Harley-Davidson Beats Estimates, Raises Production Target

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Harley-Davidson

(HDI)

beat analysts' expectations for the third quarter as sales rose 19.1% from the same period a year ago.

The motorcycle maker earned 36 cents a diluted share for the quarter ended Sept. 23, topping the consensus estimate of 33 cents. The company earned 27 cents in the same quarter last year. Sales totaled $850.8 million

"For the first few days following the tragedies of September 11, many of our U.S. Harley-Davidson dealers reported a slowdown in retail activities," the company said in a press release. "This was particularly noticeable in areas around New York and Washington. As time progressed, however, it appears as if aggregate retail activity has returned to expected levels for this time of year."

The company is increasing its 2001 production target for motorcycles to 232,500 from 231,000. Harley has an output goal of 256,000 motorcycles for 2002, which would represent a 10.1% increase over this year.

Third-quarter sales of motorcycles totaled $638.2 million, an increase of 20.8% from the same quarter last year. Shipments reached 56,611 units, up 17.8% from a year ago.

Shares of Harley-Davidson closed up 0.2% to $42.59 in New York Stock Exchange trading.