Slower unit shipments squeeze profitability as Harley manages bike supply to protect its brand.
While the conclusion to 2017 was a bit disappointing for wide-moat Harley-Davidson, fourth-quarter results were significantly hindered by a $53.1 million income tax charge and a $29.4 million pretax charge for a product recall. Even with these charges in the rearview mirror, the outlook for 2018 remains tough, with shipments set to contract more than 3% at the midpoint of guidance from 241,498 shipments in 2017. We plan to lower our near-term forecast to include lower shipments in 2018 of 231,00...
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