Harley-Davidson's shares rose almost 5% before the bell on Thursday as the firm announced a better-than-expected quarterly profit. This was aided by high demand for its more expensive Touring motorcycles during the summer riding season.
To increase its profits, the business has concentrated on its more profitable bike models, capitalising on the anticipation of riders waiting to trade in for Harley's recently released 2024 Touring models.
"We grew our U.S. market share in a declining market, with notable unit growth of more than 11% in the important core category of Touring," Harley CEO Jochen Zeitz said.
Following Zeitz's 2020 appointment as CEO, Harley has made significant investments in its more expensive Touring motorcycles, depending on its richer clientele to increase revenue.
In the United States, retail sales of Harley's Touring and CVO motorcycles rose by more than 12% in the second quarter.
During the quarter, retail motorcycle sales fell 3% globally and 1% in North America. Retail sales in the US increased somewhat.
LSEG data shows that Harley recorded a second-quarter profit of $1.63 per share, surpassing analysts' projections of $1.40.
Motorcycles and associated items accounted for nearly 13% of the company's $1.35 billion in revenues.
(Source:www.businessline.com.sg)
To increase its profits, the business has concentrated on its more profitable bike models, capitalising on the anticipation of riders waiting to trade in for Harley's recently released 2024 Touring models.
"We grew our U.S. market share in a declining market, with notable unit growth of more than 11% in the important core category of Touring," Harley CEO Jochen Zeitz said.
Following Zeitz's 2020 appointment as CEO, Harley has made significant investments in its more expensive Touring motorcycles, depending on its richer clientele to increase revenue.
In the United States, retail sales of Harley's Touring and CVO motorcycles rose by more than 12% in the second quarter.
During the quarter, retail motorcycle sales fell 3% globally and 1% in North America. Retail sales in the US increased somewhat.
LSEG data shows that Harley recorded a second-quarter profit of $1.63 per share, surpassing analysts' projections of $1.40.
Motorcycles and associated items accounted for nearly 13% of the company's $1.35 billion in revenues.
(Source:www.businessline.com.sg)
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