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Harley-Davidson Delivers First Quarter Financial Results
Harley-Davidson-Schriftzug (Symbolbild).
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PR Newswire
MILWAUKEE, April 25, 2024
MILWAUKEE, April 25, 2024 /PRNewswire/ -- Harley-Davidson, Inc. ("Harley-Davidson," "HDI," or the "Company") (NYSE: HOG) today reported first quarter 2024 results.
"Harley-Davidson delivered a good start to the year with a six percent retail growth in North America, our largest and most important region," said Jochen Zeitz, Chairman, President and CEO, Harley-Davidson. "We are very pleased with the reception of this year's new product line-up led by our new Touring motorcycles and look forward to continuing the positive momentum as the riding season comes into full swing."
First Quarter 2024 Highlights and Results
- Delivered diluted EPS of $1.72
- HDMC operating income margin of 16.2 percent
- North America motorcycle retail up 6 percent, driven by sales of new Touring motorcycles, introduced at the end of January
- HDMC revenue down 5 percent, primarily due to planned decrease in motorcycle shipments
- HDFS operating income down 8 percent, while revenue was up 12 percent
- Repurchased $98 million of shares (2.5 million shares) on a discretionary basis
- LiveWire successfully launched its 3rd electric motorcycle, S2 Mulholland, and became market leader in the U.S. for on-road electric motorcycles
- Company updates its full-year 2024 financial outlook
First Quarter 2024 Results
Harley-Davidson, Inc. Consolidated Financial Results
|
$ in millions (except EPS) | 1st quarter | ||
| 2024 | 2023 | Change | |
| Revenue | $1,730 | $1,789 | -3 % |
| Operating Income | $263 | $370 | -29 % |
| Net Income Attributable to HDI | $235 | $304 | -23 % |
| Diluted EPS | $1.72 | $2.04 | -16 % |
Consolidated revenue in the first quarter was down 3 percent driven by an HDMC revenue decrease of 5 percent, partially offset by HDFS revenue growth of 12 percent.
Consolidated operating income in the first quarter was down 29 percent, resulting from declines of 29 percent at HDMC and 8 percent at HDFS respectively, and an operating loss of $29 million in the LiveWire segment. Consolidated operating income margin in the first quarter was 15 percent relative to 21 percent in the first quarter a year ago.
Harley-Davidson Motor Company (HDMC) – Results
|
$ in millions | 1st quarter | ||
| 2024 | 2023 | Change | |
| Motorcycle Shipments (thousands) | 57.7 | 62.2 | -7 % |
| Revenue | $1,476 | $1,558 | -5 % |
| Motorcycles | $1,222 | $1,302 | -6 % |
| Parts & Accessories | $166 | $168 | -1 % |
| Apparel | $64 | $71 | -10 % |
| Licensing | $9 | $6 | 44 % |
| Other | $15 | $10 | 51 % |
| Gross Margin | 31.2 % | 35.8 % | -4.5 pts. |
| Operating Income | $238 | $336 | -29 % |
| Operating Margin | 16.2 % | 21.6 % | -5.4 pts. |
First quarter global motorcycle shipments decreased 7 percent, in-line with our expectations. Revenue was down 5 percent driven by the decrease in wholesale shipments and lower global pricing, partially offset by favorable mix. Parts & Accessories revenue was down 1 percent, while Apparel revenue was down 10 percent, as the prior period included anniversary product apparel.
First quarter gross margin was down 4.5 points due to the impacts of pricing and sales incentives, lower volume, and higher manufacturing costs. First quarter operating income margin was down 5.4 points due to the factors above, where operating expenses were roughly flat in the quarter.
Harley-Davidson Retail Motorcycle Sales
|
Motorcycles (thousands) | 1st quarter | ||
| 2024 | 2023 | Change | |
| North America | 27.5 | 26.0 | 6 % |
| EMEA | 5.3 | 5.9 | -11 % |
| Asia Pacific | 6.0 | 6.9 | -12 % |
| Latin America Werbung Mehr Nachrichten zur Harley-Davidson Inc. Aktie kostenlos abonnieren
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