Harley-Davidson (HOG) - Get Report shares fell Tuesday after the iconic motorcycle maker, and frequent target of criticism from U.S. President Donald Trump, missed fourth quarter earnings estimates thanks to a 10% slump in domestic sales.
Harley-Davidson said adjusted earnings for the three months ending in December came in at 17 cents per share, compared to a Street forecast of 28 cents per share, while revenues were pegged at $1.15 billion compared to the $1.23 billion estimate. Harley-Davidson said it sees full-year 2019 motorcycle shipments to be in the range of $217,000 to $222,000, down from 228,665 last year, a figure that was down 5.3% from 2017.
"In 2018 we delivered value to our shareholders through improved earnings and cash from operations. The challenges we experienced during the year reinforced the commitment we have for our More Roads to Harley-Davidson accelerated plan for growth," said CEO Matt Levatich. "Our plan addresses the challenges of today and the opportunities we see for growth ahead, and we are energized by the momentum we are building."
Harley-Davidson shares lost 5.1% lower in trading on Tuesday to close at $34.76 each, wiping out all of the stock's gains for the past three months and valuing the Milwaukee, Wisconsin-based group at about $5.6 billion.