(Reuters) – Harley-Davidson Inc reported a near 37% rise in quarterly profit on Thursday as higher prices for its popular models failed to dent demand.
Shares for the Milwaukee-based manufacturer were up 6.8% at $34.9 in premarket trading.
The motorcycle maker implemented a series of price hikes in the past two years for its popular Trike, Cruiser and Touring models to help offset higher raw material and logistics costs in the face of rising inflation.
Sales from motorcycles and related products rose 21% to $1.56 billion
Net profit rose to $304 million, or $2.04 per share, in the first quarter, from $222.5 million, or $1.45 per share, a year earlier.
(Reporting by Kannaki Deka in Bengaluru and Bianca Flowers in Chicago; Editing by Anil D’Silva)
