Harley-Davidson, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing includes financial statements for the quarter, showing a decrease in net income to $119,040,000 from $198,649,000 in the same quarter the previous year. The decrease is attributed to lower motorcycle shipments and a challenging macroeconomic environment.

Worldwide retail sales of new Harley-Davidson motorcycles declined 13.2% compared to the same quarter the previous year, with North American sales down 10.1% and EMEA sales down 22.8%.

Revenue for the quarter was $1,150,695,000, down from $1,549,059,000 in the previous year, primarily due to decreased motorcycle shipments.

Operating income for the Harley-Davidson Motor Company (HOG+3.64% ) (HDMC) segment was $55,137,000, down from $175,253,000 in the previous year. The decrease was driven by lower shipments and a challenging retail environment.

The LiveWire segment reported an operating loss of $26,085,000, slightly higher than the $25,343,000 loss in the previous year, due to lower electric balance bike volumes.

Harley-Davidson Financial Services (HDFS) reported an increase in operating income to $76,744,000 from $59,375,000 in the previous year, driven by higher interest income.

The company’s effective income tax rate decreased to 12.8% from 17.7% in the previous year, due to changes in the mix of earnings for foreign jurisdictions.

Cash provided by operating activities was $930,655,000, while cash used in investing and financing activities was $486,177,000 and $313,460,000, respectively.

Harley-Davidson had a working capital of $5,889,936,000 as of September 30, 2024. The company continues to focus on cost discipline and productivity improvements.

The filing also details various financial agreements, including a convertible term loan agreement with LiveWire Group, Inc. and a renewed revolving facility agreement with a Canadian bank-sponsored asset-backed commercial paper conduit.

Harley-Davidson does not anticipate cash dividend payments to common stockholders in the near future.

The company continues to monitor and adjust its business to changes in the lending environment and economic conditions.