Hyster-Yale Materials Handling (HY) has reported an 81 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $18.10 million, or $1.10 a share in the quarter, compared with $10 million, or $0.61 a share for the same period last year. Revenue during the quarter grew 18.02 percent to $713.10 million from $604.20 million in the previous year period. Gross margin for the quarter expanded 148 basis points over the previous year period to 17.68 percent. Total expenses were 96.72 percent of quarterly revenues, down from 98.39 percent for the same period last year. This has led to an improvement of 168 basis points in operating margin to 3.28 percent.
Operating income for the quarter was $23.40 million, compared with $9.70 million in the previous year period.
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