Harley-Davidson Inc (NYSE:HOG) stock was down in Tuesday’s premarket dealing after it revealed that 2017 shipments were at the low end of expectations.
The motorcycle maker lowered its forecasts for the current year, seeing shipments between 231,000 and 236,000 in 2018.
READ: Harley-Davidson continues to find US motorcycle market tough
Fourth-quarter net income was reported at US$8.31mln on US$1.23bn of consolidated revenue, down from US$47.2mln on US$1.11bn in the comparative period of 2016. The 2017 period was impacted by the US tax changes, with a US$53.1mln charge, in addition to a US$29.4mln dent related to a voluntary product recall.
"Our actions to address the current environment through disciplined supply and cost management position us well as we drive to achieve our long-term objectives to build the next generation of Harley-Davidson riders globally," said chief executive Matt Levatich.
"We finished 2017 with over 32,000 more Harley-Davidson riders in the U.S. than one year ago, and we delivered another year of strong cash generation and cash returns to our shareholders."
On Wall Street, Harley shares were down US$3.97 or 7%, trading at US$51.32.