Harley-Davidson Inc reported a 40% jump in fourth-quarter revenue on Tuesday, helped by higher demand for its more expensive bikes.

The company's shares were up 8.7% in premarket trading.

Harley has benefited from pivoting to selling its high-margin Touring, large Cruiser and Trike bikes to older and wealthier customers in traditional markets such as the United States and Europe.

The company's sales have now risen for four consecutive quarters. Harley's revenue rose to $1.02 billion for the quarter ended Dec. 31 from $725 million a year earlier.

Harley-Davidson boosts sales forecast as quarterly shipments rise

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.