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Harley-Davidson reports 30% jump in quarterly profits

MILWAUKEE (WTAQ) - Harley-Davidson reports a 30 percent increase in its latest quarterly profits.

However, the Milwaukee motorcycle firm had a smaller than expected sales increase, due to poor weather this spring in much of the U.S.

Tuesday morning, Harley reported a net income of $354 million from April through June, up from $272 million at the same time a year ago. Stockholders earned $1.62 a share, up from $1.21 in the same quarter of 2013.

Harley said its strong profits were due to more efficient manufacturing operations. The company had a slight increase in its worldwide motorcycle sales, but U.S. sales were down slightly to just over 58,000 bikes.

In response, Harley CEO Keith Wandell said the company would reduce its projected increase in motorcycle shipments to dealers for the rest of the year. It expects an shipping increase of up to 5.5 percent -- down from the earlier projected maximum of 9 percent.

(Story courtesy of Wheeler News Service)