Q3 2024 Hyster-Yale Inc Earnings Call Transcript
Key Points
- Hyster Yale Inc (HY) achieved year-over-year revenue growth, driven by strong product margins and increased sales in the Americas.
- The company maintained pricing and unit margins above target levels, despite lower-than-expected production volumes.
- Hyster Yale Inc (HY) is making significant progress with its long-term strategic initiatives, particularly in warehouse applications and advanced technologies.
- The company's backlog of $2.3 billion is expected to support business operations until market levels improve in the second half of 2025.
- Hyster Yale Inc (HY) generated $70 million of cash from operations during Q3, improving its financial leverage and debt-to-capital ratio.
- Third-quarter financial results were below expectations due to supply chain constraints and product introduction issues, leading to missed sales and increased costs.
- The global lift truck market declined moderately, with further decreases expected, particularly in the Americas and EMEA regions.
- Year-over-year dollar-value factory bookings decreased by 36%, indicating a challenging market environment.
- Operating profit for the lift truck segment declined by 40% compared to the previous year, impacted by lower margins on parts and fleet services.
- Nuvera's revenue decreased significantly due to slow customer adoption of hydrogen fuel cells and ongoing hydrogen supply constraints.
Good morning, ladies and gentlemen, and welcome to the Hyster-Yale Materials' third quarter '24 conference call. (Operator Instructions) This call is being recorded on Tuesday, November 5, 2024. The call replay will be available post-call by dialing 888-660-35 and punch in code 1202.
I would now like to call over Christina Kmetko. Please go ahead.
I'm Christina Kmetko, and I'm responsible for investor relations. This morning, we published our third quarter 2024 results and filed our time queue. These documents are available on the Hysteria website. We're 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 materially from our forward-looking statements due to the wide range of risks and
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