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Harley-Davidson profit, sales beat estimates on higher Europe sales

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By Reuters
Harley-Davidson profit, sales beat estimates on higher Europe sales
The logo of U.S. motorcycle company Harley-Davidson is seen on one of their models at a shop in Paris, France, August 16, 2018. REUTERS/Philippe Wojazer   -   Copyright  PHILIPPE WOJAZER(Reuters)

(Reuters) – Harley-Davidson Inc <HOG.N> profit topped Wall Street estimates on Tuesday for the seventh straight quarter and it maintained its 2018 shipments forecast, as sales for its classic heavy touring bikes climbed overseas led by Europe.

Harley-Davidson shares were up 4 percent before the bell.

The 115-year old Milwaukee-based company is trying to boost its sales in international markets as demand in the U.S. fizzles due to an aging customer base and younger consumers preferring cheaper bikes.

President Donald Trump’s call to boycott the motorcycle manufacturer for its decision to move production for European markets overseas has compounded the company’s troubles.

Overall retail sales in the United States fell 13.3 percent. However, retail sales in Europe rose 3 percent.

The company said its net income rose to $113.86 million, or 68 cents per share in the third-quarter ended Sept. 30, from $68.21 million, or 40 cents per share, a year earlier.

Revenue from motorcycles and related products rose 16.8 percent to $1.12 billion.

Analysts on average expected profit of 53 cents a share and revenue of $1.07 billion, according to data from Refinitiv.

The company maintained its full-year shipments forecast range of between 231,000 and 236,000 motorcycles.

(Reporting by Rachit Vats in Bengaluru and Rajesh Kumar Singh in Chicago; Editing by Bernard Orr)