MILWAUKEE (AP) — Harley-Davidson Inc. (HOG) on Tuesday reported net income that climbed by 30 percent in its second quarter, and topped analysts' expectations.
The Milwaukee-based company said earnings rose to $354.2 million, or $1.62 per share, from $271.7 million, or $1.21 per share, in the same quarter a year earlier. The average estimate of analysts surveyed by Zacks Investment Research was for profit of $1.46 per share.
The company said revenue rose 12 percent to $2 billion from $1.79 billion in the same quarter a year earlier, also beating Wall Street forecasts. Analysts expected $1.84 billion, according to Zacks.
Harley-Davidson shares fell $80 cents, or 1.2 percent, to $66.50 in trading before Tuesday's opening bell. They have dropped $1.60, or 2.3 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 6.8 percent. However, the stock has increased $12.02, or 21.8 percent, in the last 12 months.