Hyster-Yale Materials Handling ( (HY) ) has released its Q3 earnings. Here is a breakdown of the information Hyster-Yale Materials Handling presented to its investors.
Hyster-Yale Materials Handling, Inc., headquartered in Cleveland, Ohio, is a globally integrated company that designs, manufactures, and sells a comprehensive line of lift trucks and solutions, including attachments and hydrogen fuel cell power products, primarily under the Hyster and Yale brand names. The company is known for its commitment to customer care and providing optimal solutions in the materials handling sector.
In its third-quarter 2024 earnings report, Hyster-Yale announced a solid execution in a traditionally lower seasonal period, with revenue growth driven by its Americas Lift Truck and Bolzoni divisions. Despite a 2% increase in revenues compared to the previous year, the company’s operating profit and net income were significantly lower than the strong results reported in the third quarter of 2023.
The company’s performance was marked by a 2% year-over-year revenue increase to $1.016 billion, led by improved average sales prices and a favorable sales mix in the Americas. However, the operating profit fell by 44% to $33.1 million, and net income decreased by 52% to $17.2 million, influenced by higher freight costs and increased marketing and technology investments. Bolzoni reported a notable 114% rise in operating profit due to higher-margin product sales, while Nuvera faced challenges with a revenue decline due to slow adoption rates in the hydrogen fuel cell market.
Looking ahead, Hyster-Yale management remains focused on strategic initiatives aimed at optimizing operations and cost efficiencies. The company expects to undertake new programs in the Americas to lower costs and improve manufacturing efficiency over the next few years. While 2025 revenues are anticipated to be lower than 2024, Hyster-Yale continues to emphasize its commitment to improving cash flow, operational productivity, and maintaining strong margins.
