Harley-Davidson Inc (NYSE: HOG) found its wheels going in reverse as Tuesday’s trading day wore on.
The Milwaukee-based motorcycle giant reported second-quarter 2017 diluted EPS decreased 4.5% to $1.48 compared to $1.55 in the second quarter of 2016. Second-quarter net income was $258.9 million on consolidated revenue of $1.77 billion versus net income of $280.4 million on consolidated revenue of $1.86 billion for the same period in 2016.
Harley-Davidson worldwide retail motorcycle sales were down 6.7% in the second quarter compared to the same period in 2016. Harley-Davidson retail motorcycle sales in the U.S. were down 9.3% compared to the year-ago quarter, with the overall U.S. industry down for the same period.
Harley-Davidson's U.S. market share for the quarter was 48.5% in the 601cc-plus segment. Harley-Davidson's international retail sales decreased 2.3% compared to the second quarter in 2016.
HOG’s new retail motorcycle sales in the U.S. were down primarily driven by weak industry conditions. In a release issued early Tuesday, the company said new retail sales internationally were also down but generally in-line with company expectations for the second quarter of 2017.
Harley-Davidson is revising its full-year guidance for motorcycle shipments and now expects to ship 241,000 to 246,000 motorcycles to dealers worldwide in 2017, which is down approximately 6% to 8% from 2016. The company had previously provided full-year shipment guidance of flat to down modestly in comparison to 2016..
Harley-Davidson stock plummeted $3.05, or 5.9%, to $48.95 Tuesday, within a 52-week trading range of $47.03 to $63.40.
