Harley-Davidson, Inc. (NYSE:HOG) Q3 2024 Earnings Conference Call October 24, 2024 9:00 AM ET

Company Participants

Shawn Collins - Director, Investor Relations
Jochen Zeitz - Chief Executive Officer
Jonathan Root - Chief Financial Officer
Karim Donnez - LiveWire Chief Executive Officer

Conference Call Participants

Craig Kennison - Baird
Megan Alexander - Morgan Stanley
James Hardiman - Citi
Joseph Altobello - Raymond James
Robin Farley - UBS
Fred Wightman - Wolfe Research
Alex Perry - Bank of America
Noah Zatzkin - KeyBanc
David MacGregor - Longbow Research
Tristan Thomas Martin - BMO Capital Markets
Jaime Katz - Morningstar

Operator

Thank you for standing by. And welcome to the Harley-Davidson 2024 Third 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.

Shawn Collins

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.

With that, let me turn it over to our CEO, Jochen Zeitz. Jochen?

Jochen Zeitz

Thank you, Shawn, and good morning, everyone. Thank you for joining us for our Q3 2024 results. In Q3, we saw an increasingly difficult global market environment in our and other big-ticket discretionary sectors. Macroeconomic and political uncertainty and the pressure of high interest rates affected both our industry and customers, especially in our core markets. This impact contributed to a decline of 13% in global retail sales of new motorcycles for Q3, with North America posting a 10% decline, compared to 18% across international regions. For the U.S., through the end of Q3, Harley-Davidson retail was down 1%, which was better than the overall motorcycle industry.

Overall, we continue to see greater spend from higher than lower income customers, as evidenced by motorcycle mix, where our CVO motorcycles continue to be up double-digit percentages throughout the year.