HOG - Harley-Davidson stock rides higher on big profit beat

Harley-Davidson ( NYSE: HOG ) shares revved up on Thursday after the motorcycle manufacturer posted stronger than expected revenue and profits for the fourth quarter.

The Wisconsin-based manufacturer notched $0.28 in GAAP EPS for the quarter, over 5.5 times higher than the expectation on the Street . That figure was also noted as double the level reported in Q4 2021. Meanwhile, an 11.8% jump in revenue to $1.14B came in $229.96M above analyst estimates.

The company also reported a rebound in HDMC global motorcycle shipments, which jumped 18% from the prior year as production normalized from shutdowns in Q2. Pricing actions were also credited for the strong profit performance.

For the full year 2023, the company expects HDMC revenue growth in the range of 4% to 7% and operating income margin of 14.1% to 14.6%. The electric LiveWire ( LVWR ) spinoff is expected to sell 750 to 2,000 units and notch an operating income loss of $115M to $125M.

“For 2023, investment into product development continues to be at the top of our priority list; advancing the technologies, platforms and products that will further our position as pioneers of the industry,” Harley-Davidson and LiveWire CEO Jochen Zeitz commented.

Shares of Harley-Davidson ( HOG ) rose 7.02% shortly after the results were reported.

Read more on the forecasts for LiveWire in 2023 .

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