Harley Davidson profits skid lower as buyers look overseas

US motorcycle maker Harley-Davidson released its third quarter earnings report on Tuesday before the opening bell, showing a significant decrease in profits in comparison with the same quarter last year.

Net income for the year was $114.07m, with earnings per share at $0.64. In the corresponding period in 2015, it reported earnings per share of $0.69 for $140.35m.

The results were largely what was predicted by analysts for the quarter.

The company's top line was adversely affected by slowing demand for its classic motorcycles, as prospective buyers increasingly look to foreign rivals.

In the third quarter, Harley-Davidson settled a legal case with the federal government to the tune of $15m, but had previously said that it would not affect the quarterly results.

Shares in the Wisconsin-based company are down 10% this year, and fell 0.3% in premarket trading.