Harley-Davidson reported its fourth-quarter and full-year 2024 results, alongside its 2025 outlook. Despite facing cyclical challenges, including the high-interest rate environment affecting consumer confidence, Harley-Davidson's performance showed both positive and negative highlights.

For 2024, Harley-Davidson delivered a diluted earnings per share (EPS) of $3.44, down 29% from the previous year. Harley-Davidson Motor Company (HDMC) had operating income of $278 million, with an operating margin of 6.7%. Global motorcycle shipments decreased by 17% to 148,862 units, although North America retail sales for the Touring, Trike, and CVO models grew by over 8%. The Harley-Davidson Financial Services (HDFS) unit reported a 6% increase in operating income, reaching $248 million.

In Q4 2024, the company faced more significant challenges, with a diluted EPS loss of -$0.93 and HDMC revenue dropping by 47% to $420 million. Global motorcycle shipments in Q4 were down 53% to 14,010 units, and global retail sales of new motorcycles decreased by 15% compared to the previous year.

Looking ahead to 2025, Harley-Davidson expects HDMC revenue to be flat to down 5%, with an operating income margin of 7.0% to 8.0%. HDFS is projected to see a 10% to 15% decline in operating income. LiveWire, Harley-Davidson’s electric motorcycle unit, anticipates sales of 1,000 to 1,500 units and an operating loss of $70 to $80 million. The overall EPS is expected to be flat to down 5%, and the company plans capital investments ranging from $225 to $250 million.

For the full year, Harley-Davidson’s consolidated revenue declined 11%, with a 15% drop at HDMC and a $12 million decline at LiveWire. HDFS, however, saw a 9% revenue increase. The company's consolidated operating income decreased by 47%, driven by a 58% drop in operating income at HDMC, partly offset by a 6% increase at HDFS. LiveWire's full-year operating loss was $110 million, in line with expectations.