HYSTER-YALE ANNOUNCES THIRD QUARTER 2024 RESULTS
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 below exceptionally strong Q3 2023 results -
Net Income of
$17.2 million compared to$35.8 million in Q3 2023 -
Generated
$70 million of cash from operations in Q3 2024
|
|
Three Months Ended |
|||||||
|
($ in millions except per share amounts) |
|
|
|
|
% Change |
|
|
% 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 2% over the prior year primarily due to higher consolidated average sales price and a favorable sales mix shift. Overall sales volumes declined with
- 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 7% year-over-year mainly due to the decline in sales margins, higher freight costs and other cost inflation-related variances. These factors, combined with additional sales and marketing headcount, as well as customer-facing technology system investments to support new product launches and share gain efforts, led to a 40% decrease in operating profit compared to robust prior year levels.
-
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-livedU.S. East Coast port strike.
- Elevated freight costs are primarily related to two transient factors. First, ongoing geopolitical tensions, including
- 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 % |
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 37% reported income tax rate is higher than the forecasted 2024 annual tax rate of 32% due to the true up of the year-to-date tax expense in the third quarter to the new estimated annual effective income tax rate. 2024's year-to-date effective income tax rate of 32% was higher than the prior year's 27% rate. The elevated 2024 rate largely relates to the ongoing capitalization of research and development costs for
Liquidity and Capital Allocation
|
($ in millions) |
|
|
|
|
% Change |
|
|
|
% Change |
|
Debt |
|
|
|
|
8 % |
|
|
|
7 % |
|
Cash |
75.6 |
|
78.2 |
|
(3) % |
|
66.5 |
|
14 % |
|
Net Debt |
|
|
|
|
9 % |
|
|
|
10 % |
|
|
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 increased compared to$217 million as ofJune 30, 2024 , primarily due to the lower debt level.
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 to 18% 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
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 3% to
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.
In Q4 2024,
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
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 7% operating profit margins across each business cycle in the Lift Truck and
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.
*****
Conference Call
The management of
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
The Company's wholly owned operating subsidiary,
*****
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HYSTER-YALE, INC. |
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FINANCIAL HIGHLIGHTS |
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Three Months Ended |
|
Nine Months Ended |
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|
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|
||||
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|
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 |
|||||||||
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|
Quarter Ended |
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||||||
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|
LTM |
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|
(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. |
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HYSTER-YALE, INC. |
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FINANCIAL HIGHLIGHTS |
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|
Three Months Ended |
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Nine Months Ended |
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|
2024 |
|
2023 |
|
2024 |
|
2023 |
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|
(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 |
|
|
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 |
|
|
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 |
|
|
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 |
|
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HYSTER-YALE, INC. |
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FINANCIAL HIGHLIGHTS |
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CASH FLOW, CAPITAL STRUCTURE AND WORKING CAPITAL |
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Nine Months Ended |
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||
|
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|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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(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 |
|
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|
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|
|
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(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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View original content to download multimedia:https://www.prnewswire.com/news-releases/hyster-yale-announces-third-quarter-2024-results-302295943.html
SOURCE
