Hyster-Yale Materials Handling Inc HY shares are trading higher by 18.69% to $38.73 Tuesday afternoon after the company reported better-than-expected fourth-quarter EPS and sales results.
What Happened?
Hyster-Yale reported quarterly earnings of 44 cents per share which beat the analyst consensus estimate of a loss of 22 cents. The company reported quarterly sales of $985.20 million which beat the analyst consensus estimate of $892.55 million by 10.4%. This sales figure is an 18.7% increase over sales of $829.70 million in the same period last year.
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Hyster-Yale additionally highlighted a consolidated operating profit of $19.8 million and consolidated net income of $7.6 million in Q4 2022 versus losses in Q3 2022 and Q4 2021 due to higher unit margins.
The company's average sales price per unit in backlog meanwhile increased 33.6% over Q4 2021 and 6.8% versus Q3 2022 as long-standing, lower-priced backlog orders were fulfilled.
According to data from Benzinga Pro, Hyster-Yale has a 52-week high of $39.76 and a 52-week low of $20.99.
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