Harley-Davidson, Inc. has reported its third quarter 2024 results, and there are several key financial metrics worth noting. The company delivered diluted earnings per share (EPS) of $0.91, which is a 34% decrease from the same period last year. Consolidated operating income was $106 million, down 49% year-over-year. The company's revenue for the quarter was $1.151 billion, representing a 26% decrease from the third quarter of 2023.
Harley-Davidson Motor Company (HDMC) experienced a 32% decline in revenue, with motorcycle shipments decreasing by 39% compared to the third quarter of 2023. The gross margin for HDMC was 30.1%, down from 31.7% in the same period last year. Additionally, operating income for HDMC saw a significant decrease of 69% year-over-year, with the operating margin dropping to 6.3% from 13.5%.
In terms of retail sales, the company observed a 10% decrease in North American sales and a 23% decline in the EMEA region. Global retail motorcycle sales were down 13% compared to the third quarter of 2023, with international markets performing weaker than expected.
Harley-Davidson Financial Services (HDFS) reported a 10% increase in revenue and a notable 29% rise in operating income for the third quarter of 2024. The company's effective tax rate was 18%, and it generated $931 million in cash from operating activities during the year-to-date period.
Looking at the full-year 2024 financial outlook, Harley-Davidson now expects a 14-16% decrease in HDMC revenue compared to 2023, with an operating income margin between 7.5% and 8.5%. HDFS is projected to achieve a 5-10% increase in operating income, while the electric motorcycle unit sales for Livewire are estimated to range from 600 to 1,000 for the full year 2024.
Today the company's shares have moved -6.6% to a price of $31.89. For more information, read the company's full 8-K submission here.
