 to 58,000 motorcycles
• Motorcycles segment operating margin as a percent of revenue to be approximately 8.0 to 9.0 percent
• Financial Services segment operating income to be down year-over-year
• Effective tax rate of approximately 24.0 to 25.0 percent
• Capital expenditures of $225 million to $245 million including approximately $20 million to support manufacturing optimization

For earnings history and earnings-related data on Harley-Davidson (HOG) click here.

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