Hyster-Yale Materials (HY) Tops Q3 EPS by 48c, Revenues Miss

Hyster-Yale Materials (NYSE: HY) reported Q3 EPS of $0.30, $0.48 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $618.7 million versus the consensus estimate of $639.4 million.

Quarter Highlights:

• Q3 2020 consolidated revenues decreased 14.8% from Q3 2019 due to lower Q2 2020 bookings and resulting lower shipments primarily caused by pandemic-related global effects and the pace of the subsequent forklift truck market recovery
• Q3 2020 consolidated operating profit decreased to $7.3 million from $19.5 million in Q3 2019, which included $8.7 million of favorable retroactive tariff exclusion adjustments
• Q3 2020 operating expense decreased 16.8% from Q3 2019, primarily due to cost containment actions taken to mitigate the impact of the COVID-19 pandemic
• Q3 2020 net income of $5.1 million, or $0.30 per share, decreased from $12.8 million, or $0.76 per share, in Q3 2019, but improved from Q2 2020
• Net debt at September 30, 2020 improved to $207.8 million from $277.2 million at June 30, 2020

For earnings history and earnings-related data on Hyster-Yale Materials (HY) click here.

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