Harley-Davidson’s first-quarter 2024 results were mixed: global retail motorcycle sales were flat and North American retail sales rose 6%, but motorcycle shipments fell 7%, Harley-Davidson Motor Company (HDMC) revenue fell 5%, and consolidated revenue and net income also declined. CEO Jochen Zeitz called it “a good start to the year,” referring to growth in the company’s largest region—not to across-the-board gains.
What Harley-Davidson reported for Q1 2024
Harley-Davidson, Inc. reported $1.730 billion in consolidated revenue for the quarter ended March 31, 2024, down 3% year over year. Net income attributable to the company was $235 million, down 23%, and diluted earnings per share were $1.72, compared with $2.04 in the first quarter of 2023. These are company-reported figures from its April 25, 2024 results release.
The results were not uniformly positive: the company’s core motorcycle business had fewer wholesale shipments and lower revenue, while retail demand varied by region and other business segments moved in different directions.
Why “sales” depends on the measure
Retail sales count motorcycles sold to customers; shipments measure motorcycles Harley-Davidson sent to dealers. They are related, but not interchangeable. In Q1 2024, Harley-Davidson reported 39,400 global retail motorcycle sales, flat year over year, while motorcycle shipments fell 7% to 57,700. HDMC revenue declined 5% to $1.476 billion.
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The company attributed the HDMC revenue decline to lower wholesale shipments and lower global pricing, partly offset by favorable product mix. So flat global retail sales did not prevent the company from shipping fewer motorcycles or recording lower motorcycle revenue.
North America grew as international regions weakened
Retail performance varied considerably by region in the company’s Q1 2024 report:
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| Region | Retail motorcycle sales change year over year |
|---|---|
| North America | Up 6% |
| EMEA | Down 11% |
| Asia Pacific | Down 12% |
| Latin America | Up 2% |
| Global | Flat; 39,400 motorcycles sold |
Harley-Davidson said North American retail growth was driven by new Touring motorcycles introduced at the end of January. Zeitz described the quarter as “a good start to the year with a six percent retail growth in North America, our largest and most important region,” according to the company’s April 25 release.
Management said international dealerships did not receive the new 2024 Street Glide and Road Glide motorcycles until the end of the first quarter. It also cited weakness in Germany and France, and particularly China, to explain international declines. Those are the company’s explanations for the regional pattern, not independent findings about what caused it.
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Motorcycle profitability fell faster than revenue
HDMC’s revenue decline was accompanied by pressure on margins. Its gross margin fell 4.5 percentage points and its operating margin fell 5.4 points year over year. Harley-Davidson attributed lower gross margin to pricing and sales incentives, lower volume, and higher manufacturing costs. The margin figures show why revenue alone does not capture the quarter’s financial performance: profitability weakened as well.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Other business segments had different results
Harley-Davidson’s segments did not all follow the same pattern:
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| Segment | Q1 2024 result |
|---|---|
| Harley-Davidson Motor Company (HDMC) | Revenue of $1.476 billion, down 5%; 57,700 motorcycle shipments, down 7% |
| Harley-Davidson Financial Services (HDFS) | Revenue of $249 million, up 12%; operating income of $54 million, down 8% |
| LiveWire | Operating loss of $29 million |
HDFS increased revenue but reported lower operating income, while LiveWire recorded an operating loss. These results, alongside HDMC’s lower revenue and margins, help explain why North American retail growth did not translate into improved consolidated earnings.
How to read the “good start” characterization
The optimistic description was tied to a specific result: 6% retail growth in North America, which Harley-Davidson identified as its largest and most important region, with new Touring models contributing to that growth. It should not be read as a claim that all sales, revenue, or profit measures rose. Globally, retail sales were flat; shipments, HDMC revenue, consolidated revenue, and net income declined.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsThe figures and outlook discussed here describe Harley-Davidson’s first quarter of 2024, not its current performance. For the underlying company-reported results and explanations, see the April 25, 2024 release and its Form 8-K filing with the SEC.
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