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Mar 31, 2024
Hyster-Yale Q1 2024 Earnings Report
Hyster-Yale's Q1 2024 results were marked by revenue growth and significant profit increase.
Key Takeaways
Hyster-Yale reported a strong first quarter with revenue up 6% to $1.1 billion and operating profit surging by 97% to $83.8 million, driven by higher average sales prices and improved product margins. Net income also saw a substantial increase of 94% reaching $51.5 million. The company's financial leverage improved, and backlog remained healthy with increasing value per unit.
Revenue reached $1.1 billion, a 6% increase compared to prior year.
Operating profit increased by 97% to $83.8 million year-over-year.
Net income rose by 94% to $51.5 million compared to the previous year.
Debt to total capital decreased from 71% to 53% since Q4 2022.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Hyster-Yale anticipates higher consolidated operating profit and net income for the fiscal year 2024 compared to the prior year, with Q2 2024 results expected to be significantly above the prior year but modestly lower than the better-than-expected Q1 2024.
Positive Outlook
- Strong margins from shipments of higher-priced/margin backlog.
- FY revenue, operating profit and net income expected to be higher vs. strong PY results.
- Improvement expected vs. prior guidance provided with Q4 ‘23 earnings.
- Q2 ‘24 results expected to be significantly above PY
- FY Revenues and shipments expected to increase vs. PY
Challenges Ahead
- Q2 ‘24 results expected to be modestly lower than better-than-expected Q1 ‘24
- Higher sales offset by increased development costs leading to comparable y/y operating results for Bolzoni.
- Increased operating costs for Bolzoni.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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