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Shares of Harley-Davidson
jumped more than 10% in pre-market trading after the company posted better-than-expected earnings for the third quarter.
The Milwaukee, Wisconsin-based company posted quarterly earnings of $150.1 million, or $0.69 per share, compared to $162.7 million, or $0.73 per share, in the year-ago period.
Its revenue slipped to $1.13 billion. However, analysts were expecting earnings of $0.59 per share on revenue of $1.14 billion.
Revenue from motorcycles dropped 4.9% to $815.4 million, while revenue from motorcycle parts and accessories slipped 4.2% to $239.7 million.
In the latest quarter, the company shipped 50,670 motorcycles to dealers and distributors worldwide, a drop of 6.2% y/y.
Dealers worldwide sold 73,217 new Harley-Davidson motorcycles in the quarter, versus 70,517 motorcycles in the year-earlier period.
Sales of new Harley-Davidson motorcycles rose 12.8% in the Asia Pacific Region in the quarter, gained 1.7% in the EMEA Region and surged 7.0% in the Latin America Region. However, sales declined 5.8% in Canada.
Gross margin narrowed to 34.9% from 35.3%.
Operating income from financial services gained 2.2% to $77.8 million in the quarter.
Cash and marketable securities totaled $1.04 billion at the end of the quarter.
"Harley-Davidson's third-quarter financial results were in line with our expectations, and we are on track for a year of growth and strong financial performance in 2014," said Harley-Davidson, Inc. Chairman, President and Chief Executive Officer Keith Wandell.
Harley-Davidson shares surged 10.48% to $64.50 in pre-market trading.
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