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.
The article Hyster-Yale Beats on the Bottom Line originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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