Harley-Davidson Shares Surge Nearly 12% (HOG)

Shares of Harley-Davidson, Inc. HOG are up more than 11% at $26.42 per share. Analysts covering HOG have a consensus price target of $33.66 per share. With more than 8.3 million shares traded by the early afternoon, volume is already nearly double the average daily volume of 4.8 million shares. The heavy trading and soaring stock price come on the same day that the motorcycle manufacturer reported impressive financial results. Before the market opened, Harley-Davidson, Inc. (HOG) reported that its 2nd quarter net income more than tripled to $71.2 million, or 30 cents per share, up from $19.8 million, or 8 cents per share, during the same quarter a year earlier. Excluding special items, Harley-Davidson posted earnings of 59 cents per share. Although its revenue was flat at $1.14 billion, it was still better than most analysts expected. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 41 cents per share, on revenue of $1.13 billion. Milwaukee, Wisconsin based Harley-Davidson, Inc. designs, manufactures, markets and sells motorcycles, motorcycle accessories and motorcycle parts. Read about other Benzinga Company news.