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Harley-Davidson 1Q profit beats Street estimates

Published On: Apr 25 2013 08:50:26 AM CDT
Updated On: Apr 25 2013 08:52:35 AM CDT

MILWAUKEE -

Harley-Davidson says its first-quarter net profit rose almost 30 percent as it shipped more motorcycles to dealerships across the globe.

The Milwaukee company says it earned $224.1 million, or 99 cents per share, from January through March. That's up from $172 billion, or 74 cents per share, a year earlier.

Harley says the increase came because of lower costs due to restructuring and a 17 percent increase in motorcycle shipments. The company shipped more than 75,000 motorcycles to dealerships in the quarter, up from 64,000 last year.

Revenue rose almost 10 percent to $1.57 billion from $1.43 billion.

The performance beat Wall Street's expectations. Analysts polled by FactSet expected earnings of 97 cents per share on revenue of $1.47 billion.

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