Harley-Davidson Posts Gain but Cuts Forecasts

Harley-Davidson Inc. said its fiscal first-quarter earnings rose 11% from last year, but the motorcycle maker also cut its shipment and earnings forecasts for this year because of weak sales.

Harley-Davidson reported first-quarter profit of $227.2 million, or 77 cents a share, up from $204.6 million, or 68 cents, a year earlier. Revenue rose 5% to $1.24 billion from $1.17 billion.

Harley shares fell $9.84, or nearly 17%, to $48.93 on the New York Stock Exchange.

From Associated Press

* Merck & Co., the drug maker that withdrew the Vioxx painkiller in September, said in a preliminary earnings statement that it earned first-quarter profit of 62 cents a share, more than the company had forecast.

* ConAgra Foods Inc. said per-share net income was 32 cents in its fiscal third quarter ended Feb. 27, not 31 cents as it reported March 24. The change reflects the effect of final adjustments to the company’s tax expense. The company earned 38 cents a share a year earlier.