Harley-Davidson, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported motorcycles and related products revenue of $1,047,045,000 against $933,023,000 a year ago. Operating income from motorcycles & related products was $37,821,000 against $9,271,000 a year ago. Operating income was $101,495,000 against $69,410,000 a year ago. Income before income taxes was $94,827,000 against $62,599,000 a year ago. Net income was $8,314,000 against $47,179,000 a year ago. Earnings per diluted share was $0.05 against $0.27 a year ago. Net income and EPS were adversely impacted by a $53.1 million income tax charge related to the enactment of the 2017 tax cuts and Jobs Act and a $29.4 million pre-tax charge for a voluntary product recall.

For the year, the company reported motorcycles and related products revenue of $4,915,027,000 against $5,271,376,000 a year ago. Operating income from motorcycles & related products was $615,958,000 against $773,406,000 a year ago. Operating income was $891,263,000 against $1,048,936,000 a year ago. Income before income taxes was $863,839,000 against $1,023,911,000 a year ago. Net income was $521,759,000 against $692,164,000 a year ago. Earnings per diluted share was $3.02 against $3.83 a year ago. Net cash provided by operating activities was $1,005,061,000 against $1,174,339,000 a year ago. Capital expenditures were $206,294,000 against $256,263,000 a year ago.

The company expects its 2018 full-year effective tax rate to be approximately 23.5 to 25.0%, down considerably behind the expected benefit of the new tax legislation. The company anticipates 2018 capital expenditures of $250 million to $270 million which includes approximately $50 million to support manufacturing optimization. The company expects full-year 2018 operating margin as a percent of revenue to be approximately 9.5 to 10.5% including manufacturing optimization costs of $120 to $140 million.