Harley-Davidson rallies as quarterly profit tops targets

Harley-Davidson Inc. shares rumbled 9% higher Tuesday, gaining after the motorcycle maker reported a first-quarter profit that didn't fall as much as Wall Street had projected.

The company's financial unit provided a boost, registering a profit after three losing quarters thanks to improved credit performance and lower costs.

In early trading, shares of Harley-Davidson /quotes/comstock/13*!hog/quotes/nls/hog (HOG 35.47, +2.70, +8.24%) tacked on $2.95 to stand at $35.72. They have now doubled in the past year on the back of signs of a broader economic recovery.

The Milwaukee-based manufacturer posted earnings of $33.3 million, or 14 cents a share, down from $117.3 million, or 50 cents a share, in the year-ago period.

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- Posted: 2010-04-20 10:58:14

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