Hyster-Yale, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a mixed performance in revenue and profitability compared to the previous fiscal period. Total revenues for Q3 2024 reached $1,016.1 million, a 1.5% increase from $1,001.2 million in Q3 2023. For the nine months ended September 30, 2024, revenues totaled $3,240.7 million, up 4.8% from $3,091.1 million in the same period last year. The growth was primarily driven by improved pricing and higher fleet services, particularly in the Americas, where revenues increased by 7.6% to $771.1 million in Q3 2024.
Despite the revenue growth, profitability faced challenges. Gross profit for Q3 2024 was $192.9 million, down from $203.6 million in Q3 2023, while operating profit fell to $33.1 million from $58.6 million in the prior year. The decline in operating profit was attributed to higher freight costs, lower sales margins, and cost inflation, which were only partially offset by increased pricing. Net income for Q3 2024 was $17.8 million, significantly lower than $36.4 million in Q3 2023, with diluted earnings per share dropping to $0.97 from $2.06.
For the nine-month period, net income increased to $133.5 million from $102.4 million in 2023, with diluted earnings per share rising to $7.47 from $5.82. The operating profit for the nine months was $212.5 million, compared to $160.0 million in the same period last year, reflecting improved gross profit from higher pricing.
Strategically, Hyster-Yale made notable developments, including the acquisition of a 60% stake in a machining business in Italy for $2.2 million, which is expected to enhance its Bolzoni segment. The company also reported a significant increase in total stockholders' equity, rising to $529.9 million as of September 30, 2024, from $389.9 million at the end of 2023.
Current assets increased to $1,559.3 million, while total liabilities decreased to $1,623.4 million, contributing to a stronger balance sheet. However, the company anticipates a potential decline in the global lift truck market in Q4 2024, particularly in the Americas and EMEA regions, with expectations of lower revenues in 2025 due to reduced backlog and market levels.
Overall, while Hyster-Yale demonstrated revenue growth and improved net income for the nine-month period, challenges in profitability and market conditions remain critical areas of focus moving forward.
About HYSTER-YALE MATERIALS HANDLING, INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.