HYSTER-YALE ANNOUNCES THIRD QUARTER 2024 RESULTS
Hyster-Yale (NYSE: HY) reported Q3 2024 results with revenues of $1,016.1 million, up 2% year-over-year. Operating profit decreased 44% to $33.1 million, and net income fell 52% to $17.2 million. The company generated $70 million in operating cash flow. Americas Lift Truck segment led revenue growth with an 8% increase, while EMEA declined 21%. Average selling prices rose 25% year-over-year. Gross profit declined 7% due to lower sales margins and higher freight costs. The company maintains a strong backlog of $2.3 billion, though down 35% from prior year. Management expects Q4 2024 revenues and net income to be comparable to prior year levels, but anticipates lower revenues and significantly lower operating profit in 2025.
Hyster-Yale (NYSE: HY) ha riportato i risultati del terzo trimestre 2024 con ricavi di 1.016,1 milioni di dollari, in aumento del 2% rispetto all'anno precedente. L'utile operativo è diminuito del 44% a 33,1 milioni di dollari e l'utile netto è calato del 52% a 17,2 milioni di dollari. L'azienda ha generato 70 milioni di dollari di flusso di cassa operativo. Il segmento Americas Lift Truck ha guidato la crescita dei ricavi con un aumento dell'8%, mentre EMEA ha registrato un calo del 21%. I prezzi di vendita medi sono aumentati del 25% rispetto all'anno precedente. L'utile lordo è diminuito del 7% a causa di margini di vendita più bassi e di costi di spedizione più elevati. L'azienda mantiene un forte portafoglio ordini di 2,3 miliardi di dollari, sebbene in calo del 35% rispetto all'anno precedente. La direzione si aspetta che i ricavi e l'utile netto del quarto trimestre 2024 siano comparabili ai livelli dell'anno precedente, ma prevede ricavi inferiori e un utile operativo significativamente più basso nel 2025.
Hyster-Yale (NYSE: HY) informó los resultados del tercer trimestre de 2024 con ingresos de 1,016.1 millones de dólares, un aumento del 2% respecto al año anterior. El beneficio operativo cayó un 44% a 33.1 millones de dólares y la ganancia neta cayó un 52% a 17.2 millones de dólares. La compañía generó 70 millones de dólares en flujo de efectivo operativo. El segmento Americas Lift Truck lideró el crecimiento de ingresos con un aumento del 8%, mientras que EMEA disminuyó un 21%. Los precios de venta promedio aumentaron un 25% interanual. El beneficio bruto disminuyó un 7% debido a márgenes de venta más bajos y mayores costos de transporte. La empresa mantiene una sólida cartera de pedidos de 2.3 mil millones de dólares, aunque ha disminuido un 35% respecto al año anterior. La dirección espera que los ingresos y la ganancia neta del cuarto trimestre de 2024 sean comparables a los niveles del año anterior, pero anticipa ingresos inferiores y un beneficio operativo significativamente más bajo en 2025.
히스터-예일 (NYSE: HY)는 2024년 3분기 결과를 보고하며 매출이 10억 1,610만 달러로 전년 대비 2% 증가했다고 발표했습니다. 운영 이익은 44% 감소한 3,310만 달러에 그쳤고, 순이익은 52% 감소하여 1,720만 달러에 머물렀습니다. 회사는 7천만 달러의 운영 현금 흐름을 창출했습니다. 미주 리프트 트럭 부문은 8%의 매출 성장을 이끌었지만, EMEA는 21% 감소했습니다. 평균 판매가는 전년 대비 25% 상승했습니다. 매출 마진 감소와 운송비 상승으로 인해 총 이익은 7% 감소했습니다. 회사는 23억 달러의 강력한 미결주문을 유지하고 있지만, 이는 전년 대비 35% 감소한 수치입니다. 경영진은 2024년 4분기 매출과 순이익이 전년 수준과 유사할 것으로 예상하지만, 2025년에는 매출이 줄어들고 운영 이익이 크게 감소할 것으로 예상하고 있습니다.
Hyster-Yale (NYSE: HY) a présenté les résultats du troisième trimestre 2024 avec des revenus de 1 016,1 millions de dollars, en hausse de 2 % par rapport à l'année précédente. Le résultat d'exploitation a diminué de 44 % pour atteindre 33,1 millions de dollars, et le bénéfice net a chuté de 52 % pour s'établir à 17,2 millions de dollars. L'entreprise a généré un flux de trésorerie d'exploitation de 70 millions de dollars. Le segment Americas Lift Truck a dirigé la croissance des revenus avec une augmentation de 8 %, tandis que l'EMEA a diminué de 21 %. Les prix de vente moyens ont augmenté de 25 % par rapport à l'année précédente. Le bénéfice brut a diminué de 7 % en raison de marges de vente plus faibles et de coûts de transport plus élevés. L'entreprise maintient un carnet de commandes solide de 2,3 milliards de dollars, bien qu'il soit en baisse de 35 % par rapport à l'année précédente. La direction s'attend à ce que les revenus et le bénéfice net du quatrième trimestre 2024 soient comparables à ceux de l'année précédente, mais prévoit des revenus inférieurs et un bénéfice d'exploitation considérablement plus bas en 2025.
Hyster-Yale (NYSE: HY) berichtete über die Ergebnisse des dritten Quartals 2024 mit einem Umsatz von 1.016,1 Millionen Dollar, was einem Anstieg von 2% im Vergleich zum Vorjahr entspricht. Der Betriebsgewinn sank um 44% auf 33,1 Millionen Dollar, und der Nettogewinn fiel um 52% auf 17,2 Millionen Dollar. Das Unternehmen erwirtschaftete 70 Millionen Dollar an operativem Cashflow. Der Geschäftsbereich Americas Lift Truck führte das Umsatzwachstum mit einem Anstieg von 8% an, während EMEA um 21% zurückging. Die durchschnittlichen Verkaufspreise stiegen um 25% im Jahresvergleich. Der Bruttogewinn sank um 7% aufgrund niedrigerer Verkaufsnieten und höherer Frachtkosten. Das Unternehmen hält einen starken Auftragsbestand von 2,3 Milliarden Dollar, obwohl dies im Vergleich zum Vorjahr um 35% gesunken ist. Das Management erwartet für das vierte Quartal 2024 Einnahmen und Nettogewinn, die mit den Vorjahreswerten vergleichbar sind, prognostiziert jedoch geringere Einnahmen und einen erheblich niedrigeren Betriebsgewinn im Jahr 2025.
- Generated $70 million in operating cash flow in Q3 2024
- 25% increase in average selling prices year-over-year
- 8% revenue growth in Americas Lift Truck segment
- Debt-to-total capital ratio improved to 46% from 51% in Q2 2024
- Maintained strong backlog of $2.3 billion
- Operating profit decreased 44% to $33.1 million year-over-year
- Net income declined 52% to $17.2 million
- Gross profit fell 7% due to lower sales margins and higher freight costs
- EMEA segment revenue declined 21%
- Management expects lower revenues and significantly lower operating profit in 2025
Insights
Q3 2024 results show mixed performance with continued revenue growth but declining profitability. Revenues increased by
Key positives include
The outlook suggests significant pressure on 2025 profitability due to normalizing margins, cost inflation and softer market conditions. Working capital management and cost reduction initiatives will be important for maintaining financial health.
Market dynamics show concerning trends that will impact future performance. The global lift truck market declined in Q3 2024, with accelerating weakness in key regions. Bookings have dropped significantly - unit bookings value decreased
The company's strategic initiatives in warehouse penetration and new product launches could help offset market weakness through share gains. However, the anticipated market deterioration in Q4 2024 and modest decline in 2025 will pressure results. The shift from a seller's to a buyer's market may challenge pricing power and margins.
Q3 2024 Consolidated Highlights:
- Ongoing solid execution in seasonally lower third quarter
- Continued year-over-year revenue growth led by Americas Lift Truck and Bolzoni
- Operating Profit of
$33.1 million - Net Income of
$17.2 million $35.8 million - Generated
$70 million
Three Months Ended | ||||||||
($ in millions except per share amounts) | 9/30/24 | 9/30/23 | % Change | 6/30/24 | % Change | |||
Revenues | 2 % | (13) % | ||||||
Operating Profit | (44) % | (65) % | ||||||
Net Income | (52) % | (73) % | ||||||
Diluted Earnings per Share | (53) % | (73) % | ||||||
Lift Truck Business Results
Revenues by geographic segment were as follows:
($ in millions) | Q3 2024 | Q3 2023 | % Change | Q2 2024 | % Change | |||
Revenues | 2 % | (13) % | ||||||
| 8 % | (13) % | ||||||
EMEA(1) | (21) % | (23) % | ||||||
JAPIC(1) | (1) % | 5 % |
(1) | The |
Q3 2024 Lift Truck revenues increased
- Average selling prices rose by
25% year-over-year, primarily due to the sustained efforts to maintain pricing discipline. - America's sales mix improved compared to the prior year mainly as a result of increased sales of Class 1 and 4 lift trucks and higher-priced 4- to 52-ton Class 5 internal combustion engine trucks.
- EMEA unit volumes declined year-over-year primarily due to lower production rates, resulting from supply chain challenges and shipping delays on new products.
- Planned seasonal plant downtime led to lower Q3 2024 production rates compared to Q2 2024 and contributed to
Americas and EMEA sequential revenue decreases.
Gross profit and operating profit (loss) by geographic segment were as follows:
($ in millions) | Q3 2024 | Q3 2023 | % Change | Q2 2024 | % Change | |||
Gross Profit | (7) % | (28) % | ||||||
| (1) % | (27) % | ||||||
EMEA | (34) % | (40) % | ||||||
JAPIC | (24) % | 17 % | ||||||
Operating Profit (Loss) | (40) % | (62) % | ||||||
| (19) % | (49) % | ||||||
EMEA | (500) % | (300) % | ||||||
JAPIC | (52) % | 28 % |
Lift Truck product margins remained well above targeted levels due to continued favorable sales pricing and product mix, but were more than offset by lower sales margins on parts, fleet services and other revenues. Gross profit declined by
Americas gross profit declined modestly with improved pricing and higher sales volumes offset by higher freight costs and cost inflation-related variances.- Elevated freight costs are primarily related to two transient factors. First, ongoing geopolitical tensions, including Red Sea shipping disruptions. Second, proactive re-routing and unloading of incoming shipments in advance of the short-lived
U.S. East Coast port strike.
- Elevated freight costs are primarily related to two transient factors. First, ongoing geopolitical tensions, including Red Sea shipping disruptions. Second, proactive re-routing and unloading of incoming shipments in advance of the short-lived
- EMEA's Q3 2024 operating loss was primarily due to lower unit volumes and weaker pricing compared with the prior periods, as well as increased year-over-year employee-related expenses.
- JAPIC's year-over-year operating loss increase was mainly due to reduced unit volumes, partly offset by lower operating expenses.
Bolzoni Results
($ in millions) | Q3 2024 | Q3 2023 | % Change | Q2 2024 | % Change | |||
Revenues | 5 % | (5) % | ||||||
Gross Profit | 19 % | 4 % | ||||||
Operating Profit | 114 % | 55 % |
Bolzoni's revenues grew
Nuvera Results
($ in millions) | Q3 2024 | Q3 2023 | % Change | Q2 2024 | % Change | |||
Revenues | (80) % | 50 % | ||||||
Gross Profit (Loss) | (58) % | (20) % | ||||||
Operating Loss | (26) % | (3) % |
The hydrogen fuel cell industry continues to face slow customer adoption rates due to ongoing hydrogen supply constraints and delays in fuel cell development programs for heavy-duty electric vehicles. Despite a strong demonstration channel, these industry constraints are delaying Nuvera's bookings and have reduced its overall engine shipments. As a result, Nuvera's Q3 2024 revenues decreased to
Income Tax Expense
Q3 2024's
Liquidity and Capital Allocation
($ in millions) | September 30, 2024 | September 30, 2023 | % Change | June 30, 2024 | % Change | ||||
Debt | 8 % | 7 % | |||||||
Cash | 75.6 | 78.2 | (3) % | 66.5 | 14 % | ||||
Net Debt | 9 % | 10 % | |||||||
Debt-to-total Capital | 46 % | 61 % | 15 % | 51 % | 5 % |
The Company is focused on cash generation and capital deployment as its operational strategies help to generate earnings and improve cash conversion rates. The operating cash flow of
- Debt-to-total capital ratio of
46% improved by 500 basis points from the June 30, 2024 level. - Net debt decreased by
10% compared to Q2 2024, with improvements to debt outstanding and cash. - Bolzoni acquired a controlling interest in an Italian machining supplier for approximately
$2 million - Unused borrowing capacity of
$262 million $217 million
The Company continues to focus on decreasing working capital, especially through inventory efficiency.
- In total, Q3 2024 inventory increased compared to Q2 2024 largely due to trucks completed but not shipped by quarter end and shipping delays on new products.
- Working capital at September 30, 2024 represented
21% of sales compared to18% at Q2 2024, primarily driven by elevated inventory levels and lower annualized sales.
Outlook
Consolidated Strategic Perspective
Hyster-Yale management believes the Company's strong 2023 and 2024 year-to-date financial performance benefited significantly from actions taken over the past few years to deliver on the Company's two promises: first, to provide optimal solutions for our customers and second, to provide exceptional customer care. These actions include implementation of key strategies, projects and significant process improvements, all of which better position the Company for substantial longer-term profitable growth. As part of this, the Company's product development and process improvement efforts are leading to significant advantages, including:
- more efficient lift truck production, which supports higher volumes on existing production lines;
- leveraging modular and scalable product designs to produce similar high-volume trucks globally, enabling the Company to better meet customer demand while minimizing operational costs;
- maximizing operational efficiency and factory utilization by enabling the Company's plants to build internal combustion and electric trucks on the same production lines; and
- phasing out Bolzoni's lower-margin legacy component manufacturing, which creates manufacturing space for further profitable attachment growth.
These improvements are leading to a more efficient and flexible organization which is now positioned to further optimize the Company's operations and costs. As a result, in October 2024, the Company concluded that new programs should be undertaken in the
Lift Truck Business
The Company estimates that the Q3 2024 global lift truck market declined moderately from prior year levels. The rate of the year-over-year market bookings decrease accelerated compared to Q2 2024 as more regions experienced deterioration, including a reversal of positive trends previously seen in EMEA. The Q4 2024 global lift truck market is expected to decline further year-over-year, with the
Importantly, these below-trend market booking levels are expected to accelerate the offset of the significantly above-trend market booking rates experienced between 2021 and 2023. These counterbalancing forces should return the market to more normalized long-term growth rates over the next several quarters. In 2025, the Company anticipates the global lift truck market will decrease modestly from 2024 levels, with a first-half decline mostly offset by a second-half increase. Regionally, the
Dollar-value Lift Truck bookings and backlog were as follows:
(In millions) | Q3 2024 | Q3 2023 | % Change | Q2 2024 | % Change | |||
Unit Bookings $ Value | (36) % | (3) % | ||||||
Unit Backlog $ Value | (35) % | (10) % |
Consistent with the market declines, the Company's factory bookings dollar-value decreased
While the Company's Q3 2024 overall bookings dollar-value declined compared with Q2 2024,
As a result of the Company's warehouse penetration strategy, including advanced on-truck technologies, the Company anticipates Q3 2024 Americas and EMEA bookings will reflect warehouse market share gains. These gains are expected to continue in Q4 2024 and 2025. Overall market share improvements are also expected in all regions as production rates ramp up on the new 1- to 3.5-ton modular, scalable products. Additional new modular, scalable products are expected to launch in the first half of 2025, as well as electric models of the 1- to 3.5-ton trucks later in the year, which should accelerate the pace of share gains over time.
These Q3 and Q4 2024 and early 2025 bookings are expected to reflect continued extension of the Company's roughly seven-month backlog. The new bookings should fill open 2025 production slots, largely in the second half of the year, where some lines are already in a solid backlog position.
Rising market share and new bookings, along with the Company's
For much of the past two years, the Company has benefited from strong pricing tailwinds and a significant order backlog. This led to product margins well above the Company's targeted levels. Looking ahead, the Company is focused on maintaining bookings of competitively priced products at or above targeted margin levels. The Company expects to continue to achieve its targeted booking margins through a combination of new model introductions and ongoing cost and pricing discipline.
In this context, Q4 2024 consolidated Lift Truck revenues and operating profit are expected to be roughly comparable year-over-year. Anticipated continued strong product margins, from the shipment of higher-priced, higher-margin backlog units, are expected to be offset by increased freight and material costs and higher operating expenses.
Looking forward, the Company's backlog is expected to remain healthy, while continuing to decline toward normalized levels. Despite a profitable backlog foundation and ongoing pricing discipline, the lower backlog and market levels could result in a 2025 year-over-year revenue decrease. Given a potential revenue decline, in combination with anticipated cost inflation and an operating expense run rate similar to the second half of 2024, the Company expects an operating profit in 2025 significantly lower than the exceptionally strong 2024 full year.
Bolzoni
In Q4 2024, Bolzoni product margins are expected to modestly improve year-over-year, despite lower revenues, as increased production of higher-margin attachments more than offsets the planned phase out of lower-margin legacy component sales to the Lift Truck business. Higher material and freight costs, along with increased employee-related expenses, are expected to offset the improved product margins, leading to a substantial decrease in operating profit compared with Q4 2023. As Bolzoni continues phasing out legacy components, 2025's operating profit is expected to improve over 2024 despite anticipated lower sales volumes.
Nuvera
During Q4 2024 and in 2025, Nuvera will remain focused on increasing customer product demonstrations and orders, specifically for its new portable hydrogen fuel cell-powered generator. This product was introduced in May 2024 and began customer and dealer demonstrations in September 2024. Q4 2024 revenues are expected to increase year-over-year and be comparable quarter-over-quarter. The benefits from revenue growth are expected to be offset by higher product development costs, resulting in a modest increase in the Q4 2024 operating loss compared with Q4 2023.
In 2025, Nuvera expects full-year revenues to increase due to higher fuel cell sales. The revenue benefits are likely to be partly offset by a modest increase in product development costs year-over-year to support further development on Nuvera's more powerful 125kW fuel cell engine. In total, 2025's operating results are expected to improve compared to 2024, in part due to benefits realized from the 2024 reduction in force action.
Consolidated
Consolidated Q4 2024 revenues and net income anticipated to be roughly comparable to robust prior year levels.
The Company continues to make progress toward its goal of generating
As a result of the aforementioned factors, the Company believes 2025 revenues may be lower than 2024 and operating profit and net income will decline significantly compared to 2024.
Hyster-Yale continues to focus on its cash generation and capital allocation priorities. The Company has made progress on working capital efficiency in 2024 to date, but the pace of improvement has been below management's objectives. Intense efforts to accelerate results in this area are underway and are expected to generate further improvements in Q4 2024 and 2025. Capital expenditures, including transformational product enhancements and manufacturing efficiency, are expected to be
Long-Term Objectives
Hyster-Yale's vision is to transform the way the world moves materials from Port to Home. It strives to do this through its two customer promises. Ongoing execution of established strategic initiatives and key projects, as well as the restructuring measures previously mentioned, are expected to help the Company fulfill these promises and achieve long-term revenue and operating profit growth rates above the material handling market's expected growth rates. The Company believes these actions will contribute to an increased and sustainable lift truck and attachment competitive advantage over time. In addition, the Company believes that Nuvera's revenues will increase significantly over future years, bringing additional value to Hyster-Yale's shareholders.
Further information regarding the Company's strategic initiatives can be found in the Company's Q3 2024 Investor Deck. This presentation, currently available on the Hyster-Yale website, elaborates on the strategies that are critical for Hyster-Yale's long-term prospects. The Company encourages investors to review this material to ensure a clear understanding of Hyster-Yale's future direction.
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Conference Call
The management of Hyster-Yale, Inc. will conduct a conference call with investors and analysts on Wednesday, November 5, 2024, at 11:00 a.m. Eastern Time to discuss the financial results. The conference call will be broadcast and can be accessed through Hyster-Yale's website at https://www.hyster-yale.com/investor-overview. Please allow 15 minutes to register, download and install any necessary audio software required to listen to the webcast. An archive of the webcast will be available on the Company's website two hours after the live call ends.
Non-GAAP and Other Measures
This release contains non-GAAP financial measures. Included in this release are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with
EBITDA in this release is provided solely as supplemental non-GAAP disclosures of operating results. EBITDA does not represent operating profit (loss) or net income (loss), as defined by GAAP, and should not be considered as a substitute for operating profit (loss) or net income (loss). Hyster-Yale defines EBITDA as income (loss) before income taxes and noncontrolling interests plus net interest expense and depreciation and amortization expense. EBITDA is not a measurement under GAAP and is not necessarily comparable with similarly titled measures of other companies. Management believes that EBITDA assists investors in understanding the results of operations of the Company. In addition, management evaluates results using EBITDA.
For purposes of this release, discussions about net income (loss) refer to net income (loss) attributable to stockholders.
Forward-looking Statements Disclaimer
The statements contained in this news release that are not historical facts are "forward-looking statements." These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) delays in delivery and other supply chain disruptions, or increases in costs as a result of inflation or otherwise, including materials, critical components and transportation costs and shortages, the imposition of tariffs on raw materials or sourced products, and labor, or changes in or unavailability of quality suppliers or transporters, including the impacts of the foregoing risks on the Company's liquidity, (2) delays in manufacturing and delivery schedules, (3) reduction in demand for lift trucks, attachments and related aftermarket parts and service on a global basis, including any cyclical reduction in demand in the lift truck industry, (4) customer acceptance of pricing, (5) customer acceptance of, changes in the costs of, or delays in the development of new products, (6) the ability of Hyster-Yale and its dealers, suppliers and end-users to access credit, or obtain financing at reasonable rates, or at all, as a result of interest rate volatility and current economic and market conditions, including inflation, (7) unfavorable effects of geopolitical and legislative developments on global operations, including without limitation the entry into new trade agreements and the imposition of tariffs and/or economic sanctions, including the Uyghur Forced Labor Prevention Act (the "UFLPA") which could impact Hyster-Yale's imports from
About Hyster-Yale, Inc.
Hyster-Yale, Inc., headquartered in
The Company's wholly owned operating subsidiary, Hyster-Yale Materials Handling, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names. Subsidiaries of Hyster-Yale include Bolzoni S.p.A., a leading worldwide producer of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names and Nuvera Fuel Cells, LLC, an alternative-power technology company focused on fuel cell stacks and engines. Hyster-Yale also has an unconsolidated joint venture in
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HYSTER-YALE, INC. | |||||||
FINANCIAL HIGHLIGHTS | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30 | September 30 | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(In millions, except per share data) | |||||||
Revenues | $ 1,016.1 | $ 1,001.2 | $ 3,240.7 | $ 3,091.1 | |||
Cost of sales | 823.2 | 797.6 | 2,552.8 | 2,515.2 | |||
Gross Profit | 192.9 | 203.6 | 687.9 | 575.9 | |||
Selling, general and administrative expenses | 159.8 | 145.0 | 475.4 | 415.9 | |||
Operating Profit | 33.1 | 58.6 | 212.5 | 160.0 | |||
Other (income) expense | |||||||
Interest expense | 8.4 | 9.6 | 26.1 | 28.2 | |||
Income from unconsolidated affiliates | (3.6) | (2.9) | (6.7) | (7.8) | |||
Other, net | 0.2 | (0.7) | (1.9) | 0.3 | |||
Income before Income Taxes | 28.1 | 52.6 | 195.0 | 139.3 | |||
Income tax expense | 10.3 | 16.2 | 61.5 | 36.9 | |||
Net income attributable to noncontrolling interests | (0.1) | (0.1) | (0.5) | (0.3) | |||
Net income attributable to redeemable noncontrolling interests | (0.3) | (0.3) | (0.3) | (0.7) | |||
Accrued dividend to redeemable noncontrolling interests | (0.2) | (0.2) | (0.7) | (0.7) | |||
Net Income Attributable to Stockholders | $ 17.2 | $ 35.8 | $ 132.0 | $ 100.7 | |||
Basic Earnings per Share | $ 0.98 | $ 2.08 | $ 7.57 | $ 5.88 | |||
Diluted Earnings per Share | $ 0.97 | $ 2.06 | $ 7.47 | $ 5.82 | |||
Basic Weighted Average Shares Outstanding | 17.500 | 17.175 | 17.435 | 17.122 | |||
Diluted Weighted Average Shares Outstanding | 17.752 | 17.413 | 17.674 | 17.315 | |||
EBITDA RECONCILIATION | |||||||||
Quarter Ended | |||||||||
12/31/2023 | 3/31/2024 | 6/30/2024 | 9/30/2024 | LTM | |||||
(In millions) | |||||||||
Net Income Attributable to Stockholders | $ 25.2 | $ 51.5 | $ 63.3 | $ 17.2 | $ 157.2 | ||||
Noncontrolling interest income and dividends | 0.5 | 0.3 | 0.6 | 0.6 | 2.0 | ||||
Income tax expense | 16.0 | 25.1 | 26.1 | 10.3 | 77.5 | ||||
Interest expense | 9.1 | 8.9 | 8.8 | 8.4 | 35.2 | ||||
Interest income | (0.7) | (1.1) | (0.8) | (0.5) | (3.1) | ||||
Depreciation and amortization expense | 11.3 | 11.7 | 12.4 | 11.7 | 47.1 | ||||
EBITDA* | $ 61.4 | $ 96.4 | $ 110.4 | $ 47.7 | $ 315.9 | ||||
*EBITDA in this press release is provided solely as a supplemental disclosure. EBITDA does not represent net income (loss), as defined by GAAP, and should not be considered as a substitute for net income or net loss, or as an indicator of operating performance. Hyster-Yale defines EBITDA as income (loss) before income taxes and noncontrolling interest income and dividends plus net interest expense and depreciation and amortization expense. EBITDA is not a measurement under GAAP and is not necessarily comparable with similarly titled measures of other companies. |
HYSTER-YALE, INC. | |||||||
FINANCIAL HIGHLIGHTS | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30 | September 30 | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(In millions) | |||||||
Revenues | |||||||
| $ 771.1 | $ 716.5 | $ 2,422.3 | $ 2,190.9 | |||
EMEA | 145.0 | 183.9 | 532.2 | 599.4 | |||
JAPIC | 51.3 | 51.6 | 137.7 | 149.1 | |||
Lift Truck Business | $ 967.4 | $ 952.0 | $ 3,092.2 | $ 2,939.4 | |||
Bolzoni | 97.6 | 92.8 | 296.2 | 288.0 | |||
Nuvera | 0.3 | 1.5 | 1.0 | 4.1 | |||
Eliminations | (49.2) | (45.1) | (148.7) | (140.4) | |||
Total | $ 1,016.1 | $ 1,001.2 | $ 3,240.7 | $ 3,091.1 | |||
Gross profit (loss) | |||||||
| $ 147.8 | $ 149.2 | $ 528.0 | $ 413.8 | |||
EMEA | 19.5 | 29.4 | 85.9 | 83.4 | |||
JAPIC | 5.6 | 7.4 | 14.0 | 21.4 | |||
Lift Truck Business | $ 172.9 | $ 186.0 | $ 627.9 | $ 518.6 | |||
Bolzoni | 23.3 | 19.5 | 67.5 | 62.8 | |||
Nuvera | (3.0) | (1.9) | (7.8) | (5.8) | |||
Eliminations | (0.3) | — | 0.3 | 0.3 | |||
Total | $ 192.9 | $ 203.6 | $ 687.9 | $ 575.9 | |||
Operating profit (loss) | |||||||
| $ 52.7 | $ 65.4 | $ 246.3 | $ 178.1 | |||
EMEA | (9.6) | 2.4 | 0.4 | 6.1 | |||
JAPIC | (4.1) | (2.7) | (15.3) | (8.8) | |||
Lift Truck Business | $ 39.0 | $ 65.1 | $ 231.4 | $ 175.4 | |||
Bolzoni | 6.2 | 2.9 | 13.5 | 12.7 | |||
Nuvera | (11.8) | (9.4) | (32.7) | (28.4) | |||
Eliminations | (0.3) | — | 0.3 | 0.3 | |||
Total | $ 33.1 | $ 58.6 | $ 212.5 | $ 160.0 | |||
HYSTER-YALE, INC. | |||||||
FINANCIAL HIGHLIGHTS | |||||||
CASH FLOW, CAPITAL STRUCTURE AND WORKING CAPITAL | |||||||
Nine Months Ended | |||||||
September 30 | |||||||
2024 | 2023 | ||||||
(In millions) | |||||||
Net cash provided by operating activities | $ 90.0 | $ 105.1 | |||||
Net cash used for investing activities | (30.7) | (19.8) | |||||
Cash Flow Before Financing Activities | $ 59.3 | $ 85.3 | |||||
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||
(In millions) | |||||||
Debt | $ 468.5 | $ 501.9 | $ 474.8 | $ 494.0 | |||
Cash | 75.6 | 66.5 | 62.2 | 78.8 | |||
Net Debt | $ 392.9 | $ 435.4 | $ 412.6 | $ 415.2 | |||
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||
(In millions) | |||||||
Accounts Receivable | $ 542.5 | $ 578.7 | $ 520.5 | $ 497.5 | |||
Inventory | 855.3 | 790.7 | 841.9 | 815.7 | |||
Accounts Payable | 533.9 | 513.5 | 572.8 | 530.2 | |||
Working Capital | $ 863.9 | $ 855.9 | $ 789.6 | $ 783.0 | |||
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SOURCE Hyster-Yale, Inc.
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