Harley-Davidson results top view, outlook unchanged
Reuters
Published Oct 21, 2014 08:04AM ET
Harley-Davidson results top view, outlook unchanged
(Reuters) - Harley-Davidson Inc (N:HOG) reported stronger-than-expected quarterly financial results on Tuesday, lifted by increased motorcycle sales in key markets, including the United States.
Harley's badly battered shares surged more than 7 percent in early electronic trading in New York.
Harley said third-quarter profit fell to $150.1 million, or 69 cents a share, from $162.7 million, or 73 cents a share, a year ago.
Revenue slipped 1.3 percent to $1.3 billion, as the company shipped fewer motorcycles to its worldwide network of independent dealers.
Analysts, on average, expected Harley to post a profit of 60 cents a share on sales of $1.1 billion, according to Thomson Reuters I/B/E/S.
Worldwide, the company's network of independent dealers sold 73,217 new Harley-Davidson motorcycles in the third quarter, up from 70,517 during the same period last year.
Harley said it continued to expect to ship 270,000 to 275,000 motorcycles to independent dealers and distributors worldwide in 2014, up 3.5 percent to 5.5 percent year over year.
The stock has fallen more than 15 percent this year after a cooler-than-expected spring in the United States and the troubled debut of its first all-new new bike in more than a decade hurt sales and investor sentiment.
(Reporting by James B. Kelleher in Denver; Editing by Jeffrey Benkoe)
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Written By: Reuters
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