(AP) — Harley-Davidson Inc. plans to cut an unspecified number of jobs and ship fewer motorcycles than it had planned for the year after reporting third-quarter earnings and revenue that fell short of Wall Street expectations.
Its shares tumbled $7.83, or 14 percent, to $48.22 in late morning trading Tuesday.
Harley-Davidson also expects expenses of between $30 million and $35 million in the fourth quarter for employee separation and reorganization costs as it reallocates spending.
“Our ongoing commitment to manage supply in line with demand and maintain the premium nature of the brand remains a top priority for Harley-Davidson,” said President and CEO Matt Levatich, in a statement.