The company reported better-than-expected earnings per share of $1,23, which exceeded the initial forecasts of just $1.20 EPS. However, the reported revenue for Q2 missed the forecasted $1.44 billion and was reported at $1.43 billion. The disappointing revenue data was attributed to a drop in worldwide sales, which measured a decrease of 8.4 per cent.
Even so, the president and chief executive officer Matt Levatich remained positive about the future prospects of the company because of its initiative to inspire the passion of riding in more young people. He commented on the earnings data by saying:
“In the second quarter we achieved significant advancements under our More Roads plan and we continued to lay a solid foundation for future growth. The decisions and investments we’re making, within a highly dynamic and competitive global marketplace, demonstrate our intense focus to build the next generation of riders and maximize shareholder value.” [source]
Following the release of the earnings report, the share price had opened during yesterday’s trading session with a massive gap at 33.00 relative to Monday's closing price at 34.28. This was mostly owing to the weak sales data and the revenue disappointment for the shareholders of the company, however, Matt Levatich’s upbeat remarks and the better-than-expected EPS boosted the share price to close yesterday’s session at 36.48, which registered a total gain of 6.42 per cent for the day.
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