Harley-Davidson shares jump 5.3% premarket after earning blow past estimates

Harley-Davidson Inc. shares jumped 5.3% in premarket trade Wednesday, after the maker of iconic motorcycles blew past estimates for the third quarter. Milwaukee-based Harley said it had net income of $163 million, or $1.05 a share, in the quarter, up from $120 million, or 78 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.18, well ahead of the 77 cents FactSet consensus. Revenue rose 17% to $1.365 billion from $1.166 billion, also ahead of the $1.143 billion FactSet consensus. Motorcycle shipments rose to 47.9 million from $43.0 million a year ago. "Our teams continue to work to mitigate the impact of the ongoing supply chain challenges that our sector faces, however our performance underlines that we are on course to deliver our long-term Hardwire strategy," CEO Jochen Zeitz said in a statement. The company is still expecting full-year motorcycle revenue to grow 30% to 35%. Shares are down 3.4% in the year through Tuesday's close, while the S&P 500 has gained 22%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.