Harley-Davidson is recalling 57,000 bikes

Harley-Davidson is voluntarily recalling about 57,000 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 Milwaukee-based company 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.

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.

Harley-Davidson reported a 14 percent decline in revenue in the first quarter, as retail sales fell in the US 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 percent, hurt by weak demand in India and China. That was partially offset by a 24 percent jump in sales in Latin America. Sales have missed estimates for the last two quarters.

Harley-Davidson shares, which trade under the ticker “HOG,” recently were up 25 cents at $53.49 on Monday.

Analysts polled by FactSet have an average hold rating on the stock and with an average price target of 58.23, equal to 9 percent above current trading levels.

Shares have fallen 9 percent in 2017 so far, while the S&P 500 has gained 9 percent.

Source: http://nypost.com/2017/06/05/harley-davidson-is-recalling-57000-bikes/

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