Harley-Davidson shares plummeted 15 percent in morning trading on Tuesday following a disappointing earnings report prior to the market open. Following the release, Wedbush analyst James Hardiman penned a report outlining the Harley quarter and detailing exactly what went so wrong.

Earnings And Guidance

The headline numbers from Harley fell well short of expectations. The company reported Q3 EPS of $0.69, $0.10 below consensus predictions. In addition, the company lowered its full-year shipment guidance range from 276-281K to 265-270K. The original guidance for the year was even higher, at 282-286K. The new guidance now represents a best-case scenario of zero shipment growth year-over-year for the company.

Spending Ramp-Up

In the face of slumping shipment numbers, the company also announced…

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