Milwaukee-based Harley-Davidson Inc. saw its fourth quarter revenue drop by $365 million, leaving its full year of sales down by 11% at $5.84 billion, according to results released Wednesday morning.
The fourth quarter also included a net loss of $116.9 million, compared to a profit of $25.8 million at the end of 2023. For the full year, the company had net income of $455.4 million, down from $706.6 million in 2023.
Harley did pay cash dividends of $91 million and repurchased $450 million in shares on a discretionary basis in 2024.
Worldwide retail sales of Harley motorcycles decreased 15% in the fourth quarter and 7% for the year. Within North America, sales were down 13% in the quarter to 15,100 and down 4% for the year to 102,000.
Around the rest of the world, Asia Pacific led declines with a 18% decrease for the year, followed by Europe, Middle East and Africa, down 11%. Latin America was flat, but sales totaled just 2,900 units.
“In 2024, we saw our performance being significantly impacted by the continued cyclical headwinds for discretionary products, including the high-interest rate environment affecting consumer confidence,” said Jochen Zeitz, chairman, president and CEO, Harley-Davidson. “The launch of our new Street Glide and Road Glide touring motorcycles contributed to nearly 5% growth in the U.S. Touring segment and drove H-D’s market share to 74.5% in ’24. The decisions we have made and the bold actions we have taken as part of our Hardwire strategy are continuing to strengthen our foundation for the future. The industry has faced many challenges over the past couple of years, impacting at all levels, but we believe we are best positioned to take advantage of any uptick in consumption.”
For Harley-Davidson Motor Company, the segment that represents the bulk of the business and covers motorcycle sales, revenues were down 47% in the quarter to $420 million. For the year, HDMC revenue was $4.12 billion, a 15% drop.
Motorcycle sales specifically were down 17% for the year to $3.14 billion. Parts and accessory revenue decreased 7% to $652 million, apparel was off 3% to $237 million and licensing was down 20% to $23 million.
LiveWire, the electric motorcycle company that is primarily owned by Harley, reported revenue of just $10 million in the fourth, down from $15 million during the same period in 2023. The business did narrow its operating loss from $35 million in 2023’s fourth quarter to $26 million in the most recent quarter.
For the full year, LiveWire shipped just 612 motorcycles, down from 660 the prior year. Revenue for the year totaled $26 million, down from $38 million. The company’s operating loss was $110 million, an improvement from $117 million the prior year.
Harley-Davidson Financial Services did provide some revenue growth with a 4% increase in the quarter to $257 million and a 9% increase for the year to $1.04 billion. HDFS operating income was down 20% in the quarter to $46 million. For the year, the segment’s operating income was up 6% to $248 million.
