Q2 2024 Hyster-Yale Inc Earnings Call Transcript
Key Points
- Hyster Yale Inc (HY) reported exceptionally strong quarterly results, exceeding expectations for revenue growth and significantly increasing profits.
- Consolidated operating profit and margins reached higher levels than ever before, with a 63% year-over-year increase in operating profit.
- The company saw an 8% increase in truck revenues due to higher average selling prices and favorable product mix.
- Hyster Yale Inc (HY) is transitioning to a solutions-based company, focusing on complex value-adding technology solutions.
- The company has a strong global backlog, which is expected to act as a shock absorber, keeping global shipments generally in line with 2024 production expectations.
- The global lift truck market was below prior levels in Q2 2024, driven by a significant decrease in the Americas and a moderate reduction in EMEA.
- North America factory bookings decreased by 56% year-over-year, with a steeper and earlier decline than anticipated.
- Order cancellations by customers, shorter lead times, and requests to delay shipments contributed to a substantial decline in factory bookings.
- Nuvera's revenues decreased due to slower customer adoption of hydrogen fuel cells and ongoing hydrogen supply constraints.
- The company's effective tax rate increased to 29% in Q2 2024 from 24% in the prior year, impacting net income growth.
Good morning, ladies and gentlemen, and welcome to the Hyster-Yale Inc., second quarter 2024 earnings conference calls. (Operator Instructions)
Today's call is being recorded August 7, 2024. I would now like to turn the conference over to i Christina Kmetko, Investor Relations.
Good morning, and thank you for joining us for history of 2024 second quarter earnings call. I'm Christina Kmetko, and I'm responsible for Investor Relations. Yesterday evening, we published our second quarter 2024 results and filed our 10-Q. These documents are available on the Hyster-Yale website.
We are recording this webcast and a replay will be on our website later this afternoon. The replay will remain available for approximately 12 months, I'd like to remind you that our remarks today, including answers to any questions, will include comments related to expected future results of the company and are therefore forward-looking statements.
Our actual results may differ
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