Hyster-Yale, Inc. reported consolidated revenues of $1,016.1 million for the third quarter of 2024, a 2% increase year-over-year. However, operating profit significantly decreased by 44% to $33.1 million, and net income fell by 52% to $17.2 million. Diluted earnings per share were $0.97, a 53% decline compared to the prior year.
The Lift Truck business saw revenues increase by 2% due to higher average sales prices and a favorable sales mix, but overall sales volumes declined. Gross profit decreased by 7% year-over-year, primarily due to lower sales margins, increased freight costs, and other inflation-related variances. These factors, combined with higher operating expenses for sales, marketing, and technology investments, contributed to the substantial drop in operating profit.
Bolzoni's revenues grew by 5% and operating profit improved by 114% due to increased sales volumes of higher-margin products. In contrast, Nuvera's revenues decreased by 80% to $0.3 million, with its operating loss increasing to $11.8 million, attributed to slow customer adoption and hydrogen supply constraints. The company anticipates Q4 2024 consolidated Lift Truck revenues and operating profit to be roughly comparable year-over-year, but projects 2025 revenues and operating profit to be significantly lower than 2024 levels.
Lift Truck bookings decreased by 36% year-over-year to $370 million, and the backlog stood at $2.3 billion, down 35% from the prior year. The company announced plans to undertake new programs in the Americas to lower costs and optimize its manufacturing footprint over the next 12 to 36 months, expecting to incur restructuring charges in the future.
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