(Reuters) -Harley-Davidson ( HOG ) trimmed its revenue forecast for the year as sticky inflation and high borrowing costs hurt demand for motorcycles in North America, sending the company's shares down 7% before the bell.

Demand for leisure products in the U.S. has been weak as Americans remain wary of depleting savings and rising credit card debt.

"We have worked diligently through the quarter to mitigate the impact of high interest rates, and macroeconomic and political uncertainty, that continue to put pressure on our industry and customers, especially in our core markets," Harley CEO Jochen Zeitz said.

Net income attributable to Harley-Davidson ( HOG ) fell to $119 million, or 91 cents per share, in the third quarter, compared with $199 million, or $1.38 per share, a year earlier.

The company said on Thursday it now expects 2024 revenue from motorcycles and related products to be down 14% to 16%, compared with its prior forecast of down 5% to 9%.