Hyster-Yale Beats on the Bottom Line

Lift-truck manufacturer Hyster-Yale Materials Handling (NYSE: HY  ) reported third-quarter results yesterday after the markets closed, showing that it posted revenues of $643.9 million, a healthy 10% increase from the $585.6 million in the same period in the previous year, but just below the $647.8 million Capital IQ consensus estimate.

While attributable net income came in at $23.5 million, or $1.40 per share, a 5% decline from the $24.9 million, or $1.48 per share, in the same period in 2012, it was $0.06-per-share better than the CapIQ estimates of $1.34 per share.

Hyster-Yale benefited from higher unit volumes in the Americas, but also because of increased prices it implemented to offset weakness in the Brazilian real. Net income, though, was affected by a higher tax rate in the quarter.

The lift-truck maker says it anticipates moderate growth for the rest of this year and next, though it will be driven by demand from China. Fourth-quarter net income, however, is expected to fall in relation to the year-ago period due to the absence of $10.7 million valuation allowance releases taken in Q4 2012 along with an expected higher effective income tax rate. Analysts anticipate Hyster-Yale will post earnings of $1.54 per share in the fourth quarter on revenues of $698.7 million.

link


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2707522, ~/Articles/ArticleHandler.aspx, 11/25/2014 4:13:57 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement