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Powersports Business • September 2024 • 11

Harley-Davidson , Inc . recently reported its second quarter 2024 results . In North America , motorcycle retail sales were down 1 percent , while retail sales of Touring and CVO motorcycles were up more than 12 percent in the U . S .

“ Despite a challenging market , we are pleased with our second quarter performance , in which we grew our U . S . market share in a declining market , with notable unit growth of more than 11 percent in the important core category of Touring ,” says Jochen Zeitz , chairman , president and CEO of Harley-Davidson . “ We continue to be focused on executing our Hardwire strategy , leveraging our innovation and product pipeline while delivering on our cost productivity goals .”

STACYC third-party branded distributor volumes , partially offset by an increase in electric motorcycle unit sales . Operating loss improved by approximately $ 4 million ( or 12 percent ), driven by overall cost reduction initiatives .

OTHER HDI 2024 RESULTS – THROUGH END OF Q2

Generated $ 578 million of cash from operating activities

See Harley Q2 , Page 13

CONSOLIDATED FINANCIAL RESULTS

Consolidated revenue in the second quarter was up 12 percent , driven primarily by an HDMC revenue increase of 13 percent . HDFS revenue was up 10 percent .

Consolidated operating income in the second quarter was up 9 percent , driven by an increase of 2 percent at HDMC , an increase of 21 percent at HDFS , and a decreased operating loss at the LiveWire segment . Consolidated operating income margin in the second quarter was 14.9 percent relative to 15.3 percent in the second quarter a year ago .

RETAIL MOTORCYCLE SALES Global retail motorcycle sales in the second quarter were down 3 percent versus the prior year . North America retail performance was down 1 percent , with U . S . retail up slightly .

The 1 percent decline in EMEA was driven by weakness in Central Europe but partially offset by growth in other markets . The 16 percent decline in APAC was driven primarily by weakness in China , and Latin America was largely flat .

HDMC RESULTS Second quarter global motorcycle shipments increased by 16 percent . Revenue was up 13 percent , driven by increased shipments and improved mix , partially offset by lower pricing and foreign exchange effects . Parts & Accessories revenue was down 10 percent . Apparel was down 4 percent as the prior year ’ s period included a greater benefit from anniversary product apparel sales .

The second quarter gross margin was down 2.7 points due to the impacts of pricing and sales incentives , higher manufacturing costs , and adverse impacts from foreign exchange . These effects were partially offset by higher wholesale volumes and improved mix . The second quarter operating income margin was down 1.5 points , and operating expenses increased modestly .

HDFS RESULTS HDFS operating income increased by $ 12 million in the second quarter , or 21 percent , driven by higher interest income and a lower provision for credit losses . Increased borrowing costs and operating expenses partially offset this . Total quarter-ending financing receivables were $ 8 billion , up 7 percent versus Q2 2023 , primarily due to an increase in commercial finance receivables .

LIVEWIRE RESULTS LiveWire revenue for the second quarter decreased by 8 percent due to a decrease in

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