Harley-Davidson shares surge on profit beat

January 28 23:40 2016

Harley-Davidson (HOG) shares jumped almost 4% in pre-market trading Thursday after reporting fourth-quarter profit that beat Wall Street estimates. The motorcycle maker reported fourth-quarter net income of $42.2 million, or 22 cents a share. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.

The Milwaukee-based company maker posted revenue of $1.01 billion in the period, missing Street forecasts. Ten analysts surveyed by Zacks expected $1.03 billion. For the year, the company reported profit of $752.2 million, or $3.69 per share. Revenue was reported as $5.31 billion. Harley-Davidson shares have dropped 17% since the beginning of the year, while the Standard & Poor’s 500 index has fallen roughly 8%. The stock has fallen 40% in the last 12 months.