Hyster-Yale, Inc. reported a revenue increase of 4.6% for the fiscal year ending December 31, 2024, reaching $4.308 billion compared to $4.118 billion in 2023. The growth was primarily driven by higher lift truck revenues, which rose to $4.114 billion, reflecting improved pricing and a shift towards higher-value products. The company's net income attributable to stockholders also increased by 13% to $142.3 million, up from $125.9 million in the previous year, with diluted earnings per share rising to $8.04 from $7.24.
In terms of operational performance, the Americas segment saw a notable revenue increase of 11.1%, totaling $3.223 billion, while the EMEA and JAPIC segments experienced declines of 13.8% and 8.7%, respectively. The overall operating profit for the company rose to $244.8 million, a 17.3% increase from $208.7 million in 2023, largely due to improved gross profit margins and effective cost management strategies. However, the company faced challenges in the EMEA and JAPIC regions, where operational inefficiencies and increased material costs contributed to losses.
Strategically, Hyster-Yale has focused on enhancing its manufacturing capabilities and product offerings. The company initiated projects to streamline its manufacturing footprint, incurring costs of $21 million in Q4 2024, with expectations of additional costs in the coming years. These initiatives aim to improve operational efficiency and reduce lead times, positioning the company for profitable growth. The company also plans to launch new modular and scalable counterbalanced trucks in 2025, which are anticipated to enhance market share.
As of December 31, 2024, Hyster-Yale's backlog of unfilled orders was approximately $1.93 billion, a decrease from $3.33 billion in the previous year, indicating a normalization of demand following a period of high order volumes. The company reported a total employee headcount of approximately 8,500, reflecting its commitment to maintaining a skilled workforce amid ongoing operational adjustments. Looking ahead, Hyster-Yale anticipates a challenging market environment in 2025, with expected revenue declines due to lower production levels and increased operational costs, although it remains focused on long-term growth and profitability.
About HYSTER-YALE, INC.
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