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Hyster-Yale(HY) - 2024 Q4 - Annual Results
HYHyster-Yale(HY)2025-02-25 21:48

Financial Performance - Full year revenues for 2024 reached 4.3billion,a54.3 billion, a 5% increase from 4.1 billion in 2023[4] - Adjusted operating profit for the full year 2024 was 267million,reflectinga28267 million, reflecting a 28% increase compared to the prior year[5] - Q4 2024 revenues were 1.1 billion, with a year-over-year growth of 4%[8] - Revenues for the three months ended December 31, 2024, increased to 1,067.5million,upfrom1,067.5 million, up from 1,027.2 million in the same period of 2023, representing a growth of 3.7%[50] - Gross profit for the twelve months ended December 31, 2024, was 895.5million,comparedto895.5 million, compared to 785.6 million in 2023, reflecting an increase of 14.0%[50] - Net income attributable to stockholders for the twelve months ended December 31, 2024, was 142.3million,upfrom142.3 million, up from 125.9 million in 2023, an increase of 13.0%[50] - Basic earnings per share for the twelve months ended December 31, 2024, rose to 8.16,comparedto8.16, compared to 7.35 in 2023, a growth of 11.0%[50] - Adjusted EBITDA for the twelve months ended December 31, 2024, was 320.2million,reflectingastrongoperationalperformance[57]CashFlowandDebtManagement−OperatingcashflowforFY2024was320.2 million, reflecting a strong operational performance[57] Cash Flow and Debt Management - Operating cash flow for FY 2024 was 171 million, with 81milliongeneratedinQ42024[5]−NetcashprovidedbyoperatingactivitiesforthetwelvemonthsendedDecember31,2024,was81 million generated in Q4 2024[5] - Net cash provided by operating activities for the twelve months ended December 31, 2024, was 170.7 million, an increase from 150.7millionin2023[55]−Thedebtdecreasedby6150.7 million in 2023[55] - The debt decreased by 6% to 440.7 million from 468.5millioninQ32024[21]−TotaldebtasofDecember31,2024,decreasedto468.5 million in Q3 2024[21] - Total debt as of December 31, 2024, decreased to 440.7 million from 465.8millioninthepreviousquarter[55]MarketandBusinessOutlook−TheCompanyanticipatesaslightimprovementinthegloballifttruckmarketin2025,primarilyinEMEAandJAPICregions,leadingtohigheryear−over−yearbookings[25]−TheCompanyexpectsasignificantyear−over−yearrevenuedecreasein2025duetolowerproductionlevels,withoperatingprofitanticipatedtobesignificantlylowerthantheexceptionallystrong2024performance[31][35]−Newmodular,scalablecounterbalancedtrucksareexpectedtolaunchinthefirsthalfof2025,includingelectricmodelsof1−to3.5−tontruckslaterintheyear[28]−Nuveraexpectsfull−yearrevenuesin2025toincreaseovertheprioryear,largelydrivenbyitsnewHydroChargeproduct[33]OperationalPerformance−TheLiftTruckbusinesssawarevenueincreaseof11465.8 million in the previous quarter[55] Market and Business Outlook - The Company anticipates a slight improvement in the global lift truck market in 2025, primarily in EMEA and JAPIC regions, leading to higher year-over-year bookings[25] - The Company expects a significant year-over-year revenue decrease in 2025 due to lower production levels, with operating profit anticipated to be significantly lower than the exceptionally strong 2024 performance[31][35] - New modular, scalable counterbalanced trucks are expected to launch in the first half of 2025, including electric models of 1- to 3.5-ton trucks later in the year[28] - Nuvera expects full-year revenues in 2025 to increase over the prior year, largely driven by its new HydroCharge product[33] Operational Performance - The Lift Truck business saw a revenue increase of 11% in FY 2024 and 13% in Q4 2024 in the Americas[5] - Americas segment reported an adjusted operating profit of 78.6 million in Q4 2024, up from 55.0millioninQ42023,representinga43.555.0 million in Q4 2023, representing a 43.5% increase[63] - Lift Truck segment achieved an adjusted operating profit of 62.1 million in Q4 2024, an increase from 54.2millioninQ42023,markinga14.454.2 million in Q4 2023, marking a 14.4% growth[63] - EMEA segment experienced an adjusted operating loss of 9.4 million in Q4 2024, compared to an adjusted profit of 6.0millioninQ42023,indicatingasignificantdecline[63]−JAPICsegment′sadjustedoperatinglosswas6.0 million in Q4 2023, indicating a significant decline[63] - JAPIC segment's adjusted operating loss was 7.1 million in Q4 2024, worsening from a loss of 6.8millioninQ42023[63]RestructuringandStrategicInitiatives−Thecompanyisfocusingonmanufacturingfootprintimprovementandoperationaloptimizationaspartofitsrestructuringstrategy[63]−Thecompanyexpectsadditionalimplementationcostsof6.8 million in Q4 2023[63] Restructuring and Strategic Initiatives - The company is focusing on manufacturing footprint improvement and operational optimization as part of its restructuring strategy[63] - The company expects additional implementation costs of 8 million to 16millionformanufacturingfootprintimprovementsin2025and2026[24]−Anticipatedannualincomeandcashbenefitsfrommanufacturingimprovementsareprojectedtobebetween16 million for manufacturing footprint improvements in 2025 and 2026[24] - Anticipated annual income and cash benefits from manufacturing improvements are projected to be between 30 million and 40millionstartingin2027[24]−TheCompanyplanscapitalexpendituresbetween40 million starting in 2027[24] - The Company plans capital expenditures between 40 million and 80millionin2025,influencedbyeconomicandgeopoliticaluncertainties[36]ChallengesandRisks−InQ42024,theCompany′slifttruckbookingsdecreasedby1780 million in 2025, influenced by economic and geopolitical uncertainties[36] Challenges and Risks - In Q4 2024, the Company's lift truck bookings decreased by 17% year-over-year to 400 million, while backlog dropped by 42% to 1.93billion[26][29]−TheCompanyaimstomaintainbookingswithmarginsatorabovetargetedlevels,despiteexpectedmargindeclinesin2025duetoincreasedcompetitivedynamics[30]−Thecompanyincurredrestructuringandimpairmentchargesof1.93 billion[26][29] - The Company aims to maintain bookings with margins at or above targeted levels, despite expected margin declines in 2025 due to increased competitive dynamics[30] - The company incurred restructuring and impairment charges of 21.4 million in Q4 2024, compared to $1.2 million in Q3 2024[63]