HYSTER-YALE ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 RESULTS

Core Insights - Hyster-Yale, Inc. reported a consolidated revenue of $4.3 billion for the full year 2024, representing a 5$10.3 million, down 59% from $25.2 million in Q4 2023, primarily due to increased operational costs and restructuring charges [4][5][11] - Adjusted operating profit for the full year 2024 was$267 million, a 28% increase from the previous year, indicating strong operational performance despite challenges [2][6][11] Financial Performance - Full year revenues reached $4,308.2 million in 2024, up from$4,118.3 million in 2023, with a 5% year-over-year growth [2][5] - Q4 2024 revenues were $1,067.5 million, a 4$1,027.2 million in Q4 2023 [4][48] - Operating profit for the full year was $244.8 million, with an adjusted operating profit of$267.4 million, reflecting a strong performance in the Lift Truck segment [2][5][6] Segment Performance - The Lift Truck business generated $1,021.6 million in Q4 2024 revenues, a 4$981.5 million in Q4 2023, with significant growth in the Americas segment [8][9] - The Americas segment saw a 13% revenue increase in Q4 2024 compared to the previous year, while EMEA revenues declined by 21% due to lower product demand [8][12] - Adjusted operating profit for the Lift Truck business improved by 15% in Q4 2024 compared to the prior year, driven by favorable product mix and pricing [10][11] Operational Efficiency - The company initiated restructuring efforts in Q4 2024, incurring $21 million in charges aimed at optimizing its manufacturing footprint and improving operational efficiency [6][23] - Cash generated from operations for FY 2024 was$171 million, with $81 million generated in Q4 2024, indicating strong cash flow management [5][20] - Inventory levels decreased by$61 million year-over-year, reflecting improved production alignment and efficiency [25] Strategic Outlook - Hyster-Yale anticipates a slight improvement in the global lift truck market in 2025, particularly in EMEA and JAPIC regions, following a moderate decline in 2024 [24][30] - The company plans to maintain its focus on cash generation and capital allocation, with projected capital expenditures between $40 million and$80 million for 2025 [36][37] - Long-term objectives include achieving 7% operating profit margins across business cycles, with expectations for significant income and cash benefits from ongoing operational improvements starting in 2027 [22][37]