Investing.com – Harley-Davidson stock (NYSE:) surged 7% Wednesday as sales of its iconic motorcycles left supply chain challenges behind to go past estimates in the third quarter.
Adjusted profit per share of $1.18 was well ahead of Wall Street analysts’ estimate of 78 cents as the company shipped 12% more motorcycles and sold more of the higher-margin models.
Operating margin expanded by 360 basis points to 8.4% year as the company’s comparison period included heavier Rewire restructuring charges. One basis point is one hundredth of a percent.
‘Rewire’ is the name the company gave to the exercise it undertook to overhaul its business. It was complete in January, and the company says it laid the foundation for The Hardwire, the company’s 5-year strategic plan to deliver profitable and long-term growth.
Third-quarter revenue from motorcycles and related products rose 20%, to $1.16 billion. Total revenue rose