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MILWAUKEE, April 19, 2021 /PRNewswire/ Harley-Davidson, Inc. ( Harley-Davidson ) (NYSE:HOG) today reported first quarter results. I am very pleased with the pace of recovery that we have seen across our business, as demonstrated by the strong financial results this quarter. The actions we have taken to reshape the business are having a positive impact on our results, especially for our most important North American region, said Jochen Zeitz, chairman, president and CEO, Harley-Davidson. We can see the initial signs of consumer excitement and optimism returning and I am confident Harley-Davidson in 2021 is a significantly leaner, faster, and more efficient organization which is ready to win and successfully deliver on our 5-year Hardwire strategy, as the most desirable motorcycle brand in the world.
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Financial Services segment operating income was up 31 percent over prior year in the fourth quarter, primarily driven by a decrease in the provision for loan losses. Full year operating income was down due to increases in the provision for loan losses taken earlier in 2020.
Other Results
Cash - Cash and cash equivalents were $3.3 billion at the end of the year, compared to $834 million at the end of 2019. Harley-Davidson generated $1.2 billion of cash from operating activities in 2020 compared to $868 million in 2019.
Tax Rate - The company recorded an income tax benefit during 2020 driven by a pre-tax loss and favorable discrete income tax benefits recorded during the year.