Harley-Davidson Inc. (NYSE: HOG) reported Tuesday that its first-quarter profit surged to $119.3 million, or 51 cents a share, from $33.3 million, or 14 cents a share, in the year-earlier quarter. Revenue rose to $1.06 billion from $1.04 billion. Analysts, on average, expected the company to report earnings of 53 cents per share on revenue of $1.05 billion.
Looking ahead, the company widened its full-year shipment guidance, expecting a "modest" interruption in the supply chain owing to the earthquake in Japan. Harley expects to ship between 215 thousand to 228 thousand in 2011, with 62 thousand to 67 thousand anticipated shipments in the second-quarter.
"We are pleased by the growth of our dealers' new motorcycle sales on a worldwide basis, led by strength in Europe, even as we continue to encounter some headwinds in the U.S. related to the challenging macro-economic conditions," stated Harley-Davidson, Inc. President and CEO Keith Wandell.
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