Hyster-Yale Shares Plunge Over 6% as Q3 Earnings Fall Short of Expectations

NEW YORK - Shares of forklift manufacturer Hyster-Yale Materials Handling (NYSE:HY) fell by 6.67% after the company reported third-quarter earnings that missed analyst expectations. Hyster-Yale announced a diluted earnings per share of $0.97, falling short of the consensus estimate of $1.97. Revenue came in at $1.02 billion, slightly below the $1.04 billion expected by analysts.

The company noted that revenue increased by 2% year-over-year to $1.02 billion, driven by higher consolidated average selling prices and favorable product mix changes. However, overall sales volumes declined due to increases in the Americas being offset by decreases in EMEA.

Operating profit dropped by 44% year-over-year to $33.1 million. The company attributed this decline to lower sales margins in parts and services, increased shipping costs, and higher operating expenses to support new product launches.

CEO Alfred Rankin Jr. stated, "Our Q3 results reflect our solid performance during a seasonally lower quarter. While we continue to see year-on-year revenue growth led by our Americas Lift Truck and Bolzoni segments, operating profit was below the exceptionally strong results of Q3 2023."

Looking ahead, Hyster-Yale expects consolidated revenues and operating profit for Q4 to be approximately at the same levels year-over-year. For 2025, the company anticipates revenues to be below 2024 levels, while operating profit and net income are expected to decline significantly compared to 2024.

The company generated $70 million in operating cash flow in Q3, reducing its debt-to-equity ratio from 51% at the end of Q2 to 46%.