Hyster-Yale Materials Handling reported a decrease in consolidated revenues to $654.4 million and a decrease in net income to $3.6 million, or $0.21 per diluted share, for Q2 2020, compared to $856.2 million in revenues and $16.2 million in net income, or $0.97 per diluted share, for Q2 2019. The consolidated operating profit also decreased to $8.7 million from $22.9 million in the same quarter of the previous year.
Q2 2020 market levels decreased significantly from prior periods in the Company's primary markets.
Q2 2020 consolidated revenues decreased 23.6% from Q2 2019 due to the impact of the global COVID-19 shutdowns, lower bookings, and resulting lower shipments.
Q2 2020 consolidated operating profit decreased to $8.7 million from $22.9 million in Q2 2019.
Q2 2020 net income decreased to $3.6 million, or $0.21 per share, from $16.2 million, or $0.97 per share, in Q2 2019.
Hyster-Yale expects a modest loss in the third quarter of 2020 due to seasonal vacations, plant shutdowns, and customary lower third-quarter production schedules. Pandemic-related uncertainty continues to limit the Company's ability to forecast bookings over the remainder of 2020 and 2021, and expected shipment levels for the fourth quarter of 2020 and full-year 2021.
Visualization of income flow from segment revenue to net income
Analyze how earnings announcements historically affect stock price performance