Harley-Davidson Inc. shares HOG, -0.15% rose 5.3% in premarket trade Monday, after the iconic motorcycle maker blew past estimates for its first-quarter earnings. The company posted a net profit of $259 million, or $1.68 a share, in the quarter, up from $70 million, or 45 cents a share, in the year-earlier period. Adjusted per-share earnings also came to $1.68, ahead of the 90 cents FactSet consensus. Revenue rose to $1.423 billion from $1.298 billion a year ago, also ahead of the $1.258 billion FactSet consensus. Chief Executive Jochen Zeitz said the company’s efforts to reshape its business with a five-year Hardwire strategy was having a positive impact on earnings, especially in its key North American market. Motorcycle sales rose 30% in that region in the quarter, but were down 36% in EMEA, up 1% in Asia Pacific and down 59% in Latin America. That yielded a 9% rose in global retail motorcycle sales. Sales in EMEA were hurt by COVID lockdowns, while in Latin America, sales were hurt by the reduction in dealers and pricing actions. The company raised its 2021 guidance and now expects motorcycle revenues growth of 30% to 35%, up from prior guidance of 20% to 25%. Shares have gained 10% in the year to date, just below the S&P 500’s 11.4% gain.
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