The following is a summary of the LiveWire Group, Inc. (LVWR) Q3 2024 Earnings Call Transcript:
Financial Performance:
Consolidated revenue in Q3 2024 was down 26%.
Consolidated operating income in Q3 2024 was $106 million, down 49% from the prior year.
Earnings per share for Q3 2024 was $0.91, down 34% from $1.38 last year, and year-to-date earnings per share was $4.27, down 8% compared to the same period in 2023.
Business Progress:
Introduced a new lineup of touring motorcycles which includes the all-new Road Glide and Street Glide, receiving outstanding feedback.
The company is revising its full-year 2024 outlook due to lower than expected retail demand.
LiveWire has focused on right-sizing the business, reducing cash burn by an expected 40% in the next year, and expects to launch a new product segment at EICMA in November.
Opportunities:
Motorcycles, especially touring models, continue to see growth and market share gains despite overall sector challenges.
Potential additional revenue streams from LiveWire's upcoming product segment announcement at EICMA.
Risks:
Ongoing macroeconomic and political uncertainty and high interest rates continue to impact the industry and consumer spending, affecting sales particularly in big ticket discretionary sectors.
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