Harley-Davidson says first-quarter net profit soars 44% as younger buyers embrace the iconic motorbike

Harley-Davidson today reported first-quarter net profit soared 44 percent year-on-year as improving economic conditions, warmer-than-usual weather and younger buyers boosted sales of the iconic motorbike.

The US company posted a profit of $172 million, or 74 cents a share, for the first three months of the year, beating analyst expectations for about 72 cents a share, the Financial Times reported.

“The warm weather pulled some sales forward,” chief executive Keith Wandell told Reuters in an interview.

“The economy had an impact [but] the underlying fundamentals still aren’t that dazzling.”

The Milwaukee-based company, whose motorbikes are traditionally popular with older, white men, is increasingly attracting buyers who are young, female, Hispanic and black.

More than a third of new motorcycle sales in the US and more than two-thirds in Europe, the Middle East and Africa last year were to riders new to the brand, the Financial Times said.

"Harley-Davidson's market leadership among its demographic outreach targets we believe demonstrates the powerful and growing appeal of the brand to new generations and diverse groups of riders," Wandell said in a statement.

The Associated Press reported that sales of motorcycles, parts and accessories jumped 20 percent from a year ago to $1.27 billion, overtaking analyst expectations for $1.22 billion.