Hyster-Yale Materials Handling reported a decrease in consolidated revenues to $785.7 million, but an increase in consolidated operating profit to $20.2 million and net income to $15.3 million, or $0.91 per diluted share, for the first quarter of 2020. The company's performance was affected by lower market volumes, primarily in Europe and China, and the impact of COVID-19.
Consolidated revenues decreased by 5.9% compared to Q1 2019 due to lower market volumes and the impact of COVID-19.
Consolidated operating profit increased to $20.2 million, up from $3.4 million in Q1 2019.
Net income increased to $15.3 million, or $0.91 per share, up from $3.4 million, or $0.20 per share, in Q1 2019.
The company anticipates a substantial decrease in bookings in the second quarter in all geographic regions due to the widespread impact of COVID-19.
The company anticipates a substantial decrease in bookings in the second quarter in all geographic regions because markets and bookings have deteriorated as the actions taken to limit the spread of COVID-19 have become more widespread. Prospects for the second quarter, given Company plant closures and partial closures, and given potential supplier production disruptions, are for significant declines in shipments, revenue and operating profit, including the possibility of an operating loss.
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