On Tuesday, Harley-Davidson, Inc. (NYSE:HOG) reported financial results for the first quarter of 2018. After the company announced its strong performance for the quarter, shares of the company increased 2% today.
According to the company, revenue for the first quarter increased from $1.33 billion for the same period last year to $1.36 billion. The results beat analysts’ estimates of $1.25 billion.
Net income for the first quarter was down from $186.37 million for the same period last year to $174.76 million. In addition, operating income also dropped from $289.18 million for the first quarter of 2017 to $236.42 million.
“We are pleased to deliver revenue growth on the heels of our recent product investments in Softail and Touring. This, plus solid financial services segment performance and strong cash returns during the first quarter underscore our commitment to drive shareholder value,” Matt Levatich, the president and chief executive officer of Harley-Davidson, said in the statement on Tuesday.
“Our international markets returned to retail sales growth supporting our long-term objective to increase international sales to build the next generation of riders globally,” he continued.
In the statement, the company also confirmed its guidance for full year 2018. Motorcycle sales are expected to be in the range of 231,000 to 236,000. Operating margin as a percent of revenue for full year 2018 is expected to be around 9.5% to 10.5%. The company also said that for the second quarter, motorcycle sales is expected to be in the range of 67,500 to 72,500.