Shares of motorcycle maker Harley-Davidson (NYSE:HOG) are rising higher today on the back of the company’s robust fourth-quarter performance. Revenue rose 11.85% year-over-year to $1.14 billion, comfortably riding past expectations by ~$230 million.
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What’s more, EPS at $0.28 came in ahead of expectations by a wide margin of $0.21. In the year-ago quarter, HOG had delivered an EPS of $0.15 versus the Street’s anticipated $0.34 net loss per share.
During the quarter, HDMC global motorcycle shipments rose by 18% while production ramped up after a shutdown in the second quarter.
Looking ahead, for 2023, HOG expects HDMC revenue growth to range between 4% and 7% and LiveWire wholesale units to hover between 750 and 2,000. Capital expenditures for the period are anticipated between $225 million and $250 million.
Overall, Wall Street has a consensus price target of $48.50 on HOG, implying a 3.8% potential upside in the stock. That’s after a nearly 24% rise in the company’s share price over the past six months.
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