Hyster-Yale Materials Handling Inc. (HY) reported third-quarter net income attributable to shareholders of $28.4 million or $1.70 per share, up from $23.5 million or $1.40 per share in the same period last year.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $1.47 per share for the quarter. Analysts estimates typically exclude one-time items.
Revenues for the quarter grew 8 percent to $695.8 million from $643.9 million in the year-ago period. Analysts had a consensus revenue estimate of $669.90 million for the quarter.
The growth in revenues was primarily due to a shift in sales to higher-priced lift trucks in the Americas and an increase in unit volumes, mainly in North America and Europe, partially offset by a decrease in units sold in Brazil.
In addition, an increase in parts revenue and the effect of translating sales in foreign currencies into U.S. dollars in all geographic regions also contributed to the increase in revenues.
Looking ahead, Hyster-Yale Materials forecasts net income for the fourth quarter to improve compared with the year-ago quarter. Street expects the company to earn $1.77 per share for the quarter.
Excluding a $17.7 million gain on sale of the Brazil plant realized in 2014, the company forecasts 2015 net income to decline moderately from 2014 primarily as a result of higher interest expense. Analysts expect the company to report earnings of $5.82 per share for the year.
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