Even a long, cold winter didn’t keep motorcycle buyers from the showroom last quarter. Harley-Davidson reported stronger-than-expected earnings for the first quarter after dealers sold more bikes around the world.
The results sent Harley-Davidson to its highest price since 2007. The stock is closing in on its record high of $75.50 set in November 2006. It’s been a steady climb for the company’s stock since it plunged more than the rest of the market amid the financial crisis. It lost 63.7 percent in 2008, ending the year at $16.97, but since then it has beaten the Standard & Poor’s 500 index for five straight years. It’s doing so again so far in 2014.
Last quarter, the company earned $265.9 million, or $1.21 per share, above analysts’ forecast of $1.07 per share. Dealers worldwide sold 57,415 new motorcycles during the quarter, up 6 percent from a year earlier. Sales were particularly strong in Asia, the company said.Associated Press
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