Harley-Davidson Inc (NYSE:HOG) stock was down today following the release of its earnings report for the fourth quarter of 2017.

Hurting HOG stock today was news that it is seeing slowing new motorcycle sales. The motorcycle company reports that U.S. retail sales for the quarter was $23.2 million. This is down roughly 11% from its retail sales of $26.1 million reported in the fourth quarter of 2016.

Harley-Davidson Inc attributes its slowing retail sales for the fourth quarter of the year to soft used bike prices. It also points out that there was market share softness during the quarter. It says this is due to a strong gain in the fourth quarter of 2016 and constrained availability.

When it comes to Harley-Davidson Inc’s International business, new retail motorcycle sales were also on the decline. The company saw overall retail sales decrease by about 8% during the fourth quarter of the year. This includes sales declines in all International areas expect Canada.

The slow retail sales for the fourth quarter of the year can be seen in the company’s worldwide new motorcycle sales for the quarter. 42,142 new motorcycles were sold during the quarter, which is down almost 10% compared to the same period of the year prior.

Despite the slowing new motorcycle sales for the fourth quarter of the year, Harley-Davidson Inc  still saw its revenue increase about 11% to $1.23 billion. This also had it beating out Wall Street’s revenue estimate of $1.10 billion for the period.

HOG stock was down 7% as of noon Tuesday.

As of this writing, William White did not hold a position in any of the aforementioned securities.