Brandon Rollé • D.A. Davidson & Co.

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CFO Lillian Etzkorn declined to provide a country-specific import breakdown but noted a slight uptick in imports was due to supply chain timing, not resourcing. CEO Jason Lippert confirmed they did some pre-buying of certain products in Q4 ahead of anticipated tariffs. Etzkorn and Lippert explained the revenue-volume disconnect by emphasizing the significant negative impact of product mix, as lower-content single-axle units have a much lower price point, which offsets volume gains.

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CEO Jason Lippert stated that the percentage of imported components is likely decreasing due to reshoring initiatives and that passing on costs is a last resort. He explained that chassis market share gains are driven by increasing content—such as beefier frames, leveling systems, and new suspensions like TCS—and by supplying the highest-volume RV brands. While some business is traded each year, he asserted that the net result has been positive revenue growth and a dominant 98% share in the fifth-wheel chassis market.

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President, RV, Jeffrey Rodino stated that the competitive environment remains stable, with no marked changes over the last year. Regarding ordering, he noted that while they see production levels, they don't have specific dealer-level data. However, there has been a production uptick across categories, though the mix still favors smaller, entry-level units.

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LiveWire CEO Karim Donnez stated that the company is on an accelerated path to profitability, targeting a positive contribution margin by the end of the year through aggressive cost reductions. Harley-Davidson CEO Jochen Zeitz added that while the company is committed to LiveWire 'at this point,' its performance is being watched very carefully. He stressed that sales adoption needs to materialize, and if performance does not improve, the company will have to evaluate its 'optionalities.'

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CEO Steven Menneto described boat show results as "decent" but mixed, with strong performance in some areas and segments but not universally. He stated that dealers will likely remain in a destocking mindset until the retail market shows clear signs of improvement. He also confirmed that the weakness in the saltwater market is an industry-wide phenomenon, not specific to their products.

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Executive Michael McLamb clarified that the 'flattish' sales guidance is consistent with their view of the overall industry and is intentionally cautious due to the significant impact of the hurricanes on their Florida operations, a market where they hold a large presence. Executive Bill McGill addressed inventory, stating that while levels are elevated, the company's inventory is much fresher and more current than the industry average, which reportedly has a more significant aging problem. The focus is on moving any aged product during the winter boat show season.

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President and CEO Michael Happe declined to comment on specific supplier relationships or the bill of materials for any product. He stated that for price-sensitive, opening price point products like Transcend, all supplier options are kept open to hit targeted price ranges, and that all suppliers must consistently earn their business.

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CEO Jose Boisjoli stated that despite reducing shipments, BRP believes it will have enough inventory to meet retail demand and still expects to gain market share in off-road for the year. Regarding the electric motorcycle, he explained it's a long-term play that leverages a modular electric power pack, which will also be used in other product lines like snowmobiles. He noted that while the EV trend has slowed, it's here to stay, and early feedback on the new product is optimistic.

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