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Dec 31, 2024
Hyster-Yale Q4 2024 Earnings Report
Hyster-Yale reported a decrease in operating profit and net income in Q4 2024 compared to the prior year, despite a slight increase in revenues.
Key Takeaways
Hyster-Yale's Q4 2024 performance saw a 4% increase in revenues to $1,067.5 million, but operating profit declined by 34% to $32.3 million and net income decreased by 59% to $10.3 million, primarily due to manufacturing footprint improvement and operational optimization charges.
Full year revenues reached $4.3 billion in 2024, with Q4 2024 revenues at $1.1 billion.
Adjusted results for FY 2024 exclude $22.6 million in charges, and Q4 2024 excludes $21.4 million, related to manufacturing footprint streamlining and operational optimization.
Q4 2024 operating profit was $32 million, with adjusted operating profit at $54 million.
The company generated $81 million of cash from operations in Q4 2024 and repurchased approximately $5 million of Class A common stock.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company anticipates a significant year-over-year revenue decrease in 2025 due to lower production levels, with operating profit expected to be significantly lower than 2024. However, Bolzoni's operating profit is anticipated to be comparable to 2024 adjusted operating profit, and Nuvera's operating results are expected to improve modestly.
Positive Outlook
- New modular, scalable counterbalanced trucks are anticipated to launch in the first half of 2025, including electric models, expected to lead to share gains.
- Bolzoni's product margins are expected to improve modestly year-over-year, with increased production of higher margin attachments offsetting lower legacy component sales.
- Nuvera expects full-year revenues to increase over prior year, primarily due to HydroCharge™.
- Nuvera's operating results are expected to improve modestly compared to 2024, partly due to benefits from the 2024 force reduction action.
- The Company continues to make progress towards its goal of generating 7% operating profit margins across a business cycle in the Lift Truck and Bolzoni businesses.
Challenges Ahead
- Initial 2025 production estimates are well below 2024 levels, leading to lower production rates in the first half of 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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