Harley-Davidson, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Operating and Earnings Guidance for the Full Year of 2017
January 31, 2017 at 11:55 am
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Harley-Davidson, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported motorcycles and related products revenue of $933.023 million compared to $1,007.070 million a year ago. Operating income was $69.410 million compared to $67.225 million a year ago. Income before income taxes was $62.599 million compared to $60.607 million a year ago. Net income was $47.179 million compared to $42.196 million a year ago. Basic and diluted earnings per share were $0.27 compared to $0.22 a year ago.
For the twelve months, the company reported motorcycles and related products revenue of $5,271.376 million compared to $5,308.744 million a year ago. Operating income was $1,048.936 million compared to $1,155.695 million a year ago. Income before income taxes was $1,023.911 million compared to $1,150.163 million a year ago. Net income was $692.164 million compared to $752.207 million a year ago. Diluted earnings per share were $3.83 compared to $3.69 a year ago. Net cash provided by operating activities were $1,174.339 million compared to $1,100.118 million a year ago. Capital expenditures were $256.263 million compared to $259.974 million a year ago.
The company provided operating and earnings guidance for the full year of 2017. For 2017, the company anticipates full-year motorcycle shipments to be flat to down modestly in comparison to 2016. In the first quarter of 2017, the company expects to ship approximately 66,000 to 71,000 motorcycles.
The company expects full-year 2017 operating and gross margin as a percent of revenue to be approximately in line with 2016 and its full-year effective tax rate to be approximately 34.5%. The company anticipates 2017 capital expenditures of $200 million to $220 million.
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. The Company operates in three segments: Harley-Davidson Motor Company (HDMC), LiveWire, and Harley-Davidson Financial Services (HDFS). HDMC designs, manufactures and sells Harley-Davidson motorcycles. HDMC also sells motorcycle parts, accessories, and apparel as well as licenses its trademarks. LiveWire segment sells electric motorcycles, electric balance bikes for kids, parts and accessories and apparel in the United States and certain international markets. HDMC conducts business on a global basis, with sales in the United States, Canada, Europe/Middle East/Africa (EMEA), Asia Pacific, and Latin America. HDMC's products are sold to retail customers primarily through a network of independent dealers. HDMC also distributes its motorcycles through an independent distributor in India. HDMC offers internal combustion engine motorcycles under the Harley-Davidson brand.
Harley-Davidson, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Operating and Earnings Guidance for the Full Year of 2017