RTTNews | Apr 19, 2021 10:32AM EDT

10:32 Monday, April 19, 2021 (RTTNews.com) - Shares of Harley-Davidson Inc. (HOG) jumped over 10% on Monday morning driven by its first-quarter results, with both earnings and revenues trumping Wall Street analysts' estimates.

HOG is currently trading at $44.74, up $4.35 or 10.79%, on the NYSE.

Harley-Davidson's first-quarter profit rose to $259.14 million or $1.68 per share from $69.70 million or $0.45 per share last year. Adjusted earnings were $258.87 million or $1.68 per share for the period. Revenue grew 11.8% to $1.23 billion from $1.10 billion last year.

Analysts expected earnings of $0.88 per share and revenues of $1.25 billion for the quarter.

Moving ahead, the company expects revenue at its motorcycles segment to grow 30% to 35% this year, up from a previous forecast of 20% to 25%, mainly due to a strong recovery in North America.

Separately, Harley said it will lodge a legal challenge to a European Union ruling that will levy a 56% import tariff on all the company's products, regardless of origin, starting in June.

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