Harley-Davidson, Inc. (HOG) reported its second-quarter financial results before the markets opened on Tuesday. They did not live up to analyst expectations and investors sent shares to a 52-week low after the company lowered its full-year guidance. The motorcycle giant said it had $1.48 in earnings per share (EPS) and $1.58 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $1.38 in EPS and $1.59 billion in revenue. The same period from last year had $1.55 in EPS and $1.67 billion in revenue.

Worldwide retail motorcycle sales were down 6.7% in the second quarter compared with the same period in 2016. Harley-Davidson retail motorcycle sales in the U.S. were down 9.3% compared with the year-ago quarter, with the overall U.S. motorcycle industry down for the same period. International sales decreased 2.3%.

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Harley-Davidson motorcycle sales in the U.S. were down primarily because of weak industry conditions. Sales internationally were also down but generally in-line with company expectations for the second quarter. The company recorded a total of 81,388 units sold globally during this quarter, versus 87,266 last year.

Revenue from the motorcycles and related products segment was down in the second quarter versus prior year, largely because of lower motorcycle shipments.

In terms of guidance, Harley-Davidson is revising its full-year outlook and now expects to ship 241,000 to 246,000 motorcycles to dealers worldwide in 2017, which is down roughly 6%-8% from 2016 a year ago.

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In the third quarter, the company expects to ship 39,000 to 44,000 motorcycles, which is down about 10% to 20%.

Consensus estimates are calling for 77 cents in EPS and $1.19 billion in revenue for the third quarter.

Wedbush Securities pointed out that full-year guidance was cut significantly, which, given the first and second quarter beats imply a dire second half of 2017. This marks the third straight year in which not only will retail sales be down, but management will have had to significantly cut guidance over the course of the year.

Matt Levatich, president and chief executive officer of Harley-Davidson, commented:

We are pleased with our ability to deliver strong margins in the quarter despite challenging market conditions, particularly in the U.S. Given U.S. industry challenges in the second quarter and the importance of the supply and demand balance for our premium brand, we are lowering our full-year shipment and margin guidance.