Core Insights - Harley-Davidson reported third-quarter earnings per share (EPS) of $3.10, significantly exceeding Wall Street's expectations of $1.53 [1] - The company's sales for the quarter reached $1.3 billion, surpassing the anticipated $1 billion [1] Financial Performance - EPS of $3.10 indicates a strong performance compared to market expectations [1] - Sales of $1.3 billion reflect robust demand and effective sales strategies [1]

Core Insights - Harley-Davidson reported an increase in third-quarter profit, indicating a positive financial performance despite external challenges [1] - The company highlighted that demand for motorcycles remains weak, primarily due to economic uncertainty and the impact of global tariffs [1] Financial Performance - The third-quarter profit showed an upward trend compared to previous periods, reflecting effective cost management and operational efficiency [1] - Specific financial figures were not disclosed in the summary, but the profit increase suggests a favorable financial trajectory for the company [1] Market Demand - Demand for motorcycles is described as "soft," indicating a potential decline in consumer interest or purchasing power [1] - Economic uncertainty and global tariffs are identified as key factors contributing to the subdued demand for Harley-Davidson's products [1]

Core Insights - Harley-Davidson reported a higher third-quarter profit, driven by cost-saving measures and strong margins from its custom touring models [1] Financial Performance - The company experienced an increase in profit for the third quarter, indicating effective cost management strategies [1] - Strong margins from custom touring models contributed significantly to the overall profitability [1]

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Financial Data and Key Metrics Changes - Sales for the third quarter were $1.8 billion, representing a 7% increase driven by stronger shipments and a solid mix of off-road vehicles [4][21] - Adjusted EBITDA margin was under pressure compared to last year due to increased tariffs and normalized incentive compensation [7][22] - Adjusted EPS came in at $0.41, influenced by a strong mix and operational efficiencies, partially offset by tariffs [8][22] - Operating cash flow for the quarter was $159 million, with year-to-date cash flow exceeding $560 million [22][25] Business Line Data and Key Metrics Changes - Off-road vehicle (ORV) sales rose 8%, supported by a richer mix of vehicles and strong commercial volume [22] - Marine sales increased by 20%, driven by positive shipments of new boats, including the new entry-level Bennington pontoon [24] - On-road sales were down 3%, impacted by ongoing softness in the motorcycle market [24] Market Data and Key Metrics Changes - North American retail rose 9%, leading to approximately 3 points of market share gain in ORV [5][22] - Dealer inventory decreased by 21% year over year, with aged units down approximately 60% relative to six months ago [6][23] - International sales grew by 2%, led by strength in Europe [21] Company Strategy and Development Direction - The company announced the sale of a majority stake in Indian Motorcycle to focus on core business areas with the greatest potential for profitable growth [4][16] - The strategy includes enhancing customer experience through rider-driven innovation and maintaining a strong dealer network [13][17] - The company is committed to reducing reliance on China for parts, aiming for an 80% reduction in China spend by 2027 [20][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current economic environment and achieving strong earnings and returns for shareholders [4][8] - The company is closely monitoring consumer health indicators and expects sales to grow sequentially in Q4, despite anticipated headwinds from mix and operating expenses [8][28] - Management highlighted the importance of innovation and dealer engagement in maintaining market share and driving future growth [79][81] Other Important Information - The company expects the Indian Motorcycle transaction to be accretive to adjusted EBITDA by approximately $50 million and adjusted EPS by approximately $1 post-separation [18] - The gross tariff impacts for the year rose by $10 million since July, with an expected total impact of approximately $90 million [19][28] Q&A Session Summary Question: What drove ORV retail strength and share gains in the quarter? - Management attributed the strength to right-sized inventory, a broad product lineup, and improved quality leading to lower warranty costs [36][38] Question: Any early thoughts on fiscal 2026? - The Indian Motorcycle deal is expected to significantly impact revenue and EBITDA, with tariffs anticipated to increase costs in 2026 [40][42] Question: What is the consumer profile for the Ranger 500? - The Ranger 500 appeals to new customers, including those transitioning from other brands or looking for entry-level options [46][48] Question: Concerns about demand pull-forward from the FAC program? - Management indicated that the FAC program did not drive significant incremental spend and that retail trends remain strong [54][56] Question: What are the expectations for tariffs in 2026? - Tariffs are expected to exceed $200 million in 2026, with ongoing efforts to mitigate their impact [57][59]

Financial Data and Key Metrics Changes - Sales for the third quarter were $1.8 billion, representing a 7% increase driven by stronger shipments and a solid mix of off-road vehicles [4][18] - Adjusted EBITDA margin was under pressure compared to last year due to increased tariffs and normalized incentive compensation [6][20] - Adjusted EPS came in at $0.41, influenced by a strong mix and operational efficiencies, partially offset by tariffs [7][20] - Operating cash flow for the quarter was $159 million, with year-to-date cash flow exceeding $560 million [20][24] Business Line Data and Key Metrics Changes - Off-road vehicle (ORV) sales rose approximately 8%, supported by a richer mix of vehicles and strong commercial volume [20] - Marine sales increased by 20%, driven by positive shipments of new boats, including the new entry-level Bennington pontoon [22] - On-road sales were down 3%, impacted by ongoing softness in the motorcycle market [22] Market Data and Key Metrics Changes - North American retail rose 9%, led by strong off-road performance, resulting in a 3-point market share gain in ORV [5][21] - International sales grew by 2%, primarily driven by strength in Europe [18] Company Strategy and Development Direction - The company announced the sale of a majority stake in Indian Motorcycle to focus on core business areas with the greatest potential for profitable growth [4][14] - The company is committed to enhancing customer experience through rider-driven innovation and plans to invest in high-return opportunities [15][29] - The company aims to reduce its reliance on China for parts and components, targeting an 80% reduction in China spend by 2027 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate the current economic environment and deliver strong earnings and returns for shareholders [4][6] - The company is closely monitoring consumer health indicators and expects sales to grow sequentially in Q4, despite anticipated headwinds from mix and operating expenses [7][25] - Management indicated that the expected sale of Indian Motorcycle will free up resources for higher growth and margin opportunities [15][29] Other Important Information - Dealer inventory is down 21% year-over-year, with aged units in dealer inventory reduced by approximately 60% relative to six months ago [5][21] - The Polaris Factory Authorized Clearance program successfully engaged customers and drove increased dealership visits [8][49] Q&A Session Summary Question: What drove ORV retail strength and share gains in the quarter? - Management attributed the strength to right-sized inventory, a broad product lineup, and improved quality leading to lower warranty costs [32][33] Question: Any early thoughts on fiscal 2026? - The Indian Motorcycle deal is expected to have a significant impact, adding approximately $50 million in EBITDA and $1 in EPS, while tariffs are projected to increase costs [36][39] Question: What is the consumer profile for the Ranger 500? - The Ranger 500 appeals to new customers, including those who previously used golf carts or other brands, providing an entry point into the Polaris product line [41][43] Question: Concerns about demand pull-forward from the FAC program? - Management indicated that the FAC program did not drive significant incremental spend and that retail trends remain strong [48][50] Question: What are the margin drivers for Q4 and 2026? - Warranty costs are expected to remain favorable, while operational efficiencies and product mix will continue to be key drivers [69][71]

Group 1: Cipla and Eli Lilly Agreement - Cipla and Eli Lilly announced an agreement to distribute and promote Tirzepatide, a type-2 diabetes and chronic weight management drug, under the brand name Yurpeak in India [1] - Tirzepatide was initially launched in India by Lilly in March 2025 under the brand name Mounjaro [1] Group 2: IndusInd International Holdings Ltd - NCLAT has requested IndusInd International Holdings Ltd to provide a timeline for discontinuing the use of the Reliance trademark for Reliance Capital [2] - The counsel for IIHL indicated that the name change process has begun and is expected to be completed in eight weeks [2][3] Group 3: Wonderland Foods Funding - Wonderland Foods announced it will raise ₹140 crore in its first round of funding to expand its presence in India's branded dry fruits and nuts market [4] - The funding round was led by Asha Ventures and British International Investments, aimed at setting up a green processing facility and creating over 1,000 formal jobs primarily for women [4] Group 4: Hero MotoCorp UK Launch - Hero MotoCorp announced its entry into the UK market in partnership with MotoGB, introducing its Euro 5+ range including Hunk 440 [5] - This marks Hero MotoCorp's 51st international market, enhancing its presence in Europe [5] Group 5: Premier Energies Acquisition - Premier Energies has acquired a 51% stake in Transcon Industries for ₹500.3 crore, marking its entry into transformer manufacturing [6] - This acquisition is part of Premier Energies' strategy to become a fully-integrated clean energy solutions provider [6] Group 6: Welspun Enterprises GST Order - Welspun Enterprises received a GST order from the Tamil Nadu State GST Authority for FY 2018-19, totaling ₹18 crore, which includes ₹9 crore in tax demand and ₹9 crore in penalty [7] - The company plans to appeal the order, deeming the demand unjustifiable, and does not foresee any material impact on its activities [7] Group 7: Coal India SECL Projects - SECL's 12 coal mining projects are behind schedule due to delays in green clearances and land possession [8] - These delays occur despite the government's focus on boosting domestic coal production to reduce imports [8] Group 8: NTPC Green Energy Wind Power - NTPC Green Energy announced that 9.9 MW of wind power capacity has been declared commercially operational as of October 25 [9] - This capacity is part of a total installed 92.4 MW wind project located in Bhuj, Gujarat, developed by Ayana Renewable Power Four Private Ltd [9]

Core Insights - Apollino's RFN brand is launching a comprehensive lineup of mass-production electric dirt bikes at EICMA 2025, catering to all stages of a rider's journey from beginners to professionals [1][6][12] Product Lineup - The RFN Warrior Family includes: - **RFN Warrior Kids Series**: Designed for young riders with safety features and manageable power outputs [4] - **RFN Warrior Youth Series**: Offers more power for skilled young riders, supporting their progression [4] - **RFN Warrior Series**: Balances power and lightweight handling for intermediate riders, including models for female riders [4] - **RFN Warrior Pro Series**: High-performance models aimed at professional riders, rivaling gas-powered motorcycles [4] Vision and Commitment - RFN aims to create a community and ecosystem for electric off-road mobility, promoting environmental responsibility and inclusivity [6][12] - The brand emphasizes the importance of sustainability while ensuring performance and excitement in off-road riding [6][12] Event Details - EICMA 2025 will serve as the global launch platform for RFN, showcasing its electric dirt bikes to industry professionals and media [7][8] - The event will highlight cutting-edge technology and sustainable practices in the powersports industry [8] Company Background - Apollino is recognized in the global powersports industry for its innovation and quality, with a diverse portfolio aimed at recreation, sport, and utility [9] - RFN, as a brand under Apollino, focuses on pioneering electric two-wheelers, committed to performance, accessibility, and sustainability [10][11]

Core Viewpoint - The Japanese government and leading manufacturers have expressed concerns that Vietnam's proposed ban on petrol-powered motorbikes in Hanoi may lead to job losses and disrupt a significant market valued at $4.6 billion [1] Group 1: Government and Manufacturer Concerns - The Japanese government has warned Vietnam about the potential negative impacts of the motorbike ban [1] - Top manufacturers in Japan are also voicing their apprehensions regarding the job losses that could result from this policy [1] - The market for petrol-powered motorbikes in Vietnam is substantial, estimated at $4.6 billion, highlighting the economic implications of the ban [1]

Core Points - LiveWire Group, Inc. will report its third quarter 2025 financial results on November 4, 2025, before market hours [1] - An audio webcast is scheduled for 8 a.m. CT on the same day, where financial results and business updates will be discussed [1] - LiveWire is majority owned by Harley-Davidson, focusing on the electric motorcycle sector [3] Company Initiatives - LiveWire announced the global Twist & Go Promotion, providing significant incentives for the S2 lineup from August 28 to October 31, 2025 [5] - A software update will introduce new features, including Reverse and Roll-Forward Regenerative Braking, enhancing the riding experience [5] Financial Performance - In the second quarter of 2025, LiveWire reduced its consolidated operating loss by 35% compared to the same quarter in the previous year [6] - STACYC, a subsidiary, reported a 25% increase in revenue compared to the prior-year same quarter, despite ongoing supply chain challenges [6]