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Sep 30, 2024
Hyster-Yale Q3 2024 Earnings Report
Revenue increased, but operating profit and net income decreased year-over-year.
Key Takeaways
Hyster-Yale reported solid execution against strong comparables with revenue increasing by 2% year-over-year to $1.0 billion, although operating profit decreased by 44% to $33.1 million and net income decreased by 52% to $17.2 million.
Revenue increased year-over-year, but net income decreased.
Financial leverage improved with debt to total capital down 1,500 Bps vs. prior year and down 500 Bps vs. Q2 2024.
Bookings/backlog stabilized with $370M unit bookings value down 3% vs. Q2 2024 and $2.3B unit backlog value providing ~7-month production foundation.
Company expects inventory decrease & substantial increase in cash flow from operations for FY 2024.
Revenue by Segment
Forward Guidance
Hyster-Yale provided an outlook for Q4 2024 and FY 2025.
Positive Outlook
- Q4 2024 revenue and net income roughly comparable to robust prior year.
- Significant increase in Q4 and FY 2024 cash flow from operations vs. prior year.
- FY 2025 cash flow from operations robust but lower vs. FY 2024.
- Bolzoni's revenue is expected to increase vs Q4 '23 due to higher shipments.
- Bolzoni's operating results are expected to improve vs. FY '24 due to higher shipments.
Challenges Ahead
- FY 2025 results: lower revenues, significant decrease in operating profit and net income vs. FY 2024.
- Lift Truck's operating profit is expected to decrease substantially vs. Q4 2023 due to higher material, freight, and employee-related expenses.
- Lift Truck's revenue is expected to be lower in FY 2025 due to legacy product phase out.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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