On April 19, 2016 Harley-Davidson, Inc. (HOG) first quarter 2016 diluted earnings per share increased 7.1 percent to $1.36 compared to diluted EPS of $1.27 in the same period in 2015. Net income was $250.5 million on consolidated revenue of $1.75 billion compared to net income of $269.9 million on consolidated revenue of $1.67 billion in last year’s first quarter.
“I am pleased with how our first quarter results demonstrate the progress we’re making in both driving demand and delivering business performance in a highly competitive environment,” said Matt Levatich, President and Chief Executive Officer, Harley-Davidson, Inc.
Harley-Davidson worldwide retail motorcycle sales in the first quarter were up 1.4 percent, driven by a 4.5 percent increase in international markets. Although retail motorcycle sales in the U.S. were down slightly compared to the year-ago quarter, retail sales trends have significantly improved over previous quarters. Worldwide retail sales were driven, in part, by increased investments in marketing and new product introductions.
In 2016, the company is increasing its marketing and product development investments to drive demand. The increased investments are focused in four areas: increasing product and brand awareness; growing new ridership in the U.S.; increasing and enhancing brand access; and accelerating the cadence and impact of new products.
Guidance
Harley-Davidson continues to expect it will ship 269,000 to 274,000 motorcycles in 2016, an approximate 1 to 3 percent increase from 2015. In the second quarter of 2016, the company expects to ship 82,500 to 87,500 motorcycles compared to 85,172 motorcycles shipped in the year-ago period. The company continues to expect full-year 2016 operating margin of approximately 16 to 17 percent for the Motorcycles segment. The company continues to expect 2016 capital expenditures for Harley-Davidson, Inc. of $255 million to $275 million.
Harley-Davidson, Inc. earnings per share showed a decreasing trend of -4.8% for the current fiscal year. The company’s expected EPS growth rate for next fiscal year is 430%.Analysts project EPS growth over the next 5 years at 11.75%. It has EPS annual growth over the past 5 fiscal years of 27.3% when sales grew 4.3. It reported 4.6% sales growth, and 6.7% EPS growth in the last quarter.
The stock is trading at $46.39, up 29.8% from 52-week low of $36.36. The stock trades down -21.25% from its peak of $60.67 and 8.08% above the consensus price target of $50.14. Its volume clocked up at 2.79 million shares which is lower than the average volume of 2.93 million shares. Its market capitalization currently stands at $8.35B.
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