Hyster-Yale Materials Handling Sees Continued Q2 Revenue And Operating Profit Growth Compared To The Prior Year As Unit Volumes Increase And Higher-Priced, Higher-Margin Backlog Units Are Shipped; FY24 Lift Truck Revenues And Operating Profit Are Expected To Increase Over 2023
Portfolio Pulse from Benzinga Newsdesk
Hyster-Yale Materials Handling anticipates Q2 revenue and operating profit growth over the prior year, driven by increased unit volumes and shipments of higher-margin products. FY24 is expected to see a rise in Lift Truck revenues and operating profit, surpassing 2023 and previous forecasts. The company projects overall 2024 revenue, operating profit, and net income growth, despite a potential increase in the income tax rate and the expiration of tariff exemptions. Efforts to reduce leverage and improve cash flows, alongside a decrease in capital expenditures, are expected to significantly boost free cash flow in 2024.
May 07, 2024 | 8:46 pm
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Hyster-Yale expects Q2 and FY24 revenue and profit growth, surpassing 2023 and prior forecasts. The company aims for increased Lift Truck revenues and operating profit, with a focus on reducing leverage and improving cash flows.
The positive outlook for Q2 and FY24, with expected revenue and profit growth, indicates a strong performance ahead for Hyster-Yale. The focus on high-margin products and improved cash flows, despite potential challenges like the expiration of tariff exemptions, suggests a bullish outlook for HY's stock in the short term. The company's commitment to reducing leverage and the anticipated increase in free cash flow further support a positive impact on the stock price.
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IMPORTANCE 90
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