Harley-Davidson 1Q earnings roar ahead

Published on NewsOK Modified: April 22, 2014 at 2:06 pm •  Published: April 22, 2014
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MILWAUKEE (AP) — Harley-Davidson reported an 18.7 percent rise in first-quarter earnings, saying motorcycle sales grew 5.8 percent worldwide and efficiency efforts took hold during the quarter.

The results beat Wall Street estimates and its shares rose nearly 7 percent.

The company posted net income of $265.9 million on Tuesday, up from $224.1 million a year ago.

That's $1.21 per share, compared with 99 cents in the first quarter of 2013. Analysts polled by FactSet expected earnings of $1.07 per share.

Motorcycle and related products revenue rose 11 percent to $1.57 billion. Overall revenue including financial services rose to $1.73 billion from $1.57 billion.

Motorcycle sales grew 3 percent in the U.S. to 35,730 during the quarter despite a long, cold winter, CEO Keith Wandell said in a statement.

But international sales, especially in Asia, helped the first-quarter results. Harley said Asia-Pacific motorcycle sales rose more than 20 percent to 7,178 for the quarter. In the Europe, Middle East and Africa region, sales were up 8 percent to 9,940, while they rose 9 percent in Latin America to 2,558.

The company said demand for its Project Rushmore motorcycles was high during the quarter, and it also started shipping the Harley-Davidson Street 750 and 500 models in selected markets.