Harley-Davidson Earnings Rise Over Threefold on Financial Services
Harley-Davison, Inc (HOG) said second-quarter earnings rose more than threefold on a strong performance from its financial-services unit.
Earnings per share from continuing operations was 59 cents in the second quarter, compared with 14 cents in the second quarter of 2009, the company said in a statement. Net income from continuing operations rose to $139.3 million, from $33.4 million a year ago.
The company posted $60.8 million of operating income from its financial services unit in the second quarter, compared with a loss of $90.5 million in the second quarter of 2009. Global retail sales of new Harley-Davidson motorcycles fell 5.5% year-on year.
"Harley-Davidson is making steady progress at executing its strategy to deliver results through focus," said Keith Wandell, the company's CEO.
Shares rose more than 12% on the news.