Coach Inc. (NYSE: COH) and Harley-Davidson Inc. (NYSE: HOG) both offered small upside surprises in earnings in this morning’s quarterly reports, despite very different results.
The upscale leather goods maker posted adjusted earnings per share (EPS) of $0.77 on revenues of $1.16 billion. In the same period a year ago, the company reported EPS of $0.73 on revenues of $1.05 billion. The quarter’s results also compare to the Thomson Reuters consensus estimates for EPS of $0.76 and $1.16 billion in revenues.
Coach attributed the results in part to gains in North America and China. In addition, the board authorized the repurchase of up to $1.5 billion of its outstanding shares.
The iconic motorcycle giant posted earnings of $0.59 per share and sales of $1.09 billion. But in the year-ago period, the company reported EPS of $0.78 on $1.23 billion in revenue. The Thomson Reuters consensus estimates called for EPS of $0.58 and revenue of $1.12 billion.
The company said it incurred restructuring charges of $9.2 million during the quarter and now expects full-year restructuring costs of $35 million to $45 million. But that is down $5 million from the range previously given.
Coach shares are up more than 7% in premarket trading to $58.15. Its 52-week range is $48.24 to $79.70. Harley-Davidson shares are inactive in premarket trading but ended yesterday at $43.53 in a 52-week range of $34.39 to $54.32.
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