MILWAUKEE — Harley-Davidson's fourth-quarter profit beat Wall Street's expectations and the company announced that it plans to ship more motorcycles this year than a year ago.
The stock surged more than 7 percent in Thursday premarket trading.
Harley-Davidson earned $42.2 million, or 22 cents per share, for the three months ended Dec. 31. That compares with $74.5 million, or 35 cents per share, a year earlier.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
Revenue for the Milwaukee-based company totaled $1.01 billion. Ten analysts surveyed by Zacks expected $1.03 billion.
Motorcycle sales grew 12.3 percent in Canada and climbed 8.2 percent in the Asia Pacific region. U.S. sales slipped 3.4 percent.
For the year, Harley-Davidson Inc. reported a profit of $752.2 million, or $3.69 per share. Revenue was $5.31 billion.
The company expects to ship 269,000 to 274,000 motorcycles in 2016, an approximate 1 percent to 3 percent increase from 2015 shipments.
Its shares climbed $2.76, or 7.4 percent, to $40.25 in premarket trading shortly before the market open.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HOG at http://www.zacks.com/ap/HOG
Keywords: Harley-Davidson, Earnings Report