Legacy motorcycle makers Harley-Davidson said on Tuesday that President Trump’s tariffs took a massive chunk out of its profits for the fourth-quarter.
Shares of the motorcycle maker plunged 7% after the company reported fourth-quarter earnings that missed Wall Street expectations, Business Insider reported.
The company’s reported adjusted earnings per share of $0.17 on revenue for a total of $955.6 million missed the $0.29 and $1.05 billion that Bloomberg analysts were expecting.
“Operating margin as a percent of revenue decreased in the quarter due to restructuring charges, incremental tariffs and higher recall costs,” the company said in a filing.
After Harley-Davidson said last June that it would shift production outside of the U.S. due to an accurately assumed “tremendous cost increase” the tariffs would impose, Trump attacked the company on Twitter, BI noted.
“Surprised that Harley-Davidson, of all companies, would be the first to wave the White Flag,” Trump wrote. “I fought hard for them and ultimately they will not pay tariffs selling into the E.U., which has hurt us badly on trade, down $151 Billion. Taxes just a Harley excuse — be patient!”
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