Feb 8 (Reuters) – Harley-Davidson Inc reported quarterly revenue on Tuesday that beat analysts’ estimates, as the motor cycle maker’s strategy to pivot to selling more expensive touring and cruiser bikes paid off.
The company’s shares were up 6.8% at $38.59 in premarket trading.
In the midst of a near two-year sales drop, Harley reset its strategy in 2020 to focus on selling its high-margin Touring, large Cruiser and Trike bikes to older and wealthier customers in markets such as the United States and Europe.
Retail sales in the United States, the company’s biggest market, rose to 18,855 units from 17,274 units.
Net income rose to $21.6 million, or 14 cents per share, in the fourth quarter, compared with a loss of $96.4 million, or 63 cents per share, a year earlier.
