Harley-Davidson Inc. stock HOG soared 6% in premarket trade Thursday, after the motorbike maker blew past estimates for the fourth quarter. The Milwaukee, Wis.-based company posted net income of $42 million, or 28 cents a share, for the quarter, up from $22 million, or 14 cents a share, in the year-earlier period. Revenue rose 12% to $1.142 billion from $1.016 billion. The FactSet consensus was for EPS of 7 cents and revenue of $918 million. Global motorcycle shipments rose 18% in the quarter from the year-earlier as production levels recovered from a production shutdown due to the pandemic. The company is now expecting Harley-Davidson Motor Company revenue to grow 4% to 7% in 2023 and for an operating margin of 14.1% to 14.6%. The stock has gained 28% in the last 12 months, outperforming the S&P 500 SPX which has fallen 10%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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