Harley-Davidson Beats Expectations with 1st Quarter Results

Boosted by Harley-Davidson’s Financial Services return to profitability, motorcycle retail sales that declined less than expected, and rising stock shares, Harley-Davidson released its 2010 First Quarter results with optimism today. The Motor Company’s first-quarter 2010 income from continuing operations was reported at $68.7 million, or $0.29 per share, which exceeded analysts’ projections of $0.22 per share. The three quarter slump of H-D’s Financial Services was broken by a reported first quarter operating income of $26.7 million, an increase of $15.5 million compared to the same quarter results from 2009. The improvement was said to be driven by improved credit performance in the retail motorcycle loan portfolio and by a lower cost of funds. And backed by the announcement of its first quarter results, Harley stocks jumped this morning with a $2.58 gain to $35.35, a rise of 7.9%.

“We are encouraged by our progress in the first quarter,” said Keith Wandell, President and Chief Executive Officer of Harley-Davidson, Inc. “We are seeing directional improvement in our dealers’ retail motorcycle sales as we enter the key selling season. At the same time, given the global economic uncertainty that still exists, we believe conditions will remain challenging throughout this year, and we will continue to factor that into how we manage the business.

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Post Courtesy of Motorcycle USA, Editor Bryan Harley

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