Harley-Davidson Delivers Fourth Quarter and Full Year Financial Results and 2025 Outlook

Rhea-AI Summary

Harley-Davidson (NYSE: HOG) reported challenging fourth quarter and full year 2024 results, impacted by cyclical headwinds and high interest rates affecting consumer confidence. The company delivered full-year diluted EPS of $3.44, down 29% from 2023, with revenue declining 11% to $5.19 billion.

Notable metrics include HDMC operating income of $278 million with a 6.7% margin, and global motorcycle shipments down 17% to 148,862 units. Despite challenges, North American retail sales of Touring, Trike, and CVO were up more than 8%, and dealer inventory levels decreased by 4%.

For 2025, Harley-Davidson expects HDMC revenue to be flat to down 5%, with operating income margin of 7.0-8.0%. The company forecasts LiveWire electric motorcycle unit sales of 1,000-1,500 units with an operating loss of $70-80 million.

Positive

• North American Touring segment sales grew nearly 5% with market share reaching 74.5%
• HDFS operating income increased 6% to $248 million
• Generated $1.1 billion cash from operating activities
• Completed $450 million share repurchase program
• Maintained strong cash position with $1.6 billion at year end

Negative

• Q4 diluted EPS loss of -$0.93 compared to $0.18 profit prior year
• Full year revenue declined 11% to $5.19 billion
• Global motorcycle shipments decreased 17% to 148,862 units
• Operating income dropped 47% to $417 million
• Gross margin declined 4.3 points to 28%
• LiveWire revenue decreased 31% with operating loss of $110 million

Insights

Financial Analyst

Harley-Davidson's 2024 performance reflects a complex market environment with both concerning trends and pockets of resilience. The 53% reduction in Q4 shipments, while dramatic, represents a strategic inventory management decision rather than just market weakness. This aggressive dealer channel de-stocking could position the company better for 2025, with dealer inventory already down 4% year-over-year.

The bright spot in the results is the Touring segment's 8% growth in North America, particularly significant given the challenging discretionary spending environment. This demonstrates the company's core strength in its premium segment, maintaining a dominant 74.5% market share. The success of new Street Glide and Road Glide models validates the company's product strategy despite broader market headwinds.

HDFS's performance is noteworthy, with operating income reaching $248 million, up 6% despite higher borrowing costs. However, the increased provision for credit losses signals potential concerns about consumer credit quality. The 2025 outlook of flat to 5% revenue decline suggests management expects continued market challenges, though the projected 7-8% operating margin indicates operational efficiency improvements.

The $450 million in share repurchases and maintained dividend payments demonstrate financial stability, but the $1.6 billion cash position reflects prudent liquidity management given market uncertainties. LiveWire's continued losses and modest sales highlight the challenges in the EV transition, though the reduced operating loss shows improved cost management.

Market Research Analyst

The regional sales patterns reveal a nuanced market landscape with distinct challenges. North America's 4% decline masks a tale of two halves - growth in H1 followed by deterioration in H2, suggesting increasing consumer hesitation as interest rates remained elevated. The 8% growth in Touring, Trike and CVO segments indicates resilience in the premium market segment, where buyers are less interest-rate sensitive.

EMEA's 11% decline, concentrated in non-core motorcycles while Touring segment grew 10%, suggests a market bifurcation. Premium segments remain robust while entry-level segments struggle, likely due to economic pressures and changing consumer preferences. The 18% APAC decline, particularly in Japan and China, reflects broader regional economic challenges and changing youth preferences in these markets.

The inventory reduction strategy, while impacting short-term results, positions dealers better for market recovery. The focus on premium segments appears to be working, though it may limit growth potential in emerging markets where entry-level products typically drive volume.

MILWAUKEE, Feb. 5, 2025 /PRNewswire/ -- Harley-Davidson, Inc. ("Harley-Davidson," "HDI," or the "Company") (NYSE: HOG) today reported fourth quarter and full year 2024 results and provided 2025 Outlook.

"In 2024, we saw our performance being significantly impacted by the continued cyclical headwinds for discretionary products, including the high-interest rate environment affecting consumer confidence," said Jochen Zeitz, Chairman, President and CEO, Harley-Davidson. "The launch of our new Street Glide and Road Glide touring motorcycles contributed to nearly 5% growth in the U.S. Touring segment and drove H-D's market share to 74.5% in '24. The decisions we have made and the bold actions we have taken as part of our Hardwire strategy are continuing to strengthen our foundation for the future. The industry has faced many challenges over the past couple of years, impacting at all levels, but we believe we are best positioned to take advantage of any uptick in consumption."

2024 Highlights and Results

• Delivered diluted EPS of $3.44
• HDMC operating income of $278 million for an operating margin of 6.7%
• HDMC global motorcycle shipments of 148,862, down 17% from prior year
• In North America retail sales of Touring, Trike, and CVO were up more than 8%
• Harley-Davidson dealer inventory levels of new motorcycles finished the year down over 4% year-over-year
• HDFS operating income of $248 million, up 6% from prior year

Fourth Quarter 2024 Highlights Results

• Delivered diluted EPS loss of -$0.93 for Q4
• HDMC revenue of $420 million, down 47% vs. prior year
• HDMC global motorcycle shipments of 14,010, down 53% from prior year
• Global retail sales of new motorcycles down 15% vs. prior year

2025 Financial Outlook

For the full year 2025, the Company expects:

• HDMC: revenue flat to down 5% and operating income margin of 7.0% to 8.0%
• HDFS: operating income down 10% to 15%
• LiveWire: electric motorcycle unit sales of 1,000 – 1,500 and an operating loss of $70 to $80 million
• Harley-Davidson, Inc. diluted earnings per share flat to down 5%
• Harley-Davidson, Inc: capital investments of $225 to $250 million

Fourth Quarter and Full Year 2024 Results
Harley-Davidson, Inc. Consolidated Financial Results

$ in millions (except EPS)	4th quarter			Full Year
	2024	2023	Change	2024	2023	Change
Revenue	$688	$1,053	-35 %	$5,187	$5,836	-11 %
Operating Income (Loss)	($193)	($21)	nm	$417	$779	-47 %
Net Income Attributable to HDI	($117)	$26	nm	$455	$707	-36 %
Diluted EPS	($0.93)	$0.18	nm	$3.44	$4.87	-29 %

nm - not meaningful

In the fourth quarter, consolidated revenue was down 35 percent, driven by a revenue decline of 47 percent at HDMC, partially offset by revenue growth of 4 percent at HDFS. In the fourth quarter, the consolidated operating loss was $193 million which compares to an operating loss of $21 million in the prior year's period.

For the full year, consolidated revenue was down 11 percent compared to the prior year. This was driven by revenue decreases of 15 percent at HDMC and by $12 million at LiveWire, partially offset by a revenue increase of 9 percent at HDFS. For the full year, consolidated operating income was down 47 percent compared to last year. This was driven by an operating income decline of 58 percent at HDMC, partially offset by a 6 percent increase at HDFS. The full year operating loss at LiveWire was $110 million, which was in-line with our expectations.

Harley-Davidson Motor Company (HDMC) – Results

$ in millions (except units)	4th quarter			Full Year
	2024	2023	Change	2024	2023	Change
Motorcycle Shipments (thousands)	14.0	29.5	-53 %	148.9	180.0	-17 %
Revenue	$420	$792	-47 %	$4,122	$4,845	-15 %
Motorcycles	$231	$583	-60 %	$3,137	$3,799	-17 %
Parts & Accessories	$118	$130	-10 %	$652	$698	-7 %
Apparel	$54	$57	-6 %	$237	$244	-3 %
Licensing	$4	$8	-42 %	$23	$29	-20 %
Other	$13	$14	-8 %	$73	$75	-3 %
Gross Margin	-0.8 %	22.9 %	-23.7 pts	28.0 %	32.3 %	-4.3 pts
Operating Income (Loss)	($214)	($44)	NM	$278	$661	-58 %
Operating Margin	NM	NM	NM	6.7 %	13.6 %	-6.9 pts

nm - not meaningful

In the fourth quarter, global motorcycle shipments at HDMC decreased 53 percent from a year ago, due to focus on dealer channel de-stocking and market conditions. HDMC revenue was down 47 percent, due to lower volumes and unfavorable mix, partially offset by higher pricing. Gross profit came in at a loss of $3 million compared to gross profit of $181 million in the prior year period.

The result was driven by the revenue drivers cited, as well as negative operating leverage and adverse foreign exchange, partially offset by lower raw material costs and supply management. Operating expenses were $15 million lower than a year ago. Operating loss was $214 million in the fourth quarter compared to an operating loss of $44 million in the prior period.

For the full year, global motorcycle shipments decreased 17 percent from the prior year. HDMC revenue was down 15 percent, due to lower volumes and unfavorable net pricing, partially offset by positive impacts of shipment mix. Gross margin was lower by 4.3 points in 2024 compared to 2023. The lower margin was driven by the revenue drivers cited, as well as negative operating leverage and negative impacts of net shipment mix, partially offset by the benefits of lower logistics and raw material costs. Operating expenses were $28 million lower than a year ago. Operating income margin was 6.7 percent, which is 6.9 points lower compared to 2023.

Harley-Davidson Retail Motorcycle Sales 
(excludes LiveWire units)

Motorcycles (thousands)	4th quarter			Full Year
	2024	2023	Change	2024	2023	Change
North America	15.1	17.5	-13 %	102.0	105.9	-4 %
EMEA	4.7	5.1	-7 %	24.1	27.0	-11 %
Asia Pacific	5.0	6.8	-26 %	22.2	27.0	-18 %
Latin America	0.8	0.8	-7 %	2.9	2.9	flat
Worldwide Total	25.7	30.2	-15 %	151.2	162.8	-7 %

In the fourth quarter, global retail sales of new motorcycles were down 15 percent versus the prior year. In North America, retail sales declined by 13 percent, with the bulk of declines in the large cruiser category, which includes the Softail motorcycle. In EMEA, retail sales declined by 7 percent, driven by weakness in Germany and the surrounding region. The 26 percent decline in APAC was driven by weakness in Japan and China, partially offset by growth in Australia and New Zealand. Latin America sales decreased by 7 percent, driven by declines in Brazil and Mexico.

For the full year 2024, global retail sales of new motorcycles were down 7 percent versus prior year. North American retail sales declined by 4 percent, where first half was up 2 percent, while the second half was down. In North America, Touring, Trike, and CVO retail sales were up more than 8 percent for the full year of 2024. EMEA retail sales declined by 11 percent for the full year, where a majority of the retail weakness was in non-core motorcycles. Touring, Trike, and CVO retail sales were up 10 percent year over year. APAC retail sales declined by 18 percent for the full year driven by weakness in Japan and China.

Harley-Davidson Financial Services (HDFS) – Results

$ in millions	4th quarter			Full Year
	2024	2023	Change	2024	2023	Change
Revenue	$257	$246	4 %	$1,039	$954	9 %
Operating Income	$46	$58	-20 %	$248	$235	6 %

In the fourth quarter, HDFS revenue was up 4 percent from prior year, driven by higher interest income. HDFS operating income of $46 million was down by 20 percent driven by higher provision for credit losses and higher borrowing costs. The increase in the provision for credit losses was driven mainly by an unfavorable change in the allowance for credit loss reserve rate.

For the full year, HDFS revenue was up 9 percent from prior year, driven by higher interest income. HDFS operating income was $248 million up 6 percent from prior year despite higher borrowing costs, an increased provision for credit losses, and higher operating expenses. The full year 2024 operating income margin was 24 percent.

LiveWire – Results

$ in millions	4th quarter			Full Year
	2024	2023	Change	2024	2023	Change
Electric Motorcycle Shipments (units)	236	514	-54 %	612	660	-7 %
Revenue	$10	$15	-32 %	$26	$38	-31 %
Operating Loss	($26)	($35)	25 %	($110)	($117)	6 %

In the fourth quarter, LiveWire revenue decreased 32 percent compared to the prior year, driven by lower unit sales of EV motorcycles in the quarter. LiveWire operating loss of $26 million, $9 million less than a year ago, was in-line with our expectations.

For the full year, LiveWire revenue decreased by 31 percent compared to the prior year, driven by lower unit sales of EV motorcycles and of STACYC electric bikes. LiveWire operating loss of $110 million was $7 million less than prior year and was in-line with our expectations. For the full year, LiveWire sold 612 EV motorcycles, which compares to 660 EV motorcycles sold in 2023. LiveWire continues to invest in new products and action initiatives to reduce the overall cost of sales for EV motorcycles. 

Other 2024 Harley-Davidson, Inc. Results

• Generated $1.1 billion of cash from operating activities
• Effective tax rate was 14 percent
• Paid cash dividends of $91 million
• Repurchased $450 million of shares (12.5 million shares) on a discretionary basis
• Cash and cash equivalents of $1.6 billion at year end

Company Background  
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Our ambition is to maintain our place as the most desirable motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences, motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. Harley-Davidson also has a controlling interest in LiveWire Group, Inc., the first publicly traded all-electric motorcycle company in the United States. LiveWire is the future in the making for the pursuit of urban adventure and beyond. Drawing on its DNA as an agile disruptor from the lineage of Harley-Davidson and capitalizing on a decade of learnings in the EV sector, LiveWire's ambition is to be the most desirable electric motorcycle brand in the world. Learn more at harley-davidson.com and livewire.com.

Webcast
Harley-Davidson will discuss its financial results and outlook on an audio webcast at 8:00 a.m. CST today. The webcast login and supporting slides can be accessed at http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately 10:00 a.m. CDT.

Cautionary Note Regarding Forward-Looking Statements
The Company intends that certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the Company "believes," "anticipates," "expects," "plans," "may," "will," "estimates," "targets," "intends," "forecasts," "sees," "feels," "commits," "assumes," "envisions" or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this press release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company's ability to: (a) execute its business plans and strategies, including The Hardwire, each of the pillars, and the evolution of LiveWire as a standalone brand, which includes the risks noted below; (b) manage supply chain and logistics issues, including quality issues, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Ukraine and the Red Sea conflict, or natural disasters and longer shipping times and increased logistics costs; (c) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company's ability to sell products domestically and internationally, and the cost of raw materials and components, including tariffs recently imposed or that may be imposed by the U.S. on foreign goods, rebalancing or other tariffs recently imposed or that may be imposed by foreign countries on U.S. goods, and the temporary lifting of the 2018 incremental tariffs on motorcycles imported into the EU from the U.S. that began in 2022 and are set to expire on March 31, 2025, and are the subject of ongoing negotiations between the U.S. and EU; (d) accurately analyze, predict and react to changing market conditions, interest rates, and geopolitical environments, and successfully adjust to shifting global consumer needs and interests; (e) accurately predict the margins of its segments in light of, among other things, tariffs, rebalancing trade measures, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company's complex global supply chain; (f) maintain and enhance the value of the Harley-Davidson brand, including detecting and mitigating or remediating the impact of social media collective actions, such as calls for boycotts and other brand-damaging behaviors that could harm the Company's brand or business; (g) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing domestic and international political environments, including as a result of the conflict in Ukraine and the Red Sea conflict; (h) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (i) successfully carry out its global manufacturing and assembly operations; (j) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to strengthen and grow its leadership position in Grand American Touring, large Cruiser and Trike, and grow its complementary businesses; (k) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (l) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (m) prevent, detect and remediate any issues with its motorcycles or any issues associated with the manufacturing processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (n) successfully manage and reduce costs throughout the business; (o) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its dealers and distribution methods, including the Company's dealer footprint, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (p) realize the expected business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (i) the ability of LiveWire to execute its plans to develop, produce, market and sell its electric vehicles; (ii) the demand for and consumer willingness to adopt two- and three-wheeled electric vehicles; and (iii) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in Risk Factors under Item 1.A of LiveWire Group Inc.'s most recent Annual Report on Form 10-K.  (q) manage the quality and regulatory non-compliance issues relating to the brake hose assemblies provided to the Company by Proterial Cable America, Inc. in a manner that avoids future quality or non-compliance issues and additional costs or recall expenses that are material; (r) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name in India; (s) successfully maintain or achieve a manner in which to sell motorcycles in Europe, China, and the Company's Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (t) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (u) retain and attract talented employees, and eliminate personnel duplication, inefficiencies and complexity throughout the organization; (v) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (w) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services' loan portfolio; (x) prevent a ransomware attack or cybersecurity breach involving consumer, employee, dealer, supplier, or Company data and respond to evolving regulatory requirements regarding cybersecurity and data privacy; (y) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company's business; (z) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (aa) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (bb) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations, including increased environmental, safety, emissions or other regulations; (cc) manage risks related to a pandemic (like COVID-19), epidemic, disease outbreak or other public health crises, such as supply chain disruptions, its ability to carry out business as usual, and government actions and restrictive measures implemented in response; (dd) manage its exposure to product liability claims in a manner that avoids or successfully mitigates the impact of substantial jury verdicts, including the successful resolution or appeal of the verdict in Harold E. Morris v. Harley-Davidson Motor Company Group, LLC, and Robert C. SinClair Jr., as Administrator of the Estate of Pamela Marie SinClair, deceased v. Harley-Davidson Motor Company Group, LLC, and manage exposure in commercial or contractual disputes; (ee) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (ff) achieve anticipated results with respect to the Company's preowned motorcycle program, Harley-Davidson Certified, the Company's H-D1 Marketplace, and Apparel and Licensing; and (gg) optimize capital allocation in light of the Company's capital allocation priorities.

The Company's ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company's dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company's dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, or other factors.

HDFS' retail credit losses have normalized in recent quarters to higher levels after a period of historically low levels of credit losses. Further, the Company believes that HDFS's retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions, including the impact of inflation and HDFS's efforts to increase prudently structured loan approvals to sub-prime borrowers. In addition, HDFS's efforts to adjust underwriting criteria based on market and economic conditions and the actions that the Company has taken and could take that impact motorcycle values may impact HDFS's retail credit losses.

The Company's operations, demand for its products, and its liquidity could be adversely impacted by tariff impacts, inflation, work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Ukraine and the Red Sea conflict, or other factors. Refer to Risk Factors under Item 1.A of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and applicable updates under Item 1.A of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

### (HOG-Earnings)

 

Harley-Davidson, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
		(Unaudited)		(Unaudited)		(Unaudited)
		Three months ended				Twelve months ended
		December 31,		December 31,		December 31,		December 31,
		2024		2023		2024		2023
HDMC revenue		$       420,489		$        791,648		$     4,121,906		$     4,844,594
Gross (loss) profit		(3,170)		181,352		1,154,838		1,566,542
Selling, administrative and engineering expense		210,472		225,526		876,994		905,391
Operating (loss) income from HDMC		(213,642)		(44,174)		277,844		661,151
LiveWire revenue		10,400		15,366		26,358		38,298
Gross loss		(5,608)		(5,372)		(12,514)		(5,956)
Selling, administrative and engineering expense		20,538		29,563		97,125		110,853
Operating loss from Livewire		(26,146)		(34,935)		(109,639)		(116,809)
HDFS revenue		256,720		246,197		1,038,538		953,586
HDFS expense		210,280		188,234		790,116		718,844
Operating income from HDFS		46,440		57,963		248,422		234,742
Operating (loss) income		(193,348)		(21,146)		416,627		779,084
Other income, net		17,445		17,672		72,295		71,808
Investment income		13,300		15,727		58,964		46,771
Interest expense		(7,683)		(7,683)		(30,748)		(30,787)
(Loss) income before income taxes		(170,286)		4,570		517,138		866,876
Income tax (benefit) provision		(51,857)		(18,716)		71,963		171,830
Net (loss) income		$     (118,429)		$           23,286		$        445,175		$        695,046
Less: Loss attributable to noncontrolling interests		1,538		2,524		10,182		11,540
Net (loss) income attributable to Harley-Davidson, Inc.		$     (116,891)		$           25,810		$        455,357		$        706,586
(Net loss) earnings per share:
Basic		$            (0.93)		$               0.19		$               3.46		$               4.96
Diluted		$            (0.93)		$               0.18		$               3.44		$               4.87
Weighted-average shares:
Basic		126,264		138,520		131,447		142,378
Diluted		126,264		141,464		132,288		145,103
Cash dividends per share:		$         0.1725		$           0.1650		$           0.6900		$           0.6600

	LiveWire results presented in the Company's financial statements represent the LiveWire reportable segment as determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280 Segment Reporting which may differ from LiveWire Group, Inc. results.

 

Harley-Davidson, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
						(Unaudited)
						December 31,		December 31,
						2024		2023
ASSETS
Current assets:
Cash and cash equivalents						$     1,589,608		$     1,533,806
Accounts receivable, net						234,315		267,200
Finance receivables, net						2,031,496		2,113,729
Inventories, net						745,793		929,951
Restricted cash						135,661		104,642
Other current assets						259,764		214,401
						4,996,637		5,163,729
Finance receivables, net						5,256,798		5,384,536
Other long-term assets						1,628,144		1,592,289
						$   11,881,579		$   12,140,554
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities						$        892,678		$        996,021
Short-term deposits, net						173,099		253,309
Short-term debt						640,204		878,935
Current portion of long-term debt, net						1,851,513		1,255,999
						3,557,494		3,384,264
Long-term debt, net						4,468,665		4,990,586
Other long-term liabilities						696,920		513,409
Shareholders' equity						3,158,500		3,252,295
						$   11,881,579		$   12,140,554

 

Harley-Davidson, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
						(Unaudited)
						Twelve months ended
						December 31,		December 31,
						2024		2023
Net cash provided by operating activities						$     1,063,833		$        754,887
Cash flows from investing activities:
Capital expenditures						(196,563)		(207,404)
Finance receivables, net						(198,939)		(302,720)
Other investing activities						12,172		(2,180)
Net cash used by investing activities						(383,330)		(512,304)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes						495,856		1,446,304
Repayments of medium-term notes						(660,780)		(1,056,680)
Proceeds from securitization debt						1,145,211		1,045,547
Repayments of securitization debt						(1,078,248)		(1,193,526)
Net (decrease) increase in unsecured commercial paper						(237,340)		107,146
Borrowings of asset-backed commercial paper						469,986		42,429
Repayments of asset-backed commercial paper						(258,077)		(237,370)
Net increase in deposits						102,119		129,855
Dividends paid						(91,224)		(96,310)
Repurchase of common stock						(459,829)		(363,987)
Other financing activities						11		1,946
Net cash used by financing activities						(572,315)		(174,646)
Effect of exchange rate changes on cash, cash equivalents and restricted cash						(16,145)		1,697
Net increase in cash, cash equivalents and restricted cash						$           92,043		$           69,634
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period						$     1,648,811		$     1,579,177
Net increase in cash, cash equivalents and restricted cash						92,043		69,634
Cash, cash equivalents and restricted cash, end of period						$     1,740,854		$     1,648,811
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents						$     1,589,608		$     1,533,806
Restricted cash						135,661		104,642
Restricted cash included in Other long-term assets						15,585		10,363
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows						$     1,740,854		$     1,648,811

 

HDMC Revenue and Motorcycle Shipment Data
		(Unaudited)		(Unaudited)		(Unaudited)
		Three months ended				Twelve months ended
		December 31,		December 31,		December 31,		December 31,
		2024		2023		2024		2023
HDMC REVENUE (in thousands)
Motorcycles		$       231,470		$        582,590		$     3,137,331		$     3,798,977
Parts and accessories		117,605		130,096		651,964		698,095
Apparel		54,078		57,261		237,270		244,333
Licensing		4,436		7,686		22,748		28,599
Other		12,900		14,015		72,593		74,590
		$       420,489		$        791,648		$     4,121,906		$     4,844,594
HDMC U.S. MOTORCYCLE SHIPMENTS		4,314		16,883		94,075		113,867
HDMC WORLDWIDE MOTORCYCLE SHIPMENTS
Grand American Touring(a)		5,563		16,413		85,757		92,683
Cruiser		6,524		10,069		46,235		63,945
Sport and Lightweight		1,508		2,379		12,335		18,228
Adventure Touring		415		683		4,535		5,128
		14,010		29,544		148,862		179,984
(a) Includes Trike
LiveWire Motorcycle Shipments		236		514		612		660

 

HDMC Gross Profit
(Unaudited)
The estimated impact of significant factors affecting the comparability of gross profit from 2023 to 2024 were as follows (in millions):
		Three months ended				Twelve months ended
2023 gross profit		$               181				$             1,567
Volume		(106)				(241)
Price and sales incentives		40				(33)
Foreign currency exchange rates and hedging		(16)				(17)
Shipment mix		(34)				(9)
Raw material prices		2				14
Manufacturing and other costs		(70)				(126)
		(184)				(412)
2024 gross profit		$                  (3)				$             1,155

 

HDFS Finance Receivables Allowance for Credit Losses
		(Unaudited)		(Unaudited)		(Unaudited)
		Three months ended				Twelve months ended
		December 31,		December 31,		December 31,		December 31,
		2024		2023		2024		2023
Balance, beginning of period		$       399,912		$        392,714		$        381,966		$        358,711
Provision for credit losses		72,208		56,662		247,225		227,158
Charge-offs, net of recoveries		(70,937)		(67,410)		(228,008)		(203,903)
Balance, end of period		$       401,183		$        381,966		$        401,183		$        381,966

 

Worldwide Retail Sales of Harley-Davidson Motorcycles(a)
(Unaudited)
		Three months ended				Twelve months ended
		December 31,		December 31,		December 31,		December 31,
		2024		2023		2024		2023
United States		14,220		16,694		94,930		98,468
Canada		907		769		7,093		7,422
Total North America		15,127		17,463		102,023		105,890
EMEA		4,749		5,121		24,082		27,005
Asia Pacific		5,025		6,763		22,213		26,953
Latin America		759		815		2,911		2,923
Total worldwide retail sales		25,660		30,162		151,229		162,771

(a) Data source for retail sales figures shown above is new sales warranty and registration information provided by dealers and compiled by the Company. The Company must rely on information that its dealers supply concerning new retail sales, and the Company does not regularly verify the information that its dealers supply. This information is subject to revision.

 

 

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SOURCE Harley-Davidson, Inc.

FAQ

What was Harley-Davidson's (HOG) EPS for full year 2024?

Harley-Davidson reported diluted EPS of $3.44 for full year 2024, down 29% from $4.87 in 2023.

How much did HOG's global motorcycle shipments decline in 2024?

Harley-Davidson's global motorcycle shipments declined 17% to 148,862 units in 2024 compared to 180,000 units in 2023.

What is Harley-Davidson's revenue guidance for 2025?

For 2025, Harley-Davidson expects HDMC revenue to be flat to down 5% with operating income margin of 7.0% to 8.0%.

How did HOG's North American Touring segment perform in 2024?

HOG's North American Touring segment grew nearly 5% in 2024, driving the company's market share to 74.5%.

What was HOG's share repurchase amount in 2024?

Harley-Davidson repurchased $450 million of shares (12.5 million shares) on a discretionary basis in 2024.