CLEVELAND - Hyster-Yale, Inc. (NYSE: HY), a global company specializing in lift trucks and materials handling solutions, has declared a regular cash dividend for its shareholders. The dividend, set at 35 cents per share, will be applicable to both Class A and Class B Common Stock. This dividend is scheduled to be distributed on September 13, 2024, to shareholders who are on record as of the close of business on August 30, 2024.
The company, with its headquarters in Cleveland, Ohio, operates on a global scale, providing a comprehensive range of lift trucks, attachments, and hydrogen fuel cell power products. These offerings are designed to cater to the specific needs of Hyster-Yale's customers, with a focus on enhancing productivity at a minimal cost of ownership. Additionally, the company emphasizes exceptional customer care throughout the product lifecycle.
Hyster-Yale's primary subsidiary, Hyster-Yale Materials Handling (NYSE:HY), Inc., is responsible for the design, engineering, manufacturing, sales, and service of a broad lineup of lift trucks and aftermarket parts. These products are marketed globally under the well-known brand names Hyster® and Yale®. The company's portfolio includes Bolzoni S.p.A., a prominent producer of attachments, forks, and lift tables, as well as Nuvera Fuel Cells, LLC, a company dedicated to fuel cell technology. Hyster-Yale also maintains a joint venture in Japan, Sumitomo NACCO.
The announcement of this dividend payment is based on a press release statement from Hyster-Yale, Inc. Investors and stakeholders can view the original content and find further information about the company and its subsidiaries on the Hyster-Yale website.
In other recent news, Hyster-Yale Inc. has reported a strong performance in its second quarter, witnessing a 7% rise in its consolidated revenue, which reached approximately $1.2 billion. The company's operating profit for the quarter was around $96 million. Despite a global market decline, Hyster-Yale expects to increase its market share in the Americas. However, its subsidiary, Nuvera, saw a decline in revenue due to industry-wide hydrogen supply constraints.
In the face of these developments, Hyster-Yale is optimizing its manufacturing and supply chain, aiming to reduce suppliers by 70% within four years. The company's backlog, valued at around $2.5 billion, is expected to be worked through in the coming quarters. Looking forward, Hyster-Yale anticipates improved financial results for the full year of 2024, with increased revenue and lower operating expenses. Lastly, the company has plans to launch a new generator product in early 2025 following positive feedback on a prototype.
InvestingPro Insights
Hyster-Yale, Inc. (NYSE: HY) continues to demonstrate its commitment to delivering shareholder value, as evidenced by its recent dividend announcement. With a track record of maintaining dividend payments for 13 consecutive years and a recent declaration of a regular cash dividend of 35 cents per share, the company's stability in rewarding its investors is clear. This is particularly notable in light of the company's relatively low earnings multiple, with a P/E ratio of 5.79 and an adjusted P/E ratio for the last twelve months as of Q2 2024 at 5.87, suggesting the stock may be undervalued relative to its earnings.
Despite recent market volatility where the stock has seen a 13.21% decline over the last month and a more significant 21.39% drop over the past three months, InvestingPro Tips indicate that analysts predict Hyster-Yale will be profitable this year. The company has indeed been profitable over the last twelve months, with a robust revenue growth of 8.63% in that period, signaling a potential opportunity for investors considering the long-term growth and profitability of the company.
For those interested in a deeper dive into Hyster-Yale's financial health and future prospects, there are additional InvestingPro Tips available at https://www.investing.com/pro/HY. With these insights, investors can make more informed decisions about whether Hyster-Yale fits into their investment strategy.
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