Harley-Davidson reported a 23% rise in quarterly profit on Thursday, as demand held up for its pricier bikes during the summer riding season against the backdrop of higher interest rates and inflationary pressures.

Shares of the company were up about 5% in pre-market trading.

Harley-Davidson has focused on its more lucrative bike models to pad its margins and has benefited from the pent-up demand from riders waiting to trade into its newly launched 2024 Touring models.

"Despite a challenging market, we are pleased with our second-quarter performance, in which we grew our US market share in a declining market, with notable unit growth of more than 11% in the important core category of Touring," said chief executive Jochen Zeitz said.

The company's sales from motorcycles and related products rose about 13% to US$1.35 billion in the second quarter.

Net profit rose to US$218 million, or US$1.63 per share, from US$178 million, or US$1.22 per share, a year earlier.

  - Reuters