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Shares of Harley-Davidson jumped more than 7 percent Friday after the company rang in better-than-expected results and reported growing market share for the second quarter.
The stock hit a high of $57.33 for the day, three dollars below its 52-week high. Harley-Davidson, which trades under the symbol "HOG," was the biggest gainer on the S&P in early afternoon trading.
The stock later pared its gains and ended the day up more than 3 percent.
The Milwaukee-based company posted second-quarter earnings per share of $1.55, 2 cents above Wall Street expectations and up from $1.44 a year ago.
Revenue for the quarter was $1.86 billion, compared to $1.67 billion expected by analysts polled by Thomson Reuters. Revenue was up slightly from $1.82 billion a year ago.
The motorcycle maker's market share rose 2 percent to 49.5 percent, down slightly from the first quarter.
"We are pleased with our ability to gain market share in the U.S." Chief Executive Officer Matt Levatich said. Increased investments in driving demand and product development drove positive market share results in the U.S. and in Europe, executives said on the earnings call.
The company's domestic sales fell 5.2 percent in the quarter while sales in the motorcycle industry overall were down 8.6 percent in the same period, according to Reuters.
Sales overseas were up 4.3 percent in the quarter.
Shipments were better than analysts expected for the quarter, but the company lowered its full-year motorcycle shipment outlook. It also decreased its full-year motorcycle segment operating margin.
"Considering our desire to reduce year-end U.S. retail inventory in the face of soft U.S. industry sales and the uncertainty resulting from global macroeconomic challenges, we have lowered our full-year shipment expectations," said John Olin, chief financial officer at Harley Davidson.
The stock is up 16 percent year to date, but down roughly 9 percent year over year.