Hyster-Yale (HY) Q4 2024 earnings summary

Executive summary

• 2024 revenues reached $4.3 billion, up 5% year-over-year, with Q4 revenues at $1.1 billion, driven by strong Americas lift truck performance.

• Adjusted operating profit for 2024 was $267 million, up nearly $60 million or 28% from prior year; Q4 adjusted operating profit was $54 million, up 10% year-over-year.

• Adjusted net income for 2024 was $159 million, a 26% increase year-over-year; net income was $142 million, up 13%.

• Cash from operations totaled $171 million for 2024, with $81 million generated in Q4.

• Share repurchases of $5 million occurred in Q4 2024.

Financial highlights

• Diluted EPS for 2024 was $8.04, up 11% year-over-year; adjusted diluted EPS was $8.98, up 24%.

• Adjusted EBITDA for the last twelve months was $320 million.

• Q4 revenues were $1.1 billion, up 4% year-over-year and 5% sequentially; Q4 adjusted EPS was $1.47.

• Net debt decreased 12% sequentially to $344 million; debt-to-total capital ratio at 47%.

• Working capital improved to 18% of sales at year-end, down 300 basis points sequentially.

Outlook and guidance

• 2025 revenues, production, and profits expected to decline significantly due to lower lift truck production, soft global bookings, and market normalization.

• Gross profit margins for lift trucks expected to decline toward target levels; operating expenses to increase to support growth initiatives.

• Manufacturing footprint improvement programs to incur $8–$16 million in costs in both 2025 and 2026, with annual savings of $30–$40 million expected from 2027.

• Cash flow from operations in 2025 expected to remain strong and comparable to 2024, with capital expenditures projected at $40–$80 million.

• Lift Truck market share gains anticipated in 2025, with new modular and electric models launching.