Harley Posts Earnings; Stock Spikes
NEW YORK (TheStreet) -- Harley-Davidson (HOG) - Get Report has reported earnings from continuing operations that topped analysts estimates, and has reiterated its 2010 shipping expectations.
Harley stock has surged on the news, up 8.4% at $35.50.
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Harley-Davidson reiterates its expectation to ship 201,000 to 212,000 Harley-Davidson motorcycles to dealers and distributors worldwide in 2010, a reduction of 5% to 10% from 2009. The company is also in discussions with potential buyers regarding its previously announced intention to sell MV Agusta.
For the first quarter, Harley-Davidson reported net income of $33.3 million, or 14 cents a share, compared with net income of $117.3 million, or 50 cents a share the previous year. First-quarter earnings included operating income from financial services of $26.7 million, marking a return to profitability for the company's Harley-Davidson financial services subsidiary.
The company posted net revenue of $1.04 billion, compared with $1.28 billion the previous year.
Harley-Davidson said that its first-quarter income from continuing operations was 29 cents per share, topping the Street consensus estimate of 22 cents a share.
-- Reported by Andrea Tse in New York
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