Hyster-Yale Materials Handling Inc has reported higher profit and lower sales in its first quarterly security filing as a stand-alone publicly traded company.
Nacco Industries Inc spun off
the business on 28 September through a tax-free dividend to Nacco stockholders.
For comparable third quarters ended 30 September, Hyster-Yale had profit of USD24.9 million on sales of USD585.6 million in 2012 versus profit of USD17.5 million on sales of USD628.8 million in 2011. For the same periods, Hyster-Yale shipped approximately 18,000 units in 2012 and 19,600 in 2011.
Hyster-Yale says the lower sales stemmed primarily from "unfavourable foreign currency movements mainly caused by a weakening of the Euro and Brazilian Real against the US dollar and a decline in unit volume, primarily in Europe and the Americas. The favorable effect of unit price increases implemented in 2011 and early 2012, primarily in Europe and the Americas, partially offset the decrease in revenue."
Hyster-Yale says its board of directors, at its first regularly scheduled meeting in mid-November, will evaluate and determine a dividend payout rate. The company adds: "In doing so, the board will consider the financial conditions of the business. Hyster-Yale's current intention is to pay regular quarterly dividends."
For the current fourth quarter, Hyster-Yale projects the global forklift market having "global volumes slightly down from the prior year".
For Hyster-Yale business amidst conflicting foreign market conditions, "the company anticipates a slight decrease in overall shipment levels and comparable parts volume in the 2012 fourth quarter compared with 2011 but an overall increase in shipments and parts volumes in all markets in 2013 compared with 2012, with the majority of this increase driven by the Americas".
Mayfield Heights-based Hyster-Yale through wholly owned operating subsidiary Nacco Materials Handling Group Inc designs, engineers, manufactures, sells and services forklift trucks and aftermarket parts under Hyster, Yale and Utilev brand names. The business introduced the Utilev-brand series of internal-combustion-engine utility forklifts in certain Latin American markets in mid-2011 and is adding the Utilev line gradually in additional global markets.