Harley-Davidson’s quarterly earnings and revenue missed expectations, and the company said it would ship fewer motorcycles this year and cut some salaried jobs.
Its stock fell nearly 14 percent Tuesday, closing at $48.25, down $7.80.
Harley-Davidson, which has about 610 employees at its Kansas City plant, said it had no plans to cut hourly workers but would offer some employees early retirement incentives “in advance of what we believe will be a global reduction of around 250 salaried positions across the company, largely completed by the end of the year,” said Tony Macrito, Harley’s manager of corporate media relations.
Harley-Davidson is headquartered in Milwaukee. Besides Kansas City, it has production plants in Wisconsin; York, Pa.; Brazil and India.
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The company earned $140.3 million, or 69 cents per share, missing Wall Street expectations of 78 cents per share. Revenue rose slightly to $1.14 billion, short of analyst forecasts of $1.21 billion.
The company now expects to ship between 265,000 and 270,000 motorcycles for the year, down from estimates of 276,000 to 281,000.
Harley-Davidson also said it expected expenses of between $30 million and $35 million in the fourth quarter for employee separation and reorganization costs.
Greg Hack of The Star contributed to this report.