CLEVELAND
, Nov. 18, 2024 /PRNewswire/ -- Hyster-Yale, Inc. (NYSE: HY) announced today that the Board of Directors authorized the repurchase of up to $50 million or 1.5 million shares, whichever comes first, of the Company's outstanding Class A Common Stock. "The Board of Directors' approval of this stock repurchase program reflects confidence in the Company's balance sheet and business outlook," said Rajiv K. Prasad, President and Chief Executive Officer of Hyster-Yale, Inc. "This stock repurchase authorization is well aligned with our capital allocation strategy designed to support long-term profitable growth and fuel shareholder return as the business generates free cash flow."
The timing and amount of repurchases will be determined by the Company's management based on a number of factors. The stock repurchase program does not require the Company to acquire any specific number of shares. It may be modified, suspended, extended or terminated by the Company at any time without prior notice and will expire no later than November 2027. The Company may repurchase shares in the open market, through privately negotiated transactions or otherwise. We expect that the repurchases will generally be executed through open-market purchases from time to time including pursuant to a Rule 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the Company might otherwise be prevented from doing so.
Hyster-Yale has approximately 17.5 million shares of common stock outstanding, 14.1 million shares of which are Class A Common Stock as of November 14, 2024.
Forward-looking Statements Disclaimer
The statements contained in this news release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth under the heading "Risk Factors" in Hyster-Yale's most recent 10-K filed with the Securities and Exchange Commission.
About Hyster-Yale, Inc.
Hyster-Yale, Inc., headquartered in Cleveland, Ohio, is a globally integrated company offering a full line of lift trucks and solutions, including attachments and hydrogen fuel cell power products aimed at meeting the specific materials handling needs of its customers. Hyster-Yale's vision is to transform the way the world moves materials from Port to Home and deliver on its customer promises of: (1) thoroughly understanding customer applications and offering optimal solutions that will improve productivity at the lowest cost of ownership, and (2) providing exceptional customer care to create increasing value from initial engagement through the product lifecycle.
The Company's wholly owned operating subsidiary, Hyster-Yale Materials Handling, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names. Subsidiaries of Hyster-Yale include Bolzoni S.p.A., a leading worldwide producer of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names and Nuvera Fuel Cells, LLC, an alternative-power technology company focused on fuel cell stacks and engines. Hyster-Yale also has an unconsolidated joint venture in Japan (Sumitomo NACCO). For more information about Hyster-Yale and its subsidiaries, visit the Company's website at www.hyster-yale.com.
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SOURCE Hyster-Yale, Inc.
