Why Shares of Hyster-Yale Are Soaring This Week
Providing a stark turnaround from its performance during the same period last year, Hyster-Yale (NYSE: HY) reported strong fourth-quarter 2022 financial results on Monday after the market closed. Investors were exuberant after learning of the company's recent performance and have lifted shares of the forklift and material handling equipment manufacturer higher throughout the week.
As of 12:36 p.m. ET, shares of Hyster-Yale have risen 47.2% since the end of last Friday's trading session, according to data provided by S&P Global Market Intelligence.
Setting a new company record for quarterly revenue, Hyster-Yale reported Q4 2022 consolidated revenue of $985.2 million, an 18.7% increase over what the company reported during the same period last year. Besides higher pricing, management attributed the sales growth to "favorable sales mix across all lift truck segments."
Source Fool.com
