Harley-Davidson (NYSE:HOG) fell to the lowest in nearly three years after the biggest U.S. motorcycle maker posted third-quarter profit that lagged behind analysts’ estimates and slashed its shipments outlook again.
Shares dropped to $50.15, the lowest intraday price since January 2013, at 9:39 a.m. in New York.
Net income decreased to $140.3mln in the three months ended September 27, from from $150.1mln, a year earlier.
Earnings per share were unchanged from a year earlier at $0.69, far below the $0.78 average estimate of 19 analysts polled by Capital IQ.
The Milwaukee, Wisconsin-based company now expects to ship 265,000 to 270,000 motorcycles to dealers and distributors worldwide in 2015. The company had previously expected shipments of 276,000 to 281,000.
Revenue from motorcycles and related products rose 0.9% to $1.14bn, but trailed the $1.21bn projection, as competitor discounts fueled by the strong dollar cut into its sales.
Retail sales of Harley motorcycles were down 2.5%. Retail sales outside the U.S. fell 1%.
The company also said it will lay off employees. It anticipates expenses of about $30 million to $35mln in the fourth quarter to account for layoffs and related costs.