Harley-Davidson Inc. (NYSE:HOG) reported better than expected earnings in the first quarter due in part to increased sales in the U.S.
The motorcycle maker reported a first-quarter profit of $172 million, or 74 cents per share, compared with earnings of $119.3 million and 51 cents per share in the year-ago period. Analysts polled by FactSet expected earnings of 72 cents per share. The company also bested revenue expectations of $1.22 billion by reporting first-quarter revenues of $1.43 billion, a more than 17 percent improvement on last year’s first-quarter revenues.
Harley-Davidson’s retail sales increased 20.3 percent worldwide from the prior quarter on a 25.5 percent jump in U.S. sales. The company raised its full-year shipment estimates to between 245,000 and 250,000, from a prior estimate of between 240,000 and 245,000. Shares of Harley-Davidson were up over 5 percent to $52.97 in mid-day trading.