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Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Harley-Davidson’s first-quarter 2024 results were mixed: global retail motorcycle sales were flat, North American retail sales rose 6%, but shipments, revenue and net income fell year over year. CEO Jochen Zeitz called it “a good start to the year” because of growth in the company’s largest region—not because every sales or earnings measure improved.
What fell—and what held up—in Q1 2024?
Harley-Davidson, Inc. reported $1.730 billion in consolidated revenue for the quarter ended March 31, 2024, down 3% from a year earlier. Net income attributable to the company fell 23% to $235 million, and diluted earnings per share were $1.72, compared with $2.04 in Q1 2023. These are company-reported figures from its April 25, 2024 results release.
The term “sales” needs qualification. Harley-Davidson’s customer retail sales and its shipments to dealers are different measures, and they moved differently: global retail sales were flat, while motorcycle shipments declined. The release does not describe flat retail sales as growth worldwide.
Why was the company upbeat about North America?
Retail sales of Harley-Davidson motorcycles increased 6% in North America. Zeitz, the company’s chairman, president and CEO, said: “Harley-Davidson delivered a good start to the year with a six percent retail growth in North America, our largest and most important region.” The company attributed the regional increase to its new Touring motorcycles, introduced at the end of January, and said it was pleased with the lineup’s reception.
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That result did not carry across every region. Harley-Davidson reported 39,400 retail motorcycle sales globally, flat year over year:
| Region | Q1 2024 retail sales change |
|---|---|
| North America | Up 6% |
| EMEA | Down 11% |
| Asia Pacific | Down 12% |
| Latin America | Up 2% |
The company said the new 2024 Street Glide and Road Glide motorcycles did not reach dealerships in international markets until the end of Q1. It also cited weakness in Germany and France and, particularly, China. Those are management’s explanations for the regional pattern, rather than independently established causes.
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How did Harley-Davidson’s motorcycle business perform?
Harley-Davidson Motor Company (HDMC) shipped 57,700 motorcycles, down 7% year over year, and recorded $1.476 billion in revenue, down 5%. Management said fewer wholesale shipments and lower global pricing drove the revenue decline, partly offset by a favorable product mix.
Profitability also weakened. HDMC gross margin fell 4.5 percentage points and operating margin fell 5.4 points. The company attributed lower gross margin to pricing and sales incentives, lower volume and higher manufacturing costs. Revenue and profit margins measure different things: the margin declines show pressure on the share of sales remaining after costs, not simply a change in sales volume.
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Did the other business segments offset the declines?
The company’s other segments had different results, rather than a uniform lift to the quarter.
- Harley-Davidson Financial Services (HDFS): Revenue rose 12% to $249 million, while operating income fell 8% to $54 million.
- LiveWire: The electric-motorcycle segment recorded an operating loss of $29 million.
The segment figures help explain why North American retail growth did not translate into stronger consolidated earnings: HDMC revenue and margins declined, HDFS operating income was lower despite higher revenue, and LiveWire remained loss-making.
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What the “good start” description does—and does not—mean
Zeitz’s positive assessment was tied to North American retail growth, a strategically important market for the company. It was not a claim that global retail sales, dealer shipments, revenue or profit had all increased. Q1 2024 was a historically mixed quarter: a stronger North American retail result alongside declines in wholesale shipments, HDMC and consolidated revenue, net income and diluted EPS.
The results and management explanations above refer to the quarter ended March 31, 2024, and should not be read as a description of Harley-Davidson’s current performance. The company’s reported figures are also available in its Form 8-K filing with the SEC.
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