Q4 2024 Harley-Davidson Inc Earnings Call Transcript
Key Points
- Harley-Davidson Inc (HOG) achieved a nearly 5% growth in the US touring segment, increasing its market share to almost 75%.
- The company successfully launched new model year '24 Street Glide and Road Glide touring motorcycles, receiving positive feedback from customers, media, and dealers.
- Harley-Davidson Inc (HOG) continued to trim inventory, ending the year slightly below '23 levels, setting up for further significant inventory reduction.
- The company achieved $257 million in productivity savings, contributing positively to cash flow and delivering over $1 billion in operating cash flow in '24.
- Harley-Davidson Inc (HOG) plans to continue investing in product development and capability management, with a focus on core product innovation and manufacturing automation.
- Global retail sales declined by 15% in Q4, with North America down 13% and international regions down 17%.
- Consolidated revenue in Q4 was down 35%, driven by a 47% decrease in HDMC revenue.
- The company faced a significant operating loss of $214 million at HDMC in Q4, compared to a $44 million loss in the prior year.
- LiveWire, Harley-Davidson's electric motorcycle segment, reported an operating loss of $110 million for the year.
- High interest rates and macroeconomic uncertainties negatively impacted consumer confidence and sales, particularly in core markets.
Thank you for standing by, and welcome to the Harley-Davidson 2024 fourth 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, sir.
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 to 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's Chief Executive Officer, Karim Donnez.
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