Harley-Davidson Inc. has experienced a decrease in motorcycle shipments for the latest quarter due to lower overall demand and a decline in sales of its most profitable models.

As a result, the company has adjusted its full-year outlook for 2024, now expecting a significant 14% to 16% decrease in motorcycle revenue. Previously, Harley-Davidson had projected a more modest decline of 5% to 9% in motorcycle revenue, along with operating profit margins ranging from 10.6% to 11.6%. The updated forecast now estimates operating profit margins to fall between 7.5% and 8.5%, reflecting the challenges the company is currently facing in the market.