Hyster-Yale revenue increases on strong Americas performance

Revenue for material handling manufacturer Hyster-Yale rose for the full year 2024 as dealer and direct sales in the Americas bolstered the company’s performance.

HYG Financial Services (HYGFS), a joint venture owned 20% by Hyster-Yale and 80% by Wells Fargo Financial Leasing, received $1.4 billion in loans from Wells Fargo, an increase of 7.7% year over year but flat compared with 2023, according to Equipment Finance News analysis of the company’s Dec. 25 10-Q filing with the Securities and Exchange Commission.  

HYGFS provides lift truck financing for Hyster-Yale dealers and customers in the United States, according to the filing. Hyster-Yale’s dividends from HYGFS totaled $4.4 million in 2024, down 138.6% YoY. 

Hyster-Yale’s incremental obligation to Wells Fargo, which removes receivables guaranteed from HYGFS’ loans, is $259.7 million, up 5.3% YoY, according to the filing. The company’s obligations are secured by 20% of HYGFS’ customer receivables and other secured assets of $337.8 million, up 3.7% YoY.  

BY THE NUMBERS: Hyster-Yale benefited from strong performance in the Americas due to a favorable product mix, Senior Vice President and Chief Financial Officer Scott Minder said during the company’s earnings call today. 

“The Americas benefited from a mix toward higher value Class 4 and 5 trucks, while EMEA sales mix was negatively impacted by a shift to Class 3 products with lower average revenues,” he said. “As we further implement our market penetration strategies, we’re focused on providing the right product with the right technology at the right price.” 

For the full year 2024, Hyster-Yale reported: 

• Dealer sales for the Americas of $1.7 billion, up 8% YoY; 

• Direct sales for the Americas of $669.6 million, up 27.3% YoY; 

• Total Americas revenue of $3.2 billion, up 11.1% YoY;  

• Total dealer sales of $2.4 billion, up 0.1% YoY; 

• Total direct sales of $675.2 million, up 22.6% YoY; and 

• Total revenue of $4.3 billion, up 4.6% YoY. 

THE BIG PICTURE: Despite the positive performance in 2024, freight rates remain a concern for 2025 performance, Minder said during the earnings call.  

“We continue to see historically high freight rates despite some relief over the past few months,” he said. “We’ve taken proactive steps to mitigate these costs, but port strikes and geopolitical issues have limited our ability to fully leverage the lower freight rates.” 

As a result, the company aims to implement new programs to manage production, Hyster-Yale President and CEO Rajiv Prasad said during the earnings call. 

“In the Americas, we are focused on programs to right size the company’s production footprint enabled by our expanding lineup of modular products,” he said. “We’ll take advantage of manufacturing synergies created by these designs to further enhance profitability.” 

Shares of Hyster-Yale Materials Handling Inc. (NYSE: HY) were up 2.84% or $1.47 from market open to $53.22 as of market close today. Hyster-Yale has a market capitalization of $905.05 million.  

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