Q2 2024 Harley-Davidson Inc Earnings Call Transcript
Key Points
- Consolidated revenue increased by 12%, driven by 13% growth at HDMC and 10% at HDFS.
- Earnings per share improved significantly to $1.63 for the quarter.
- Strong gains in market share in the 601+cc segment in the US, with Harley-Davidson touring up 5.3 percentage points.
- LiveWire saw a triple-digit increase in branded unit sales and became the number one on-road electric motorcycle retailer in the US for the first half of 2024.
- Harley-Davidson was awarded an $89 million grant from the Department of Energy to invest in its York, Pennsylvania facility, supporting EV motorcycle manufacturing.
- Retail sales in the Asia Pacific region declined by 16%, primarily due to weakness in China.
- Operating margin for HDMC decreased by 155 basis points year-over-year.
- Consolidated margin in the second quarter was 14.9%, down from 15.3% in the prior year.
- LiveWire's revenue declined by 25% in the first half of the year, primarily due to lower revenue at STACYC.
- Dealer inventory levels are expected to be reduced by approximately 30% by the end of the year, which could impact dealer floor plan expenses.
Thank you for standing by, and welcome to the Harley-Davidson 2024 second-quarter investor and analyst conference call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Shawn Collins. Thank you. Please go ahead.
Thank you. Good morning. This is Shawn Collins, the Director of Investor Relations at Harley-Davidson. You can access the slides supporting today's call on the internet at the Harley-Davidson Investor Relations website.
As you might expect, our comments will include forward-looking statements that are subject two risks that could cause actual results to be materially different. Those risks include, among others, matters we have noted in today's earnings release and in our latest filings with the SEC.
Joining me for this morning's call are, Harley-Davidson Chief Executive Officer, Jochen Zeitz; also Chief Financial Officer, Jonathan Root, and we have LiveWire, Chief Executive Officer, Karim Donnez.
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