hyster-yale materials (HY) Key Developments
Hyster-Yale Materials Handling Declares Quarterly Dividend, Payable on September 16, 2014
Aug 12 14
Hyster-Yale Materials Handling, Inc. announced that the Board of Directors declared a regular cash dividend of 27.50 cents per share. The dividend is payable on both the Class A and Class B Common Stock, and will be paid September 16, 2014 to stockholders of record at the close of business on September 2, 2014.
Hyster-Yale Materials Handling, Inc. Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Second Half of 2014; Plans to Launch New Trucks
Jul 30 14
Hyster-Yale Materials Handling, Inc. announced unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenues of $684.7 million and net income of $32.9 million, or $1.95 per diluted share compared with revenues of $659.6 million and net income of $36.2 million, or $2.16 per diluted share, for the second quarter of 2013. Operating profit was $47.7 million compared with $35.9 million for the second quarter of 2013 and income before income taxes was $48.7 million in 2014 compared with $34.5 million in 2013. Revenues increased primarily as a result of an increase in unit volumes, mainly in North America and Europe, partially offset by decreases in Latin America and Brazil. The decline in net income, primarily due to the decrease in operating profit, was partially offset by reduced interest expense as a result of lower debt levels and lower interest rates during the second quarter of 2014 compared with 2013.
For the six months, the company reported net income of $55.0 million on revenues of $1.4 billion compared with net income of $60.8 million on revenues of $1.3 billion for the first six months of 2013. Operating profit increased to $79.3 million from $68.0 million in the first half of 2013 and income before income taxes was $80.3 million in 2014 compared with $65.2 million in 2013. Diluted earnings per share were $3.26 against $3.62 a year ago. Net cash provided used for operating activities was $13.6 million against net cash from operating activities of $40.1 million a year ago.
The company announced that it expects to generate a significant increase in operating profit during the second half of 2014, in excess of the rate of the sales increase, with the majority of the increase occurring during the fourth quarter of 2014. Net income in the second half of 2014 is expected to improve compared with the second half of 2013. The effect of improved operating profit as well as lower interest expense due to lower debt outstanding and lower interest rates under the company's new revolving credit agreement are expected to be partially offset by a higher effective income tax rate. The higher effective income tax rate in 2014 is expected to result primarily from the effect of higher United Kingdom income taxes due to the 2013 valuation allowance release, combined with an anticipated increase in the portion of the company's income in the Americas operations, including the tax expense on the Brazil plant gain, which have a higher tax rate. Cash flow before financing activities for 2014 is expected to decrease from 2013 primarily due to an increase in capital expenditures, largely driven by the construction of a new plant in Brazil. The company expects increase in sales over the remainder of 2014 compared with 2013.
The company announced that during the third quarter of 2014, the company plans to introduce the first group of its premium Big Truck models with Tier IV final emission solutions, as well as expanded use of premium transmissions on trucks up to 32 ton capacity and implementing load-sensing hydraulic systems on its 18 to 22 ton trucks. The Company also expects to introduce a new warehouse rider truck in the North America market in the third quarter of 2014 which has an enclosed operator compartment and a 10,000 pound capacity to enable multiple pallet handling in trailer loading/unloading and cross-dock applications.
Hyster-Yale Materials Handling, Inc. Announces Executive Changes, Effective from September 1, 2014
Jun 30 14
Michael P. Brogan, Vice Chairman and Chief Executive Officer, NMHG of Hyster-Yale Materials Handling, Inc., intends to retire from Hyster-Yale Materials Handling, Inc. and NMHG on August 31, 2014 after 31 years of service to the company and its predecessors. At the company, Mr. Wilson will hold the title of President and Chief Executive Officer of NMHG of the company. Mr. Wilson became President of the Americas in 2002, Vice President and Chief Operating Officer of NMHG in 2005 and President and Chief Operating Officer of NMHG in 2013.
Hyster-Yale Materials Handling, Inc. to Report Q2, 2014 Results on Jul 30, 2014
Jun 26 14
Hyster-Yale Materials Handling, Inc. announced that they will report Q2, 2014 results After-Market on Jul 30, 2014
Hyster-Yale Materials Handling, Inc. Presents at KeyBanc Capital Markets Industrial, Automotive & Transportation Conference, May-28-2014 03:00 PM
May 22 14
Hyster-Yale Materials Handling, Inc. Presents at KeyBanc Capital Markets Industrial, Automotive & Transportation Conference, May-28-2014 03:00 PM. Venue: InterContinental Hotel, Boston, Massachusetts, United States.