Harley-Davidson beats by $0.11, beats on revs (39.72)
- Reports Q1 (Mar) earnings of $0.98 per share, $0.11 better than the S&P Capital IQ Consensus of $0.87; revenues fell 10.1% year/year to $1.38 bln vs the $1.21 bln S&P Capital IQ Consensus.
- Worldwide retail sales decreased 3.8% in the first quarter. International retail sales were down 3.3%. U.S. retail sales were down 4.2% in the first quarter driven by continued weak industry sales which were down 4.7 percent. First quarter worldwide retail sales were impacted by the limited availability of Street motorcycles due to the recall we announced in January.
- The U.S. 601+cc industry was down 4.7% in the first quarter compared to the same period in 2018. HOG's first quarter U.S. market share was up 0.6 pts to 51.1%. HOG's Europe market share was down 1.6 percentage pts to 8.8%.
- Outlook: HOG expects motorcycle shipments to be approximately 217,000 to 222,000 motorcycles. In the second quarter, the company expects to ship approximately 65,500 to 70,500 motorcycles. Motorcycles segment operating margin as a percent of revenue to be approximately 8.0-9.0%. Financial Services segment operating income to be down year-over-year.