Harley-Davidson (HOG) Reports Mixed Q1 Results; Widens FY11 Shipment Outlook on Japan Earthquake

Harley-Davidson (NYSE: HOG) shares are slumping ahead of Tuesday's opening bell following its first-quarter earnings release this morning.

Net income during the quarter was $119.3 million, or $0.51 per share, a 73.7 percent increase from the $68.7 million reported in the same period last year.

Sales increased 2.5 percent from $1.037 billion to $1.063 billion.

Overall, an analyst consensus was looking for EPS of $0.53 on revenue of $1.05 billion.

Shipments in the quarter increased modestly, from 53,674 to 53,827 units.

Harley-Davidson expects to report second-quarter shipments in the range of 62,000-67,000 motorcycles.

President and CEO Keith Wandell said that Harley-Davidson is "maintaining a cautious outlook for the year" despite being "encouraged by our overall progress." On that note, the company widened its FY11 shipment outlook stemming from the March 11th earthquake in Japan. Harley now sees shipments of 215 - 228K for the year, from 221 - 228K prior.

Harley-Davidson shares are 5.4 percent lower to $37.57 Tuesday morning.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
• RenovoRx regains Nasdaq minimum bid price compliance
• S&P 500 may pull back before midterms, but Citi says buy the dip