Hyster-Yale Beats on the Bottom Line
Lift-truck manufacturer Hyster-Yale Materials Handling 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.
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