NEW YORK ( TheStreet) -- Harley-Davidson ( HOG) nudged past analysts' estimates, reporting third-quarter income up more than 98% from a year ago.
The motorcycle maker posted third-quarter income of $183.6 million, or 78 cents a share, compared to $93.7 million or 40 cents a share, in the year-ago period. Revenue was $1.23 billion, up from $1.09 billion a year ago. Analysts were looking for earnings per share of 76 cents on revenue of $1.29 billion. Worldwide motorcycle sales grew 5.1%, while U.S. sales grew 5.6%. The company's CEO Keith Wandell credited the growth to strategic changes implemented two years ago.
"We are pleased with our sustained progress and we continue to realize strong momentum in the transformation of our business," Wandell said. Harley-Davidson lowered guidance on gross margin for the full year 2011 to be between 33.5% and 34.5%, compared to previous estimates of 34% to 35%. -- Written by Carlton Wilkinson