News Summary: Harley-Davidson 1Q profit up 30 pct.

AP News
Posted: Apr 25, 2013 9:30 AM

GROWING PROFITS: Harley-Davidson's first-quarter profit rose 30 percent over a year ago as motorcycle shipments rose dramatically. The Milwaukee company earned $224.1 million, or 99 cents per share, on revenue of $1.57 billion.

MORE HOGS: Harley attributed the increase to cost benefits from restructuring and a 17 percent jump in motorcycle shipments across the globe. The company shipped more than 75,000 motorcycles to dealerships in the quarter, up from 64,000 last year.

WHAT'S NEXT: Harley reiterated that it expects to ship 259,000 to 264,000 motorcycles this year, up 4.5 percent to 6.5 percent from last year. That should drive up revenue. At the same time, the company expects to save $305 million in 2013 due to restructuring that made its factories leaner.