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STOCK SUMMARY
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Harley-Davidson "45.27
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October 18. 2011 10:00AM - Last modified: October 18. 2011 10:47AM

Harley: Global sales, restructuring boost profit 107 percent

By Jim T. Ryan

Milwaukee-based Harley-Davidson Inc., whose largest factory is in York County, today said global sales of its motorcycles and a successful restructuring of its operations are responsible for a nearly 107 percent third-quarter earnings increase.


"Two years ago, we embarked on our strategy to focus solely on the Harley-Davidson brand, provide the flexibility required in today's market and make Harley-Davidson lean, agile and more effective than ever at delivering remarkable products and extraordinary customer experiences. Today, we continue to see the positive results of the course we have charted," President and CEO Keith Wandell said in a statement.

Harley reported net income for the quarter of $183.6 million, up from $88.8 million a year ago, or 78 cents per diluted share. Analysts had estimated 76 cents per share for the quarter that ended Sept. 25, according to Yahoo Finance.

Motorcycle sales increased 5.1 percent worldwide compared with a year ago, driven in large part by a 5.4 percent sales growth in the U.S., according to Harley. Third-quarter sales build on those from the previous quarter, the first time Harley saw increased sales in nearly five years.

The company also spent about $55 million less for its restructuring expenses in the third quarter.

Harley, which makes its Touring and Softail motorcycles in Springettsbury Township, trades its shares on the New York Stock Exchange under the ticker symbol HOG.


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