<<< Continued from cover and sales incentives , lower volume and higher manufacturing costs . First quarter operating income margin was down 5.4 points ; operating expenses were roughly flat in the quarter . Global retail motorcycle sales in the first quarter were flat versus prior year . North America retail performance was up 6 %, driven by sales of the new Touring motorcycles . International markets did not receive new 2024 Street Glide and Road Glide motorcycles in dealerships until the end of the first quarter . The decline in EMEA of 11 % was driven by weakness in Germany and France . The decline in APAC of 12 % was due to particular weakness in China . Latin America experienced modest growth in both Mexico and Brazil . HDFS ' operating income declined by $ 5m in the first quarter ( -8%.) This was due to higher interest expense and a higher provision for credit losses . HDI generated $ 104m of cash from operating activities in Q1 and held $ 1.5bn of cash and cash equivalents at the end of the quarter . For the full year 2024 , the company
reaffirmed guidance and continues to expect HDMC revenue flat to down 9 % and operating income margin of 12.6 to 13.6 %, with LiveWire electric motorcycle unit sales of 1,000 to 1,500 ( improved operating loss of $ 105m to $ 115m , from previous guidance of an operating loss of $ 115m to $ 125m ) and HDI capital investments of $ 225m to $ 250m .
Harley-Davidson , Inc . Consolidated Financial Results
1ST QUARTER |
$ in millions ( except EPS ) |
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 % |
Harley-Davidson Motor Company ( HDMC ) – Results
1ST QUARTER |
$ in millions |
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 . |
Harley-Davidson Retail Motorcycle Sales
1ST QUARTER |
Motorcycles ( thousands ) |
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 |
0.6 |
0.6 |
2 % |
Worldwide Total |
39.4 |
39.4 |
0 % |
LiveWire – Results
1ST QUARTER |
$ in millions |
2024 |
2023 |
Change |
Electric Motorcycle Unit Sales |
117 |
63 |
86 % |
Revenue |
$ 5 |
$ 8 |
-39 % |
Operating Loss |
($ 29 ) |
($ 25 ) |
NM |