The following is a summary of the Harley-Davidson, Inc. (HOG) Q1 2024 Earnings Call Transcript:
Financial Performance:
Harley-Davidson witnessed a 6% retail growth in North America, despite a 5% revenue decrease at the motorcycle business.
Harley-Davidson Financial Services (HDFS) increased revenue by 12% and launched Harley-Davidson Flex Financing to offer more motorcycle purchase options to customers.
The company reported a consolidated revenue decrease of 3%, with a consolidated operating income fall of 29% in Q1 2024.
Harley-Davidson's Q1 gross margin was 31.2%, a decrease from 35.8% in the previous year.
The projection for modest cost inflation is around 2% for the upcoming year.
The company repurchased $773 million in shares and paid out $214 million in dividends from 2022 to Q1 2024.
Business Progress:
Harley-Davidson launched reimagined models of two iconic motorcycles, the Street and Road Glide, and introduced limited edition Icons models and the Enthusiast Collection.
The company's electric division, LiveWire, has become a market leader for on-road EV motorcycles, and will centralise its operations to Milwaukee.
Harley-Davidson supports its dealers through dealer support programs and anticipates retailer sales overtaking wholesales by the second half of the year.
The company is planning to reveal a community park at their headquarters in June 24 as part of their community commitment.
Harley received ratification on a five-year union contract, leading to no unexpected increased labor costs.
More details: Harley-Davidson IR
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