Why Hyster-Yale Materials Handling Inc Stock Soared Today

By Travis Hoium Markets Fool.com

What happened

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Shares of lift-truck maker Hyster-Yale Materials Handling Inc (NYSE: HY) jumped as much as 19.8% in trading Tuesday after the company reported first-quarter 2017 earnings. At 12:20 p.m. EDT, shares were still up an impressive 14.8% on the day.

So what

Revenue was up 18% to $713.1 million in the quarter and net income jumped 81% to $18.1 million, or $1.10 per share. Lift-truck improvement helped drive results, with unit shipments jumping to 23,300 from 20,500 a year ago.

Image source: Getty Images.

Analyst were only expecting $668.3 million in revenue and $0.53 per share in earnings, so Hyster-Yale's performance easily topped expectations.

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Now what

Numbers were strong across the board, and the Americas are pushing results higher right now. Strong bookings of 23,700 units, worth about $550 million, should also help steer the company to good results throughout 2017. Momentum in the economy appears to be helping drive demand for lift trucks, and right now the future still looks bright. That bullishness is what's helping financial results and sending Hyster-Yale's shares higher today.

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Travis Hoium has no position in any stocks mentioned. The Motley Fool recommends Hyster-Yale Materials Handling. The Motley Fool has a disclosure policy.