Harley's 3Q Profit More Than Doubles
MILWAUKEE (AP) — Harley-Davidson's third-quarter profit more than doubled as the motorcycle maker's sales rose in the U.S. and worldwide.
The Milwaukee company said Tuesday that it earned $183.6 million, or 78 cents per share, up from $88.8 million, or 38 cents per share, a year earlier.
Sales of new motorcycles grew 5.1 percent worldwide during the quarter, led by a 5.4 percent increase in the U.S., Harley's largest market.
Revenue from bike sales and related products rose 13.4 percent to $1.23 billion.
Analysts polled by FactSet expected earnings of 76 cents per share.
Harley held its motorcycle shipment forecast steady for 2011 despite the shaky economy. It expects to ship between 228,000 and 235,000 new bikes worldwide. That would reflect an increase of 8 percent to 12 percent over 2010 levels.