Harley-Davidson shares are soaring after earnings beat

Shares of Harley-Davidson popped by as much as 7% in pre-market trading on Tuesday after the company reported earnings that were stronger than analysts had expected.

The motorcycle maker reported earnings per share of $1.36, topping the forecast for $1.29 according to Bloomberg.

During the first quarter, the company saw a 4.5% increase in international motorcycle sales. US sales slowed due to increased competition.

Its motorcycle/products revenues totaled $1.58 billion, more than the $1.50 billion that was expected. Sales in Latin America plunged 26.5%.

The company forecast that it will ship 269,000 to 274,000 motorcycles this year, representing growth of up to 3% from 2015.

“I am pleased with how our first quarter results demonstrate the progress we’re making in both driving demand and delivering business performance in a highly competitive environment,” CEO Matt Levatich said in the earnings release.

The company’s shares were up 3% this year through Monday, and were 22.5% lower from a year ago.

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