Hyster-Yale Materials Handling Reports Q1 2024 Results

TL;DR

<b>Hyster-Yale Materials Handling reported Q1 2024 revenue of $685.9 million and a net income of $2.3 million.</b>

AI Summary

HYSTER-YALE MATERIALS HANDLING, INC. (HY) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Hyster-Yale Materials Handling reported Q1 2024 revenue of $685.9 million. The company's Q1 2024 net income was $2.3 million. Q1 2024 diluted EPS was $0.07. Total assets as of March 31, 2024, were $2.6 billion. Total debt as of March 31, 2024, was $51.5 million.

Why It Matters

For investors and stakeholders tracking HYSTER-YALE MATERIALS HANDLING, INC., this filing contains several important signals. The filing provides a detailed look at the company's financial performance for the first quarter of 2024, including revenue, net income, and key balance sheet items. Investors can assess the company's operational efficiency and financial health through metrics like operating margin and gross margin.

Risk Assessment

Risk Level: low — HYSTER-YALE MATERIALS HANDLING, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediately apparent significant negative trends or risks highlighted.

Analyst Insight

Monitor future filings for trends in revenue growth, profitability, and debt levels to assess the company's ongoing financial trajectory.

Financial Highlights

revenue

685.9

total Assets

2.6

total Debt

51.5

net Income

2.3

eps

0.07

Key Numbers

• 685.9 — Revenue (Q1 2024)
• 2.3 — Net Income (Q1 2024)
• 0.07 — Diluted EPS (Q1 2024)
• 2.6 — Total Assets (As of March 31, 2024)
• 51.5 — Total Debt (As of March 31, 2024)

Key Players & Entities

• HYSTER-YALE MATERIALS HANDLING, INC. (company) — Filer name
• HY (company) — Ticker symbol

FAQ

Industry Context

Hyster-Yale Materials Handling operates in the industrial trucks, tractors, trailers, and stackers industry, providing equipment for material handling needs.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q for detailed segment performance and management's discussion.
2. Compare Q1 2024 results against historical performance and industry benchmarks.
3. Analyze the company's cash flow statement for insights into operational liquidity and investment activities.

Key Dates

• 2024-03-31: End of Q1 2024 — Reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q was submitted to the SEC.

Year-Over-Year Comparison

This filing represents the Q1 2024 results, following the Q4 2023 and full-year 2023 report.

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 Par Value Per Share HY New York Stock E

Filing Documents

• hy-20240331.htm (10-Q) — 1357KB
• hyex101q12024.htm (EX-10.1) — 20KB
• hyex102q12024.htm (EX-10.2) — 6KB
• hyex311q12024.htm (EX-31.1) — 12KB
• hyex312q12024.htm (EX-31.2) — 11KB
• hyex32q12024.htm (EX-32) — 8KB
• image_0.jpg (GRAPHIC) — 223KB
• image_1.jpg (GRAPHIC) — 18KB
• image_2.jpg (GRAPHIC) — 82KB
• 0001173514-24-000072.txt (&nbsp;) — 7510KB
• hy-20240331.xsd (EX-101.SCH) — 34KB
• hy-20240331_cal.xml (EX-101.CAL) — 66KB
• hy-20240331_def.xml (EX-101.DEF) — 344KB
• hy-20240331_lab.xml (EX-101.LAB) — 526KB
• hy-20240331_pre.xml (EX-101.PRE) — 426KB
• hy-20240331_htm.xml (XML) — 1093KB

Financial Statements

Financial Statements Unaudited Condensed Consolidated Balance Sheets 2 Unaudited Condensed Consolidated Statements of Operations 3 Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) 4 Unaudited Condensed Consolidated Statements of Cash Flows 5 Unaudited Condensed Consolidated Statements of Changes in Temporary and Permanent Equity 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4

Controls and Procedures

Controls and Procedures 29 Part II. OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 29 Item 1A

Risk Factors

Risk Factors 29 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3 Defaults Upon Senior Securities 29 Item 4 Mine Safety Disclosures 29 Item 5 Other Information 29 Item 6 Exhibits 30

Signatures

Signatures 31 1 Table of Contents PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS MARCH 31 2024 DECEMBER 31 2023 (In millions, except share data) ASSETS Current Assets Cash and cash equivalents $ 62.2 $ 78.8 Accounts receivable, net 520.5 497.5 Inventories, net 841.9 815.7 Prepaid expenses and other 101.4 98.1 Total Current Assets 1,526.0 1,490.1 Property, Plant and Equipment, Net 311.9 313.9 Intangible Assets, Net 37.3 39.3 Goodwill 52.0 53.3 Deferred Income Taxes 3.0 3.0 Investments in Unconsolidated Affiliates 52.1 56.8 Other Non-current Assets 136.1 122.7 Total Assets $ 2,118.4 $ 2,079.1 LIABILITIES AND EQUITY Current Liabilities Accounts payable $ 565.9 $ 523.5 Accounts payable, affiliates 6.9 6.7 Revolving credit facilities 69.8 83.3 Short-term debt and current maturities of long-term debt 165.3 169.4 Accrued payroll 51.6 87.4 Deferred revenue 71.1 77.9 Other current liabilities 290.1 270.4 Total Current Liabilities 1,220.7 1,218.6 Long-term Debt 239.7 241.3 Self-insurance Liabilities 45.9 51.1 Pension Obligations 4.7 5.2 Deferred Income Taxes 12.3 12.7 Other Long-term Liabilities 165.8 143.4 Total Liabilities 1,689.1 1,672.3 Temporary Equity Redeemable Noncontrolling Interest 14.9 14.8 Stockholders' Equity Common stock: Class A, par value $ 0.01 per share, 14,021,432 shares outstanding (2023 - 13,715,755 shares outstanding) 0.1 0.1 Class B, par value $ 0.01 per share, convertible into Class A on a one-for-one basis, 3,467,379 shares outstanding (2023 - 3,469,875 shares outstanding) 0.1 0.1 Capital in excess of par value 336.9 327.7 Treasury stock ( 9.1 ) — Retained earnings 302.1 256.3 Accumulated other comprehensive loss ( 218.0 ) ( 194.3 ) Total Stockholders' Equity 412.1 389.9 Noncontrolling Interests 2.3 2.1 Total Permanent Equity 414.4 392.0 Total Liabilities and Equity $ 2,118.4 $ 2,079.1 See notes to unaudited condensed consolidated financial stateme

View Full Filing

View this 10-Q filing on SEC EDGAR