(Reuters) -Harley-Davidson Inc reported better-than-expected quarterly revenue on Wednesday, in a sign that its turnaround plan, which focuses on selling more profitable bikes to affluent customers, was taking hold.
Under a plan outlined last year, the Milwaukee-based company has shifted focus to selling its high-margin Touring, large Cruiser and Trike bikes to older and wealthier customers in traditional markets like the United States and Europe.
The bet appears to be paying off, with the company reporting its third consecutive quarterly sales rise, albeit from pandemic-induced lows. Prior to that, Harley’s sales had fallen for two years.
The 118-year-old company reported revenue of $1.37 billion for the third quarter ended Sept. 26, above analysts’ estimates of $1.14 billion, according to Refinitiv I/B/E/S data.
Net income rose to $163 million, or $1.05 per share, from $120 million, or 78 cents per share, a year earlier.
(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Maju Samuel)
