Hyster-Yale Materials Handling, Inc. (NYSE: HY), a leading global manufacturer of lift trucks and materials handling equipment, reported disappointing financial results for the third quarter of 2024 ended September 30, 2024.

The company's revenue for the quarter increased by 1.5% year-over-year to $1.02 billion, but fell short of analysts' expectations of $1.06 billion. The revenue growth was primarily driven by higher average selling prices and a favorable sales mix shift, offset by lower overall sales volumes.

Hyster-Yale's net income attributable to stockholders for the quarter plunged 52% to $17.2 million, or $0.97 per diluted share, compared to $35.8 million, or $2.06 per diluted share, in the same period last year. The company's earnings per share missed the analyst consensus estimate of $1.97 by a significant margin.

The company's operating profit decreased by 44% to $33.1 million, primarily due to lower sales margins on parts, fleet services, and other revenues, as well as higher freight costs and other cost inflation-related variances. The operating profit margin declined to 3.3% from 5.8% in the prior-year quarter.

Hyster-Yale's management attributed the weaker-than-expected results to ongoing supply chain challenges, shipping delays on new products, and lower production rates, particularly in the company's EMEA (Europe, Middle East, and Africa) segment. Additionally, the company faced headwinds from elevated freight costs and other cost inflation-related factors.