Harley-Davidson 1Q earnings up 18.7 percent

Associated Press
This Wednesday, March 19, 2014 photo shows CVO Deluxe Harley-Davidson at the South East Harley-Davidson in Bedford, Ohio. Harley Davidson reports quarterly earnings on Tuesday, April 22, 2014. (AP Photo/Tony Dejak)

MILWAUKEE (AP) — Harley-Davidson's first-quarter earnings rose 18.7 percent as motorcycle sales grew worldwide and efficiency efforts took hold.

The Milwaukee company says global sales of new motorcycles grew 5.8 percent in the quarter as buyers responded to its new models.

Its earnings topped Wall Street estimates. Its shares rose more than 7 percent on premarket trading.

Harley-Davidson posted net income of $265.9 million, up from $224.1 million a year ago.

That's $1.21 per share, compared with 99 cents in the first quarter of 2013. Analysts polled by FactSet expected earnings of $1.07 per share.

Motorcycle and related products revenue rose 11 percent to $1.57 billion. Overall revenue including financial services rose to $1.73 billion from $1.57 billion.