Harley-Davidson Delivers Third Quarter Financial Results
Harley-Davidson (NYSE: HOG) reported Q3 2024 results with significant declines across key metrics. The company delivered diluted EPS of $0.91, down 34% year-over-year, while consolidated revenue decreased 26% to $1.15 billion. Operating income fell 49% to $106 million. Global motorcycle shipments dropped 39%, with retail sales down 13% globally and 10% in North America. HDMC revenue declined 32%, though HDFS saw positive performance with operating income up 29%. Due to challenging market conditions, the company lowered its full-year 2024 outlook, now expecting HDMC revenue to decline 14-16% compared to 2023.
Harley-Davidson (NYSE: HOG) ha riportato i risultati del terzo trimestre 2024 con significative flessioni in metriche chiave. L'azienda ha registrato un utile per azione diluito di $0,91, in calo del 34% rispetto all'anno precedente, mentre il fatturato consolidato è diminuito del 26%, raggiungendo $1,15 miliardi. L'utile operativo è sceso del 49% a $106 milioni. Le spedizioni di motociclette a livello globale sono diminuite del 39%, con le vendite al dettaglio in calo del 13% a livello globale e del 10% in Nord America. Il fatturato di HDMC è diminuito del 32%, anche se HDFS ha mostrato una performance positiva con un utile operativo in crescita del 29%. A causa delle difficili condizioni di mercato, l'azienda ha abbassato le sue previsioni per l'intero anno 2024, ora prevedendo una diminuzione del fatturato di HDMC del 14-16% rispetto al 2023.
Harley-Davidson (NYSE: HOG) reportó resultados del tercer trimestre de 2024 con disminuciones significativas en métricas clave. La compañía reportó una utilidad por acción diluida de $0.91, un descenso del 34% en comparación con el año anterior, mientras que los ingresos consolidados disminuyeron un 26% a $1.15 mil millones. Los ingresos operativos cayeron un 49% a $106 millones. Los envíos de motocicletas a nivel mundial cayeron un 39%, con las ventas minoristas disminuyendo un 13% a nivel global y un 10% en Norteamérica. Los ingresos de HDMC cayeron un 32%, aunque HDFS tuvo un rendimiento positivo con un ingreso operativo que aumentó un 29%. Debido a las difíciles condiciones del mercado, la compañía disminuyó su pronóstico para todo el año 2024, esperando ahora que los ingresos de HDMC disminuyan entre un 14% y un 16% en comparación con 2023.
할리 데이비슨 (NYSE: HOG)은 2024년 3분기 결과를 발표하며 주요 지표에서 상당한 감소를 보고했습니다. 회사는 희석 주당 순이익(EPS) $0.91을 기록했으며, 이는 작년 대비 34% 감소한 것입니다. 반면에 통합 수익은 26% 줄어들어 $11.5억 달러에 달했습니다. 운영 소득은 49% 줄어들어 $1.06억 달러가 되었습니다. 전 세계 오토바이 출하는 39% 감소했으며, 소매 판매는 전 세계적으로 13%, 북미에서는 10% 감소했습니다. HDMC 수익은 32% 감소했습니다, 하지만 HDFS는 운영 소득이 29% 증가하며 긍정적인 실적을 보였습니다. 어려운 시장 상황으로 인해, 회사는 2024년 전체 년도 전망을 하향 조정했으며, HDMC 수익이 2023년에 비해 14-16% 감소할 것으로 예상하고 있습니다.
Harley-Davidson (NYSE: HOG) a annoncé des résultats pour le troisième trimestre 2024 avec des baisses significatives dans les indicateurs clés. L'entreprise a enregistré un bénéfice par action dilué de 0,91 $, en baisse de 34 % par rapport à l'année précédente, tandis que le chiffre d'affaires consolidé a diminué de 26 %, atteignant 1,15 milliard de $. Le résultat opérationnel a chuté de 49 %, tombant à 106 millions de $. Les expéditions de motos dans le monde ont baissé de 39 %, avec des ventes au détail en baisse de 13 % à l'échelle mondiale et de 10 % en Amérique du Nord. Le chiffre d'affaires de HDMC a diminué de 32%, bien que HDFS ait montré une performance positive avec un résultat opérationnel en hausse de 29 %. En raison des conditions difficiles du marché, l'entreprise a abaissé ses prévisions pour l'ensemble de l'année 2024, s'attendant maintenant à une baisse des revenus de HDMC de 14 à 16 % par rapport à 2023.
Harley-Davidson (NYSE: HOG) hat die Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit erheblichen Rückgängen in den wichtigsten Kennzahlen. Das Unternehmen verzeichnete einen verwässerten Gewinn pro Aktie von 0,91 $, was einem Rückgang von 34 % im Vergleich zum Vorjahr entspricht, während die konsolidierten Einnahmen um 26 % auf 1,15 Milliarden $ sanken. Das operative Ergebnis fiel um 49 % auf 106 Millionen $. Die weltweiten Motorradlieferungen gingen um 39 % zurück, während die Einzelhandelsverkäufe global um 13 % und in Nordamerika um 10 % zurückgingen. Die Einnahmen von HDMC sanken um 32%, obwohl HDFS eine positive Leistung mit einem Anstieg des operativen Ergebnisses um 29 % erzielte. Aufgrund der schwierigen Marktbedingungen senkte das Unternehmen seine Prognose für das gesamte Jahr 2024 und erwartet nun, dass die Einnahmen von HDMC um 14-16 % im Vergleich zu 2023 zurückgehen werden.
- HDFS operating income increased 29% with revenue up 10%
- U.S. Touring market share increased by 4 points to 75%
- Apparel revenue grew 13% year-over-year
- Generated $931 million cash from operating activities YTD
- Consolidated revenue declined 26% to $1.15 billion
- Operating income fell 49% to $106 million
- Global motorcycle shipments decreased 39%
- Global retail sales declined 13%, with North America down 10%
- HDMC operating margin decreased 7.2 points to 6.3%
- Company lowered full-year 2024 financial outlook
- Gross margin declined 1.6 points to 30.1%
Insights
The Q3 results reveal significant challenges for Harley-Davidson, with concerning declines across key metrics. Revenue dropped 26% to
The bright spot is HDFS (financial services), showing
The balance sheet remains solid with
The market dynamics reveal deeper structural challenges beyond cyclical factors. High interest rates are clearly impacting consumer behavior, particularly in North America where retail sales declined
The
"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," said Jochen Zeitz, Chairman, President and CEO, Harley-Davidson. "We are very pleased with the reception of our touring launch with customers and dealers alike and are working hard to set the Company up for a solid 2025. We are optimistic about our ability to make sound progress in the new year, and we are expecting further interest rate reductions and improved consumer confidence will provide the industry with a needed tailwind."
Third Quarter 2024 Highlights and Related Results
- Delivered diluted EPS of
$0.91 - Consolidated operating income of
, down 49 percent in Q3 year-over-year$106 million - North American retail sales down 10 percent in Q3 versus prior year
- Global retail sales down 13 percent in Q3 year-over-year, where international markets have performed weaker than expected
- HDMC gross margin of 30.1 percent in Q3
- HDFS operating income up 29 percent in Q3 year-over-year, while revenue up 10 percent
- Company lowers its full year 2024 financial outlook to reflect the current environment
Year-to-date 2024 Highlights and Related Results
- Delivered diluted EPS of
$4.27 - Consolidated operating income of
, down 24 percent year-over-year$610 million - North American retail sales down 1.7 percent versus prior year
- Global retail sales down 5 percent year-over-year
- HDMC gross margin of 31.3 percent
- HDFS operating income up 14 percent year-over-year, while revenue up 11 percent
U.S. Touring market share of 75 percent, an increase of 4 share points year-over-year1
1 | Source: |
Third Quarter 2024 Results
Harley-Davidson, Inc. Consolidated Financial Results
$ in millions (except EPS) | 3rd quarter | ||
2024 | 2023 | Change | |
Revenue | -26 % | ||
Operating Income | -49 % | ||
Net Income Attributable to HDI | -40 % | ||
Diluted EPS | -34 % |
Consolidated revenue in the third quarter was down 26 percent, driven primarily by an HDMC revenue decline of 32 percent, and partially offset by an HDFS revenue increase of 10 percent.
Consolidated operating income in the third quarter was
Harley-Davidson Motor Company (HDMC) – Results
$ in millions | 3rd quarter | ||
2024 | 2023 | Change | |
Motorcycle Shipments (thousands) | 27.5 | 45.3 | -39 % |
Revenue | -32 % | ||
Motorcycles | -40 % | ||
Parts & Accessories | -6 % | ||
Apparel | 13 % | ||
Licensing | -59 % | ||
Other | -11 % | ||
Gross Margin | 30.1 % | 31.7 % | -1.6 pts. |
Operating Income | -69 % | ||
Operating Margin | 6.3 % | 13.5 % | -7.2 pts. |
Third quarter global motorcycle shipments decreased by 39 percent, as dealers adjust inventory levels for the current retail environment. HDMC revenue was down 32 percent, driven primarily by the significant reduction in wholesale units shipped. Parts & Accessories revenue was down 6 percent due to lower customer traffic than prior year. Apparel revenue was up 13 percent.
Third quarter gross margin was down 1.6 points due to the impacts of lower volumes, negative operating leverage, and less favorable motorcycle mix, partially offset by favorable net pricing, favorable foreign exchange and lower raw material and supply chain management costs. Third quarter operating margin was 6.3 percent, where operating expenses were down 11 percent in the period but offset by the larger decline in revenue at HDMC, resulting in 7.2 points of operating margin decline.
Harley-Davidson Retail Motorcycle Sales
Motorcycles (thousands) | 3rd quarter | ||
2024 | 2023 | Change | |
24.6 | 27.3 | -10 % | |
EMEA | 6.1 | 7.8 | -23 % |
4.8 | 5.8 | -16 % | |
0.7 | 0.7 | 4 % | |
Worldwide Total | 36.2 | 41.7 | -13 % |
Global retail motorcycle sales in the third quarter were down 13 percent versus prior year. North American retail performance was down 10 percent, as dealers observed a slowdown in customer traffic in the region, as customers assessed the higher interest rate environment and macro uncertainty.
International markets have performed weaker than we expected, down 18 percent in the third quarter versus prior year. In EMEA, third quarter retail sales declined by 23 percent, with mixed performance on a country-by-country basis. In APAC, third quarter retail sales declined by 16 percent, with
Harley-Davidson Financial Services (HDFS) – Results
$ in millions | 3rd quarter | ||
2024 | 2023 | Change | |
Revenue | 10 % | ||
Operating Income | 29 % |
HDFS operating income increased by
LiveWire – Results
$ in millions | 3rd quarter | ||
2024 | 2023 | Change | |
Electric Motorcycle Unit Sales | 99 | 50 | 98 % |
Revenue | -41 % | ||
Operating Loss | ( | ( | -3 % |
LiveWire revenue for the third quarter decreased by 41 percent, due to a decrease in STACYC third party branded distributor volumes. LiveWire's operating loss of
Other Harley-Davidson, Inc. Results – YTD through end of Q3 2024
- Generated
of cash from operating activities$931 million - Effective tax rate was 18 percent
- Paid cash dividends of
$69 million - Repurchased
of shares (9.5 million shares) on a discretionary basis$350 million - Cash and cash equivalents of
at the end of the quarter$2.2 billion
2024 Financial Outlook
For the full year 2024, the Company now expects:
- HDMC: Revenue down 14 to 16 percent compared to 2023
- HDMC: Operating Income margin between 7.5 and 8.5 percent
- HDFS: Operating Income up 5 to 10 percent compared to 2023
- LiveWire: Electric motorcycle unit sales of 600 to 1,000
For the full year 2024 we continue to expect:
- LiveWire: Operating Loss of
to$105 $115 million - Harley-Davidson, Inc.: Capital investments of
to$225 $250 million
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
Webcast
Harley-Davidson will discuss its financial results and outlook on an audio webcast at 8:00 a.m. CDT 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 report 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," "commits," "assumes," 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 report. 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 report are only made as of the date of this report, 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
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 work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in
### (HOG-Earnings)
Harley-Davidson, Inc. | ||||||||
Condensed Consolidated Statements of Operations | ||||||||
(In thousands, except per share amounts) | ||||||||
(Unaudited) | ||||||||
Three months ended | Nine months ended | |||||||
September 30, | September 30, | September 30, | September 30, | |||||
2024 | 2023 | 2024 | 2023 | |||||
HDMC revenue | $ 876,405 | $ 1,296,981 | $ 3,701,417 | $ 4,052,946 | ||||
Gross profit | 263,813 | 410,690 | 1,158,010 | 1,385,190 | ||||
Selling, administrative and engineering expense | 208,676 | 235,437 | 666,522 | 679,864 | ||||
Operating income from HDMC | 55,137 | 175,253 | 491,488 | 705,326 | ||||
LiveWire revenue | 4,808 | 8,144 | 15,958 | 22,932 | ||||
Gross (loss) profit | (1,180) | 1,092 | (6,907) | (584) | ||||
Selling, administrative and engineering expense | 24,905 | 26,435 | 76,587 | 81,290 | ||||
Operating loss from Livewire | (26,085) | (25,343) | (83,494) | (81,874) | ||||
HDFS revenue | 269,482 | 243,934 | 781,818 | 707,390 | ||||
HDFS expense | 192,738 | 184,559 | 579,836 | 530,610 | ||||
Operating income from HDFS | 76,744 | 59,375 | 201,982 | 176,780 | ||||
Operating income | 105,796 | 209,285 | 609,976 | 800,232 | ||||
Other income, net | 18,408 | 26,814 | 54,851 | 54,136 | ||||
Investment income | 16,450 | 9,868 | 45,665 | 31,044 | ||||
Interest expense | (7,707) | (7,688) | (23,066) | (23,104) | ||||
Income before income taxes | 132,947 | 238,279 | 687,426 | 862,308 | ||||
Income tax provision | 16,980 | 42,176 | 123,821 | 190,546 | ||||
Net income | $ 115,967 | $ 196,103 | $ 563,605 | $ 671,762 | ||||
Less: Loss attributable to noncontrolling interests | 3,073 | 2,546 | 8,644 | 9,016 | ||||
Net income attributable to Harley-Davidson, Inc. | $ 119,040 | $ 198,649 | $ 572,249 | $ 680,778 | ||||
Earnings per share: | ||||||||
Basic | $ 0.92 | $ 1.40 | $ 4.30 | $ 4.74 | ||||
Diluted | $ 0.91 | $ 1.38 | $ 4.27 | $ 4.65 | ||||
Weighted-average shares: | ||||||||
Basic | 130,078 | 141,622 | 133,187 | 143,678 | ||||
Diluted | 130,963 | 144,321 | 133,985 | 146,330 | ||||
Cash dividends per share: | $ 0.1725 | $ 0.1650 | $ 0.5175 | $ 0.4950 |
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) | (Unaudited) | |||||||
September 30, | December 31, | September 30, | ||||||
2024 | 2023 | 2023 | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 2,243,910 | 1,533,806 | 1,878,351 | |||||
Accounts receivable, net | 307,701 | 267,200 | 315,331 | |||||
Finance receivables, net | 2,300,551 | 2,113,729 | 2,101,965 | |||||
Inventories, net | 681,864 | 929,951 | 768,765 | |||||
Restricted cash | 147,910 | 104,642 | 130,838 | |||||
Other current assets | 208,000 | 214,401 | 227,556 | |||||
5,889,936 | 5,163,729 | 5,422,806 | ||||||
Finance receivables, net | 5,499,836 | 5,384,536 | 5,553,259 | |||||
Other long-term assets | 1,636,887 | 1,592,289 | 1,486,151 | |||||
$ 13,026,659 | $ 12,140,554 | $ 12,462,216 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ 931,971 | $ 996,021 | $ 968,261 | |||||
Short-term deposits, net | 178,638 | 253,309 | 250,987 | |||||
Short-term debt | 497,373 | 878,935 | 815,081 | |||||
Current portion of long-term debt, net | 2,561,535 | 1,255,999 | 638,496 | |||||
4,169,517 | 3,384,264 | 2,672,825 | ||||||
Long-term debt, net | 4,739,507 | 4,990,586 | 5,856,005 | |||||
Other long-term liabilities | 692,523 | 513,409 | 622,116 | |||||
Shareholders' equity | 3,425,112 | 3,252,295 | 3,311,270 | |||||
$ 13,026,659 | $ 12,140,554 | $ 12,462,216 |
Harley-Davidson, Inc. | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
Nine months ended | ||||||||
September 30, | September 30, | |||||||
2024 | 2023 | |||||||
Net cash provided by operating activities | $ 930,655 | $ 706,767 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (140,424) | (138,902) | ||||||
Finance receivables, net | (345,588) | (373,109) | ||||||
Other investing activities | (165) | 878 | ||||||
Net cash used by investing activities | (486,177) | (511,133) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of medium-term notes | 495,856 | 1,446,304 | ||||||
Repayments of medium-term notes | - | (1,056,680) | ||||||
Proceeds from securitization debt | 1,145,211 | 1,045,547 | ||||||
Repayments of securitization debt | (782,161) | (930,608) | ||||||
Net (decrease) increase in unsecured commercial paper | (387,392) | 43,523 | ||||||
Borrowings of asset-backed commercial paper | 366,171 | 42,429 | ||||||
Repayments of asset-backed commercial paper | (195,709) | (187,599) | ||||||
Net increase in deposits | 100,737 | 161,157 | ||||||
Dividends paid | (69,454) | (72,775) | ||||||
Repurchase of common stock | (359,810) | (239,428) | ||||||
Other financing activities | 11 | 1,706 | ||||||
Net cash provided by financing activities | 313,460 | 253,576 | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 198 | (8,415) | ||||||
Net increase in cash, cash equivalents and restricted cash | $ 758,136 | $ 440,795 | ||||||
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 | 758,136 | 440,795 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ 2,406,947 | $ 2,019,972 | ||||||
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance | ||||||||
Cash and cash equivalents | $ 2,243,910 | $ 1,878,351 | ||||||
Restricted cash | 147,910 | 130,838 | ||||||
Restricted cash included in Other long-term assets | 15,127 | 10,783 | ||||||
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows | $ 2,406,947 | $ 2,019,972 |
HDMC Revenue and Motorcycle Shipment Data | ||||||||
(Unaudited) | ||||||||
Three months ended | Nine months ended | |||||||
September 30, | September 30, | September 30, | September 30, | |||||
2024 | 2023 | 2024 | 2023 | |||||
HDMC REVENUE (in thousands) | ||||||||
Motorcycles | $ 615,628 | $ 1,023,090 | $ 2,905,861 | $ 3,216,387 | ||||
Parts and accessories | 174,301 | 184,809 | 534,359 | 568,001 | ||||
Apparel | 55,688 | 49,325 | 183,192 | 187,072 | ||||
Licensing | 3,897 | 9,586 | 18,312 | 20,912 | ||||
Other | 26,891 | 30,171 | 59,693 | 60,574 | ||||
$ 876,405 | $ 1,296,981 | $ 3,701,417 | $ 4,052,946 | |||||
HDMC | 15,850 | 30,167 | 89,761 | 96,984 | ||||
HDMC WORLDWIDE MOTORCYCLE SHIPMENTS | ||||||||
Grand American Touring(a) | 15,493 | 23,781 | 80,194 | 76,270 | ||||
Cruiser | 9,610 | 17,142 | 39,711 | 53,876 | ||||
Sport and Lightweight | 1,770 | 3,103 | 10,827 | 15,849 | ||||
Adventure Touring | 647 | 1,243 | 4,120 | 4,445 | ||||
27,520 | 45,269 | 134,852 | 150,440 | |||||
(a) Includes Trike | ||||||||
LiveWire Motorcycle Shipments | 99 | 50 | 374 | 146 |
HDMC Gross Profit | ||||||||
(Unaudited) | ||||||||
The estimated impact of significant factors affecting the comparability of gross profit from the third quarter of 2023 to the third quarter of 2024 | ||||||||
Three months ended | Nine months ended | |||||||
2023 gross profit | $ 411 | $ 1,385 | ||||||
Volume | (145) | (135) | ||||||
Price and sales incentives | 19 | (73) | ||||||
Foreign currency exchange rates and hedging | 18 | (1) | ||||||
Shipment mix | (33) | 25 | ||||||
Raw material prices | 3 | 12 | ||||||
Manufacturing and other costs | (9) | (55) | ||||||
(147) | (227) | |||||||
2024 gross profit | $ 264 | $ 1,158 | ||||||
HDFS Finance Receivables Allowance for Credit Losses | ||||||||
(Unaudited) | ||||||||
Three months ended | Nine months ended | |||||||
September 30, | September 30, | September 30, | September 30, | |||||
2024 | 2023 | 2024 | 2023 | |||||
Balance, beginning of period | $ 393,517 | $ 381,780 | $ 381,966 | $ 358,711 | ||||
Provision for credit losses | 57,977 | 60,854 | 175,017 | 170,496 | ||||
Charge-offs, net of recoveries | (51,582) | (49,920) | (157,071) | (136,493) | ||||
Balance, end of period | $ 399,912 | $ 392,714 | $ 399,912 | $ 392,714 | ||||
Worldwide Retail Sales of Harley-Davidson Motorcycles(a) | ||||||||
(Unaudited) | ||||||||
Three months ended | Nine months ended | |||||||
September 30, | September 30, | September 30, | September 30, | |||||
2024 | 2023 | 2024 | 2023 | |||||
22,726 | 25,336 | 80,710 | 81,774 | |||||
1,847 | 2,010 | 6,186 | 6,653 | |||||
Total | 24,573 | 27,346 | 86,896 | 88,427 | ||||
EMEA | 6,054 | 7,847 | 19,333 | 21,884 | ||||
4,832 | 5,784 | 17,188 | 20,190 | |||||
707 | 681 | 2,152 | 2,108 | |||||
Total worldwide retail sales | 36,166 | 41,658 | 125,569 | 132,609 |
(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.
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