LONDON, UK / ACCESSWIRE / July 20, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Harley-Davidson, Inc. (NYSE: HOG), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=HOG, following the Company's posting of its second quarter fiscal 2017 earnings results on July 18, 2017. The motorcycle maker reported a y-o-y decline in revenue and earnings, and also revised its guidance for FY17. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For the second quarter 2017, Harley-Davidson's revenue fell to $1.77 billion compared to $1.86 billion in Q2 2016. The Company's revenue numbers surpassed analysts' expectations of $1.59 billion.

For H1 2017, Harley-Davidson's effective tax rate was 34.4% compared to 32.7% in H1 2016. The Company continues to expect its full-year 2017 effective tax rate to be approximately 34.5%.

Harley-Davidson said it had net income of $258.9 million, or $1.48 per share, for Q2 2017 compared to $280.4 million, or $1.55 per share, in Q2 2016. The Company's earnings exceeded Wall Street's expectation of $1.38 per share.

?We are pleased with our ability to deliver strong margins in the quarter despite challenging market conditions, particularly in the US," said Matt Levatich, President and CEO of Harley-Davidson, "Given US industry challenges in the second quarter and the importance of the supply and demand balance for our premium brand, we are lowering our full-year shipment and margin guidance."

Motorcycle Sales

During Q2 2017, Harley-Davidson worldwide retail motorcycle sales declined 6.7% to 81,388 units compared to 87, 266 units in Q2 2016. The Company's retail motorcycle sales in the US fell 9.3% on a y-o-y basis to 49,688 units in the reported quarter, with the overall US industry down for the same period. For Q2 2017, Harley-Davidson's US market share was 48.5% in the 601cc-plus segment compared to 51.3% in Q1 2017. In the reported quarter, the Company's international retail sales dropped 2.3% to 31, 720 units. Harley-Davidson new retail motorcycle sales in the US declined primarily due to weak industry conditions. New retail sales internationally were also down, but generally in-line with the Company's expectations for Q2 2017.

Segment Results

Revenue from Harley-Davidson's Motorcycles and Related Products segment totaled $1.57 billion in Q2 FY17, down 5.6% compared to revenue of $1.66 billion in Q2 2016, largely due to lower motorcycle shipments. The segment's operating margin as a percent of revenue increased 100 basis points to 20.3%, primarily as a result of mix favorability driven by demand for the Milwaukee-Eight powered touring motorcycles and lower SG&A spending.

Harley-Davidson's Financial Services segment revenue totaled $188.03 thousand, down, 1.5% compared to revenue of $190.96 thousand in Q2 2016. The segment's operating income dropped 8.5% to $81.94 thousand due to the full securitization gain on sale recognized during Q2 2016 which did not recur in the reported quarter.

Cash Matters

At the end of Q2 2017, Harley-Davidson's cash and marketable securities totaled $988.5 million compared to $869.7 million at the end of Q2 2016. During H1 2017, the Company generated $627.1 million of cash from operating activities compared to $456.3 million for H1 2016.

Harley-Davidson paid a cash dividend of $0.365 per share for Q2 2017, and a cumulative total of $0.73 for the first six months of 2017. On a discretionary basis, the Company repurchased 3.0 million shares of its common stock during the reported quarter for $163.2 million. At the end of Q2 2017, Harley-Davidson had 15.0 million shares remaining on a board-approved share repurchase authorization.

Guidance

Harley-Davidson revised its FY17 guidance for motorcycle shipments and now expects to ship 241,000 to 246,000 motorcycles to dealers worldwide, which is down approximately 6% to 8% from FY16. The Company was earlier expecting full-year shipment guidance of flat to down modestly in comparison to the year ago comparable period.

In Q3 2017, Harley-Davidson estimates to ship 39,000 to 44,000 motorcycles, which is down approximately 10% to 20% from the corresponding year ago same period. The Company is anticipating FY17 operating margin to be down approximately 1% compared to 2016. Harley-Davidson continues to expect 2017 capital expenditures to be between $200 million to $220 million.

Stock Performance

Harley-Davidson's share price finished yesterday's trading session at $48.77, marginally declining 0.37%. A total volume of 7.38 million shares has exchanged hands, which was higher than the 3-month average volume of 2.51 million shares. The Company's stock price advanced 1.06% in the last twelve months. Shares of the Company have a PE ratio of 13.93 and have a dividend yield of 2.99%. The stock currently has a market cap of $8.58 billion.

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