JUNE 2024
global Q1 unit shipments -7 %
NOW IN OUR
32nd ! YEAR
™
AWARD WINNING VOICE OF THE GLOBAL V- TWIN CUSTOM PARTS , PERFORMANCE AND ACCESSORY INDUSTRY
As Harley Nears HardWire Year-4 Mid-Point , Less Really Is Starting To Look Like Less
JUNE 2024
ISSUE # 299
SHOWZONE 6,8,10,12
‡
Declaring its Q1 , 2024 results , Chairman , President and CEO Jochen Zeitz , stated : " Harley-Davidson delivered a good start to the year with a 6 % retail growth in North America , our largest and most important region . " 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 ." Delivering an HDMC operating income margin of 16.2 % on revenue from that 6 % U . S . unit growth , HDMC revenue was down by 5 % (" primarily due to planned decrease in motorcycle shipments "), with HDFS operating income down 8 % ( despite its revenue being up by 12 %.) The company repurchased $ 98m of shares ( 2.5 million shares ) on a discretionary basis ; diluted EPS for the quarter was $ 1.72 and paid cash dividends of $ 24m . LiveWire successfully launched its 3rd
‘ SLOW BURN ’ electric motorcycle , S2 Mulholland , and " became market leader in the U . S . for on-road electric motorcycles ." The LiveWire segment posted an operating loss of $ 29m . In detail , consolidated revenue in the first quarter was down 3 % driven by
global Q1 unit shipments -7 %
the 5 % decrease in HDMC revenue - which was partially offset by the HDFS revenue growth . Consolidated operating income in the first quarter was down 29 %, resulting from the declines of 29 % at HDMC , 8 % at HDFS respectively , and the LiveWire segment loss . LiveWire revenue for the first quarter decreased by 39 %. The revenue decline was due to a decrease in STACYC electric balance bike volumes and electric motorcycle product mix . Electric motorcycle unit sales increased , driven by new product launches . LiveWire ' s $ 29m . operating loss was the result of " continuing new model developing and EV systems costs investment initiatives ." Consolidated operating income margin in the first quarter was 15 %, down from 21 % in the first quarter a year ago . First quarter global motorcycle shipments decreased 7 %, " in-line with our expectations ." Revenue was down 5 %, driven by the decrease in wholesale shipments and lower global pricing , partially offset by favorable mix . Parts & Accessories revenue was down 1 %, while Apparel revenue was down 10 %, as the prior period included anniversary product apparel . First quarter gross margin was down 4.5 points due to the impacts of pricing
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Harley at Nürburgring
Winning at Daytona was so good , they did it twice - ' Slow Burn ' by Game Over Cycles , Poland . See page 60 ...