Harley-Davidson sales are down and shares are getting crushed

Shares of the motorcycle manufacturer fell by as much as 11% in early trading on Tuesday after the company reported weaker quarterly results than analysts had forecast.

Harley-Davidson also said it was planning job cuts in the fourth quarter.

It was slammed by competition from cheaper motorcycles manufactured abroad, and the strong US dollar, which ate into its overseas sales.

The company lowered its full-year shipment guidance, as CEO Matt Levatich said they "expect a heightened competitive environment to continue for the foreseeable future."

The company posted a lower quarterly net profit as global new motorcycles sales fell more than 1%.

The Milwaukee-based motorcycle maker reported a net income of $140.3 million, down about 6.5% from $150.1 million from a year earlier. Diluted earnings per share were 69 cents per share in the third quarter the same a year earlier.

Analysts had expected earnings per share for the quarter of 78 cents per share.

In early trading, the stock fell to as low as $49.35 per share, the weakest level since late-December 2012.