On Tuesday, Harley-Davidson, Inc. (NYSE: HOG) reported its financial results for the fourth quarter of 2017. Shares of the company decreased to $52 per share in premarket trading on Tuesday.
For the fourth quarter, the company reported revenue of $1.23 billion, increasing from $1.11 billion. In addition, net income for the fourth quarter dropped from $47.2 million, or $0.27 per share, for the same period last year, to $8.31 million, or $0.05 per share. Adjusted earnings per share was $0.47 for the quarter, which beat analysts’ estimates of $0.45 per share.
“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,” Matt Levatich, the president and chief executive officer of Harley-Davidson, said in the statement on Tuesday.
“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,” he continued.
Over the next two years, Harley-Davidson expected to incur restructuring and other consolidation costs of $170 to $200 million and capital investment of approximately $75 million, according to the company. After 2020, the ongoing annual cash savings was expected to be in the range of $65 to $75 million.