This article was orginally published by Ciara Linnane on Marketwatch.com
Voluntary action is due to an oil line that can come loose and spray oil onto the path of the rear tire.
Harley-Davidson Inc. is voluntarily recalling about 57,000 of its iconic motorcycles because of an oil line that can come loose and spray oil onto the path of the rear tire, the Milwaukee Journal Sentinel reported.
The recall includes 2017 Electra Glide Ultra Classic, Police Electra Glide, Police Road King, Road King, Road King Special, Street Glide, Street Glide Special, Road Glide and Road Glide Special motorcycles built from July 2 through May 9, the paper reported.
The Milwaukee-based company HOG, +0.36% said it had nine reports of oil lines coming off bikes, causing two crashes and one injury. A clamp on an engine oil cooler line may have been incorrectly installed, said the company.
Harley-Davidson reported a 14% decline in revenue in the first quarter, as retail sales fell in the U.S. and overseas. The company said pricing of used motorcycles was under pressure amid high inventory levels.
Sales in the Asia Pacific region fell 9.3%, hurt by weak demand in India and China. That was partially offset by a 24% jump in sales in Latin America. Sales have missed estimates for the last two quarters.
Analysts polled by FactSet have an average hold rating on the stock and with an average price target of 58.23, equal to 9% above current trading levels.
Shares have fallen 9% in 2017 so far, while the S&P 500 SPX, -0.12% has gained 9%.