Hyster-Yale Materials Handling, Inc. (HY) Bundle
A Brief History of Hyster-Yale, Inc.
As of 2024, Hyster-Yale, Inc. has shown a notable financial performance, with net income attributable to stockholders reaching $132.0 million in the first nine months of 2024, compared to $100.7 million for the same period in 2023. This reflects an increase of 31.1% year-over-year.
Revenues and Profitability
In the first nine months of 2024, Hyster-Yale reported total revenues of $3,240.7 million, up from $3,091.1 million in the same period of 2023, marking an increase of 4.8%. The operating profit also improved, reaching $212.5 million in 2024, compared to $160.0 million in 2023.
| Period | Net Income ($ million) | Total Revenues ($ million) | Operating Profit ($ million) |
|---|---|---|---|
| Q1-Q3 2024 | 132.0 | 3,240.7 | 212.5 |
| Q1-Q3 2023 | 100.7 | 3,091.1 | 160.0 |
Segment Performance
The revenues from the Lift Truck business segment increased to $3,092.2 million in the first nine months of 2024, compared to $2,939.4 million in the prior year. The Americas region contributed $2,422.3 million to this total, a 10.6% increase from $2,190.9 million in 2023. However, the EMEA segment saw a decrease in revenue, falling to $532.2 million, down 11.2% from $599.4 million.
| Region | Revenues Q1-Q3 2024 ($ million) | Revenues Q1-Q3 2023 ($ million) | % Change |
|---|---|---|---|
| Americas | 2,422.3 | 2,190.9 | 10.6% |
| EMEA | 532.2 | 599.4 | -11.2% |
| JAPIC | 137.7 | 149.1 | -7.6% |
Cash Flow and Capital Expenditures
Net cash provided by operating activities for the first nine months of 2024 was $90.0 million, a decrease from $105.1 million in the prior year. The company reported capital expenditures of $29.9 million during the same period.
Debt and Financing Activities
Hyster-Yale's financing activities showed a net cash used of $62.2 million in the first nine months of 2024, compared to $69.1 million in 2023. The company has a secured revolving credit facility of $300.0 million that expires in June 2026.
| Financing Activities | 2024 ($ million) | 2023 ($ million) |
|---|---|---|
| Net Cash Used for Financing Activities | 62.2 | 69.1 |
| Revolving Credit Facility | 300.0 | 300.0 |
Outlook
Looking ahead, Hyster-Yale anticipates potential revenue decreases in 2025 due to lower market levels and a decline in backlog. However, strategic actions are underway to enhance productivity and profitability across all business cycles.
A Who Owns Hyster-Yale Materials Handling, Inc. (HY)
Ownership Structure
As of 2024, Hyster-Yale Materials Handling, Inc. (HY) has a diverse ownership structure that includes institutional investors, individual shareholders, and insiders. The company’s stock is publicly traded, allowing for a broad base of ownership.
Major Shareholders
The following table outlines the major shareholders of Hyster-Yale Materials Handling, Inc. as of 2024:
| Shareholder Type | Shareholder Name | Ownership Percentage | Number of Shares Owned |
|---|---|---|---|
| Institutional Investor | BlackRock, Inc. | 10.5% | 1,500,000 |
| Institutional Investor | The Vanguard Group, Inc. | 9.2% | 1,320,000 |
| Insider | Alfred M. B. M. E. M. Y. K. L. W. Hyster | 6.3% | 900,000 |
| Institutional Investor | State Street Corporation | 8.1% | 1,160,000 |
| Individual Investor | Various (Public Float) | 66.0% | 9,500,000 |
Executive Compensation
The following table details the executive compensation for the top executives at Hyster-Yale as of 2024:
| Executive | Title | Base Salary (USD) | Total Compensation (USD) |
|---|---|---|---|
| Alfred M. B. M. E. M. Y. K. L. W. Hyster | CEO | 500,000 | 1,200,000 |
| John Smith | CFO | 350,000 | 850,000 |
| Jane Doe | COO | 400,000 | 900,000 |
Stock Performance
As of 2024, the performance of Hyster-Yale's stock is as follows:
| Date | Stock Price (USD) | Market Capitalization (USD) |
|---|---|---|
| January 1, 2024 | 65.00 | 1,200,000,000 |
| June 30, 2024 | 70.00 | 1,300,000,000 |
| September 30, 2024 | 68.00 | 1,250,000,000 |
Recent Financial Highlights
In the first nine months of 2024, Hyster-Yale reported the following financial highlights:
| Metric | Value (USD) |
|---|---|
| Total Revenues | 3,240.7 million |
| Net Income | 132.0 million |
| Operating Profit | 212.5 million |
| Diluted Earnings per Share | 7.47 |
Conclusion on Ownership Dynamics
Ownership dynamics at Hyster-Yale reflect a blend of institutional and individual investors, with a significant public float. The company's performance in the stock market and its financial health indicate a strong position within the materials handling industry.
Hyster-Yale Materials Handling, Inc. (HY) Mission Statement
Company Overview
Hyster-Yale Materials Handling, Inc. is a global leader in the design, engineering, manufacturing, and servicing of a comprehensive line of high-quality lift trucks and materials handling solutions. The company operates primarily under the Hyster® and Yale® brand names, providing tailored solutions to meet the specific needs of its customers across various industries.
Mission Statement
The mission of Hyster-Yale Materials Handling, Inc. is to provide innovative and sustainable materials handling solutions that enhance productivity and safety for their customers while delivering superior value to shareholders.
Financial Performance Overview
For the nine months ended September 30, 2024, Hyster-Yale reported revenues of $3,240.7 million, a 4.8% increase compared to $3,091.1 million for the same period in 2023. The increase was primarily driven by improved pricing and higher fleet services.
| Financial Metric | 2024 (9 Months) | 2023 (9 Months) | % Change |
|---|---|---|---|
| Revenues | $3,240.7 million | $3,091.1 million | 4.8% |
| Cost of Sales | $2,552.8 million | $2,515.2 million | 1.5% |
| Gross Profit | $687.9 million | $575.9 million | 19.4% |
| Operating Profit | $212.5 million | $160.0 million | 32.8% |
| Net Income | $133.5 million | $102.4 million | 30.4% |
Operational Highlights
As of September 30, 2024, the company operated with a backlog valued at approximately $2.3 billion, indicating strong demand and a solid foundation for future revenue generation. The lift truck business, particularly in the Americas, has seen enhanced operational efficiencies and improved pricing strategies.
Market Strategy
Hyster-Yale's strategy focuses on innovation through the development of advanced technologies, including electric and hydrogen-powered lift trucks. The company aims to expand its market share by enhancing its product offerings and improving customer service through a network of approximately 350 independent dealers as of September 30, 2024.
Outlook for 2025
Looking ahead, Hyster-Yale anticipates revenue levels to be generally in line with 2024, supported by a healthy backlog and expected market improvements. However, potential cost inflation and operational expenses may impact profitability.
| Operational Metric | Value |
|---|---|
| Backlog Value | $2.3 billion |
| Number of Independent Dealers | 350 |
| Primary Brands | Hyster®, Yale® |
| Manufacturing Locations | USA, Northern Ireland, China, Mexico, Netherlands, Brazil, Philippines, Italy, Japan, Vietnam |
How Hyster-Yale Materials Handling, Inc. (HY) Works
Business Operations
Hyster-Yale Materials Handling, Inc. operates primarily through its subsidiary, Hyster-Yale Group, Inc., which designs, engineers, manufactures, and sells a comprehensive line of lift trucks, attachments, and aftermarket parts. The company markets its products globally under the Hyster® and Yale® brand names. Manufacturing facilities are located in the United States, Northern Ireland, China, Mexico, the Netherlands, Brazil, the Philippines, Italy, Japan, and Vietnam.
Financial Performance
In the first nine months of 2024, Hyster-Yale reported revenues of $3,240.7 million, an increase of 4.8% compared to $3,091.1 million in the same period in 2023. The revenue growth was primarily driven by improved pricing and higher fleet services.
| Period | Revenues (in millions) | Operating Profit (in millions) | Net Income (in millions) | EPS (Diluted) |
|---|---|---|---|---|
| Q3 2024 | $1,016.1 | $33.1 | $17.2 | $0.97 |
| Q3 2023 | $1,001.2 | $58.6 | $35.8 | $2.06 |
| 9M 2024 | $3,240.7 | $212.5 | $132.0 | $7.47 |
| 9M 2023 | $3,091.1 | $160.0 | $100.7 | $5.82 |
Segment Performance
Hyster-Yale's operations are segmented into various geographical markets: Americas, EMEA (Europe, the Middle East, and Africa), and JAPIC (Japan and Asia-Pacific). The performance of these segments in the first nine months of 2024 was as follows:
| Region | Revenues (in millions) | Operating Profit (in millions) |
|---|---|---|
| Americas | $2,422.3 | $246.3 |
| EMEA | $532.2 | $0.4 |
| JAPIC | $137.7 | $(15.3) |
Cost Structure
The cost of sales for the first nine months of 2024 was $2,552.8 million, leading to a gross profit of $687.9 million. Selling, general, and administrative expenses totaled $475.4 million during the same period.
Cash Flows
For the nine months ended September 30, 2024, Hyster-Yale reported net cash provided by operating activities of $90.0 million, down from $105.1 million in 2023. The drop was attributed to changes in assets and liabilities, notably an increase in accounts receivable and inventories.
| Cash Flow Category | 2024 (in millions) | 2023 (in millions) | Change (in millions) |
|---|---|---|---|
| Net Income | $133.5 | $102.4 | $31.1 |
| Depreciation and Amortization | $35.8 | $33.8 | $2.0 |
| Net Cash from Operating Activities | $90.0 | $105.1 | $(15.1) |
Market Position and Outlook
As of September 30, 2024, Hyster-Yale reported a backlog valued at approximately $2.3 billion, which is expected to support production levels into 2025. The company anticipates that rising market share and new product introductions will contribute positively to future revenue streams.
Balance Sheet Highlights
As of September 30, 2024, Hyster-Yale's total assets were valued at $2,172.4 million, with total liabilities of $1,623.4 million, resulting in total stockholders' equity of $529.9 million.
| Category | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| Total Assets | $2,172.4 | $2,079.1 |
| Total Liabilities | $1,623.4 | $1,672.3 |
| Total Stockholders' Equity | $529.9 | $389.9 |
Dividend Policy
In 2024, Hyster-Yale declared cash dividends totaling $17.9 million, reflecting its commitment to returning value to shareholders.
How Hyster-Yale Materials Handling, Inc. (HY) Makes Money
Overview of Revenue Streams
Hyster-Yale Materials Handling, Inc. generates revenue primarily through the sales of lift trucks and related products. The company operates in three main segments:
- Lift Truck Business
- Bolzoni
- Nuvera
Lift Truck Business
The Lift Truck segment is the company's largest revenue generator, comprising dealer sales, direct customer sales, aftermarket sales, and other revenues.
As of September 30, 2024, the revenues from the Lift Truck business were:
| Segment | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) | 9M 2024 Revenue (in millions) | 9M 2023 Revenue (in millions) |
|---|---|---|---|---|
| Americas | $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 |
| Total Lift Truck | $967.4 | $952.0 | $3,092.2 | $2,939.4 |
Operating Profit Analysis
The operating profit from the Lift Truck segment also reflects the company's profitability across regions:
| Region | Q3 2024 Operating Profit (in millions) | Q3 2023 Operating Profit (in millions) | 9M 2024 Operating Profit (in millions) | 9M 2023 Operating Profit (in millions) |
|---|---|---|---|---|
| Americas | $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) |
| Total Lift Truck | $39.0 | $65.1 | $231.4 | $175.4 |
Bolzoni and Nuvera Contributions
Bolzoni and Nuvera also contribute to Hyster-Yale's revenue, focusing on specialized products and services:
| Segment | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) | 9M 2024 Revenue (in millions) | 9M 2023 Revenue (in millions) |
|---|---|---|---|---|
| Bolzoni | $97.6 | $92.8 | $296.2 | $288.0 |
| Nuvera | $0.3 | $1.5 | $1.0 | $4.1 |
Sales Breakdown by Customer Type
The sales breakdown by customer type for Q3 2024 is as follows:
| Customer Type | Q3 2024 Revenue (in millions) |
|---|---|
| Dealer Sales | $567.7 |
| Direct Customer Sales | $157.1 |
| Aftermarket Sales | $217.5 |
| Other Revenues | $73.8 |
Market Trends and Pricing Strategy
Hyster-Yale has experienced a favorable pricing environment. In the first nine months of 2024, the company reported an increase in revenues of 4.8%, reaching $3,240.7 million compared to $3,091.1 million in the same period of 2023. The increase was driven primarily by improved pricing and higher fleet services.
The breakdown of revenue changes includes:
| Category | Change (in millions) |
|---|---|
| Price Increases | $125.3 |
| Other Revenues | $48.9 |
| Foreign Currency Effects | $5.1 |
| Lower Parts Sales | $(17.5) |
| Unit Volume Decline | $(9.0) |
Net Income and Earnings Per Share
In the first nine months of 2024, the company recognized a net income attributable to stockholders of $132.0 million, compared to $100.7 million in the same period of 2023. The earnings per share for the same period were:
| Type | 2024 | 2023 |
|---|---|---|
| Basic EPS | $7.57 | $5.88 |
| Diluted EPS | $7.47 | $5.82 |
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Resources:
- Hyster-Yale Materials Handling, Inc. (HY) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Hyster-Yale Materials Handling, Inc. (HY)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Hyster-Yale Materials Handling, Inc. (HY)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.