Q1 2023 Highlights:
- Consolidated revenues of nearly $1
billion increased 21% over Q1 2022 due to higher pricing and
sales volumes, and an improved sales mix
- Consolidated operating profit of $42.6 million and consolidated net income of
$26.6 million compared with losses in
Q1 2022
- Lift Truck operating profit of $47.8
million and 5% operating margin were significantly ahead of
expectations despite continued production challenges and currency
headwinds
- Average sales price per backlog unit increased nearly 34%
over Q1 2022 and 2% over Q4 2022
- Bolzoni operating profit of $4.4
million more than doubled from Q1 2022
Full-Year 2023 Outlook:
- Substantial consolidated net income is expected for 2023
full year as a result of significantly improved profitability at
the Lift Truck and Bolzoni businesses compared with 2022
CLEVELAND, May 2, 2023
/PRNewswire/ -- Hyster-Yale Materials Handling, Inc. (NYSE: HY)
reported the following consolidated results for the three months
ended March 31, 2023:
|
Three Months Ended
|
($ in millions except per share
amounts)
|
3/31/23
|
|
3/31/22
|
|
Change
Fav (Unfav)
|
|
Revenues
|
$999.3
|
|
$827.6
|
|
$171.7
|
|
Operating Profit
(Loss)
|
$42.6
|
|
$(18.3)
|
|
$60.9
|
|
Net Income
(Loss)
|
$26.6
|
|
$(25.0)
|
|
$51.6
|
|
Diluted Earnings (Loss)
/share
|
$1.55
|
|
$(1.48)
|
|
$3.03
|
|
Lift Truck Business Results
Revenues and shipments by
geographic segment were as follows:
($ in
millions)
|
Q1
2023
|
|
Q1 2022
|
|
Change
Fav (Unfav)
|
|
Revenues
|
$948.7
|
|
$779.1
|
|
$169.6
|
|
Americas(1)
|
$685.9
|
|
$557.7
|
|
$128.2
|
|
EMEA(1)
|
$214.9
|
|
$169.7
|
|
$45.2
|
|
JAPIC(1)
|
$47.9
|
|
$51.7
|
|
$(3.8)
|
|
|
(1) The Americas
segment includes the North America, Latin America and Brazil
markets, EMEA includes operations in the Europe, Middle East and
Africa markets, and JAPIC includes operations in the Asia and
Pacific markets, including China.
|
|
(Rounded to nearest
hundred)
|
Q1
2023
|
|
Q1 2022
|
|
Change
Fav (Unfav)
|
|
Q4 2022
|
|
Change
Fav (Unfav)
|
Unit
Shipments
|
25,200
|
|
23,900
|
|
1,300
|
|
27,100
|
|
(1,900)
|
Americas
|
16,100
|
|
14,600
|
|
1,500
|
|
16,000
|
|
100
|
EMEA
|
6,800
|
|
6,500
|
|
300
|
|
7,800
|
|
(1,000)
|
JAPIC
|
2,300
|
|
2,800
|
|
(500)
|
|
3,300
|
|
(1,000)
|
First-quarter 2023 lift truck revenues increased by 21.8%
compared with the prior year first quarter while consolidated unit
shipments increased by 5.4%. Revenue growth outpaced shipment
growth as previously implemented price increases, designed to
offset significant cost inflation in 2021 and 2022, were realized.
Higher parts volumes and a favorable shift in sales mix, primarily
to higher-priced Class 1 and Class 5 trucks, including Big Trucks,
also contributed to the revenue growth. Unfavorable currency
movements due to a stronger U.S. dollar compared with the prior
year were a $14.2 million headwind in
the quarter, primarily in EMEA.
Unit shipments decreased 7% from fourth-quarter 2022 as a result
of fewer shipments in EMEA and JAPIC. While supply challenges in
the Americas have moderated, continued difficulties sourcing
certain critical components, particularly in EMEA, and labor
shortages for skilled positions hampered first-quarter 2023
production rates and shipments.
Gross profit and operating profit (loss) by geographic segment
were as follows:
($ in
millions)
|
Q1
2023
|
|
Q1 2022
|
|
Change
Fav (Unfav)
|
|
Gross
Profit
|
$155.6
|
|
$85.9
|
|
$69.7
|
|
Americas
|
$121.2
|
|
$67.0
|
|
$54.2
|
|
EMEA
|
$26.9
|
|
$14.4
|
|
$12.5
|
|
JAPIC
|
$7.5
|
|
$4.5
|
|
$3.0
|
|
Operating Profit
(Loss)
|
$47.8
|
|
$(10.7)
|
|
$58.5
|
|
Americas
|
$47.5
|
|
$4.4
|
|
$43.1
|
|
EMEA
|
$2.6
|
|
$(11.4)
|
|
$14.0
|
|
JAPIC
|
$(2.3)
|
|
$(3.7)
|
|
$1.4
|
|
For the first quarter of 2023, the Lift Truck business reported
significantly higher gross and operating profits compared with the
prior year period. This better-than-expected performance resulted
in a 5% operating profit margin. Improvements over the prior year
were led by pricing benefits of $74.3
million, favorable sales mix, higher parts volumes and
elevated fleet revenues. Gross and operating profits improved
despite a nearly $21 million increase
in material and freight costs compared to the prior year. Higher
operating expenses, including employee-related costs, and
$5.2 million of unfavorable currency
effects partly offset the profit improvements.
The Company continues to make steady progress reducing the
number of lower-priced units, booked in prior years in its extended
backlog. First-quarter 2023 margin growth was constrained due to
the production and shipment of a number of these lower-margin
backlog units during the quarter as component availability
improved.
Geographically, the Americas reported revenues of $685.9 million and a $43.1
million operating profit improvement compared with the 2022
first quarter. These improvements stemmed from higher lift truck
pricing, favorable sales mix, increased parts volumes and
manufacturing efficiencies tied to higher production volumes. These
improvements more than offset the combination of material cost
inflation, higher employee-related costs and unfavorable currency
movements. First-quarter 2022 results included $3.5 million of tariff recovery income.
EMEA reported operating profit of $2.6
million in first-quarter 2023, returning to profitability
for the first time since second-quarter 2021. Benefits achieved
from price increases, favorable sales mix and lower manufacturing
costs more than offset material cost inflation of $17.5 million and unfavorable currency movements
compared with the prior year first quarter. Inflation and supply
chain challenges continue to constrain the Company's efforts to
increase production levels and further recover margins. In this
context, EMEA is taking longer than planned to work through its
aged backlog and achieve significant margin improvement, despite
higher prices offsetting material inflation.
Operating results in JAPIC improved as a result of a favorable
sales mix and higher pricing that more than offset increased costs
and the impact of lower unit volumes.
Bolzoni Results
($ in
millions)
|
Q1
2023
|
|
Q1 2022
|
|
Change
Fav (Unfav)
|
|
Revenues
|
$98.6
|
|
$95.1
|
|
$3.5
|
|
Gross Profit
|
$20.7
|
|
$18.8
|
|
$1.9
|
|
Operating
Profit
|
$4.4
|
|
$2.1
|
|
$2.3
|
|
Bolzoni's 2023 first quarter revenues increased modestly, while
operating profit more than doubled compared with the first quarter
of 2022. The improvement in both revenues and operating profit was
driven primarily by price increase benefits combined with higher
sales volumes. Lower material, freight and manufacturing costs also
contributed to the significant increase in operating profit.
Nuvera Results
($ in
millions)
|
Q1
2023
|
|
Q1 2022
|
|
Change
Fav (Unfav)
|
|
Revenues
|
$1.6
|
|
$0.6
|
|
$1.0
|
|
Gross Profit
(Loss)
|
$(2.1)
|
|
$(1.9)
|
|
$(0.2)
|
|
Operating
Loss
|
$(9.8)
|
|
$(8.1)
|
|
$(1.7)
|
|
Nuvera's first-quarter 2023 revenues increased primarily as a
result of after-market component and engine sales to the Lift Truck
Business, as well as increased sales to third parties.
Nuvera's first-quarter 2023 operating loss was higher than the
first-quarter 2022 largely due to increased product development
costs and higher employee-related costs.
Balance Sheet and Liquidity
As of March 31, 2023, the Company's cash on hand was
$64.6 million and debt was
$560.6 million compared with cash on
hand of $59.0 million and debt of
$552.9 million at December 31, 2022. Net debt was comparable
between periods, but the debt to total capital ratio improved by
400 basis points compared with December 31,
2022 due to significantly higher profitability.
The Company had unused borrowing capacity of approximately
$186 million under its revolving
credit facilities as of March 31,
2023, compared with $183
million on December 31,
2022.
The Company remains focused on reducing inventory days on hand
as production rates increase. Total inventory increased in
first-quarter 2023 compared with the prior year primarily due to
higher finished goods inventory caused by elevated production
levels late in the quarter, which led to trucks completed but not
yet shipped. Raw material and component parts inventory at the end
of first-quarter 2023 decreased compared with the prior year.
Market Commentary
The global economic outlook remains
constrained and economic activity appears to be decelerating in
many parts of the world. This deceleration is due to several
factors, including tight monetary policies, designed to contain
inflation, in many countries, continued supply chain disruptions
and the likelihood of increased unemployment rates as companies
reduce expenses. Despite these challenges, the U.S. economy was
more resilient in the 2023 first quarter than anticipated after a
fourth quarter that included signs of a steeper potential downturn.
The latest publicly available lift truck market data indicates that
new unit, fourth-quarter 2022 booking activity decreased in all
major geographies, particularly EMEA, compared with high prior-year
levels. Internal company estimates suggest that the global lift
truck market decline continued in the first quarter of 2023 with
all major geographies experiencing booking declines compared with
the prior-year quarter. Despite the decreases, market levels appear
to be stronger than anticipated.
Looking ahead, the Company expects the global lift truck market
to decline in all regions for the full-year 2023 compared with
2022. By pre-pandemic historical standards, 2023's global market
unit volumes are expected to remain relatively strong in all
regions except EMEA.
Several years of extraordinary lift truck market growth led to
very significant supplier capacity constraints. A moderate market
slowdown could put the lift truck component supply base in a
position to meet their supply requirements more efficiently and
effectively and allow the Company to work down its extended backlog
more quickly.
Operational Perspectives - Lift Truck Business
Lift
truck unit bookings and backlog were as follows:
($ in millions,
except Avg. sales price)
|
Q1
2023
|
|
Q1 2022
|
Q1 '23 vs '22
Fav (Unfav)
|
Q4 2022
|
Q1 '23 vs Q4 '22
Fav (Unfav)
|
Unit
Bookings
|
22,300
|
|
35,900
|
(13,600)
|
21,000
|
1,300
|
Unit Bookings $
Value
|
$690
|
|
$950
|
$(260)
|
$690
|
$—
|
Average Sales
Price/Unit booked
|
$30,942
|
|
$26,462
|
$4,480
|
$32,857
|
$(1,915)
|
Unit
Backlog**
|
99,200
|
|
114,100
|
(14,900)
|
102,100
|
(2,900)
|
Unit Backlog $
Value**
|
$3,690
|
|
$3,170
|
$510
|
$3,730
|
$(50)
|
Average Sales
Price/Unit of backlog
|
$37,198
|
|
$27,783
|
$9,314
|
$36,533
|
$564
|
|
**March 31, 2023 and
December 31, 2022 Unit Backlogs were reduced by 2,600 units and
Unit Backlog $ Values have been reduced by $48 million and $43
million, respectively, while March 31, 2022 Unit Backlog and Unit
Backlog $ Value were reduced by 3,200 units and $54 million,
respectively, due to suspended orders from Russian dealers for
which the Company currently has no defined fulfillment
plans.
|
First-quarter 2023 lift truck bookings decreased significantly
from robust prior-year levels due to several factors, including a
declining, but still large, global market and a focus on booking
orders with strong margins in the context of the Company's extended
lead times. First-quarter 2023 bookings increased moderately from
fourth-quarter 2022 driven by better-than-expected market
conditions and bookings performance in the Americas. Looking
forward, 2023 bookings' levels are expected to decrease
year-over-year due to the moderating market outlook and the
Company's continued focus on balancing higher-margin units with the
need to maintain a full production pipeline for each of its product
lines across its facilities. Together, the anticipated bookings'
decreases and planned production increases should help the Company
further reduce its backlog, which has now decreased over 13% from
its peak in the first-quarter 2022.
Full-year 2023 production and shipment volumes are expected to
increase compared with 2022, reducing extended lead times as a
result of anticipated reduced bookings and continued supply chain
improvements. Despite the lower booking rate and expected
production improvements, lead times and backlog levels will likely
remain above desired levels for some time. However, this extended
backlog should serve as a shock absorber for the business if
bookings decline more sharply as 2023 progresses.
The trend toward higher average prices and margins for both unit
bookings and backlog continued in the first quarter largely due to
enhanced pricing and order selectivity. The Company continues to
experience material and labor cost increases, but the rate of
increase has slowed substantially. Forward economic indicators
suggest inflationary pressures are abating and cost inflation is
expected to moderate throughout 2023. To offset the substantial
inflationary pressure that occurred in 2021 and 2022, the Lift
Truck business implemented several price increases. As of
March 31, 2023, the Company has
worked through a high proportion of its lower-priced, lower-margin
backlog units booked before these price increases went into effect.
In 2023, the Company expects a positive price-to-cost ratio, in
part to address ongoing cost increases in certain areas. The
Company will continue to monitor material and labor costs closely,
as well as the impact of tariffs, and adjust forward pricing
accordingly. As a result of slowing cost inflation and the current
higher-priced backlog, the Company believes average unit margins
will increase significantly in aggregate in 2023 compared to 2022.
That improvement is expected to continue into 2024 as newer
bookings, with higher margins, are scheduled for production.
The factors outlined above, as well as the benefits from the
Company's maturing strategic initiatives, are expected to lead to a
significant revenue increase and a substantial operating profit in
2023. The Lift Truck business first-quarter 2023 operating profit
increased more than the Company anticipated. However,
second-quarter 2023 Lift Truck operating profit is expected to
decrease compared with first-quarter 2023 but significantly exceed
fourth-quarter 2022 results. The expected decrease in the second
quarter from first-quarter 2023 is due in part to an expected shift
in mix toward lower margin sales channels. Second-half 2023
operating profit is expected to be comparable to the first half of
the year. However, these forecasts are highly sensitive to the
effect of various factors, particularly those that impact global
supply chains and production capabilities.
Strategic Perspectives - Lift Truck
From a broad
perspective, the Lift Truck business has three core strategies that
are expected to transform the Company's competitiveness, market
position and economic performance over time:
- To provide the lowest cost of ownership while improving
customer productivity, including for low-intensity applications.
The Lift Truck business' capabilities in this area are expected to
be enhanced by bringing to market a wide variety of vehicle
innovations including: new modular and scalable product families,
truck electrification projects and technology advancements in
product automation, power options, telemetry and operator assist
systems;
- Be the leader in the delivery of industry- and customer-focused
solutions by transforming the Company's sales approach to meet a
wide variety of customer needs across a broad set of end markets;
and
- Be the leader in independent distribution by focusing on
effectively coordinating dealer and major account coverage,
enhancing dealer excellence and ensuring outstanding dealer
ownership globally.
The Company continues to make progress on its high priority
projects. The Lift Truck business launched its first modular,
scalable lift trucks to the EMEA and Americas markets in 2022.
Given the current extended backlog, the production ramp-up for this
new product line is occurring gradually. The Company expects to
launch these products in the JAPIC market in mid-to-late 2023.
In addition to the new modular, scalable product lines, the Lift
Truck business also has key projects geared toward electrification
of applications now dominated by internal combustion engine trucks,
as well as technology advancements in power options, automation
product options, telemetry and operator assist systems. The Company
delivered its first electrified fuel cell Container Handler to the
Port of Los Angeles for testing in
late 2022. In the first half of 2023, it anticipates delivering an
electrified fuel cell Reach Stacker to the Port of Valencia, Spain, and in mid-to-late 2023
delivering a new electrified fuel cell Terminal Tractor and an
electrified fuel cell empty container handler to a customer in
Hamburg, Germany. The Company is
also exploring options for other electrification projects within
the European Union.
Operational and Strategic Perspectives - Bolzoni
Building on its first-quarter 2023 performance, over the remainder
of 2023 Bolzoni expects component shortages to continue moderating.
Increased pricing is expected to offset higher input costs across
2023. As a result, margins are expected to improve year-over-year,
leading to a significantly higher 2023 full-year operating profit
compared with 2022, in large part due to the strong first-quarter
2023 performance.
Bolzoni's core strategy is to be the leader in the Attachments
business. In this context, Bolzoni continues to concentrate on
driving its "One Company - 3 Brands" approach globally, increasing
its Americas business and focusing on strengthening its ability to
serve key attachment industries and customers in all global
markets. As part of this approach, Bolzoni also intends to increase
its sales, marketing and product support capabilities in
North America and Europe to support its industry-specific sales
strategy.
Operational and Strategic Perspectives -
Nuvera
Nuvera's core strategy is to be a leader in the fuel
cell business. Nuvera continues to focus on placing 45kW and 60kW
fuel cell engines in niche, heavy-duty vehicle applications for
which battery-only electrification will not provide an adequate
solution. As a result, these applications are expected to have
significant and nearer-term fuel cell adoption potential, at the
same time that Nuvera is shifting from a product to
solution-selling emphasis. Nuvera has announced several projects
with various third parties to test Nuvera® engines in
targeted applications, including the Port of Los Angeles, which began testing in late 2022,
and in multiple European ports, which are expected to begin testing
in 2023. Nuvera is also developing a new, larger 125kW fuel cell
engine for heavier-duty applications and plans to launch 360kW and
470kW modular fuel cell-powered generators for stationary
applications.
In 2023, Nuvera expects continued focus on increasing customer
product demonstrations and customer bookings. Nuvera is expanding
its presence in Europe and
China. Shipments in the first
quarter of 2023 were for demonstrations of its 45kW and 60kW fuel
cell engines for bus, power supply and port equipment applications.
Recurring orders for current customers are booked for the 2023
second and third quarters and are expected to result in higher
sales in the latter half of the year. Overall, in the context of
moderately higher costs, the business is expected to generate a
loss in 2023 comparable to 2022 but the increased volume of engine
demonstrations should significantly enhance the foundation for
future technology adoption and improved financial returns.
Consolidated Outlook
The Company is nearing completion
of its program to build out the lower-priced, lower-margin backlog
units held over from prior periods. As a result, continued margin
expansion is expected to lead to substantial operating profit and
net income for the 2023 full year, as well as solid progress toward
the Company's 7% operating profit margin goals at both the Lift
Truck and Bolzoni businesses. These expectations are based on the
Company's ability to effectively manage its ongoing component and
labor costs, increase its production levels and achieve reasonably
stable material and freight costs.
The programs to reduce inventory and to generate cash are
expected to show substantial progress in the second half of 2023.
The Company is committed to enhancing its cash flows through its
ongoing action plans and continued discipline over capital
expenditures and operating expenses. Capital expenditures are
expected to be approximately $66
million for full-year 2023, with spending more heavily
weighted toward the second half of the year. This full-year
increase compares to significantly restrained 2022 levels and is
necessary to adequately maintain the Company's facilities and
product development programs. Working capital continues to be an
area of intense focus for the Company. Inventory levels remain
elevated and above pre-pandemic levels as a result of slow
component parts consumption due to prior-period production delays.
Efforts to maximize the use of on-hand inventory, coupled with
material purchases below expected production rates, are expected to
help reduce excess inventory levels throughout the Company in the
remaining 2023 quarters. Supply constraints continue to be an issue
periodically, but the Company expects continued improvements as
2023 progresses. As a result of these actions, the Company expects
a significant increase in cash flow before financing activities for
the full-year 2023 compared with 2022.
*****
Conference Call
In conjunction with this news release,
the management of Hyster-Yale Materials Handling, Inc. will host a
conference call on Wednesday, May 3,
2023 at 11:00 a.m. Eastern
Time. To participate in the live call, please register more
than 15 minutes in advance at
https://www.netroadshow.com/events/login?show=c87b56d8&confId=48921 to
obtain the dial-in information and conference call access codes.
For those not planning to ask a question of management, the Company
recommends listening to the call via the online webcast, which can
be accessed through Hyster-Yale's website at
https://www.hyster-yale.com/investors. Please allow 15 minutes to
register, download and install any necessary audio software
required to listen to the webcast. A replay of the conference call
will be available shortly after the call ends through May 10, 2023. An archive of the webcast will also
be available on the Company's website two hours after the live call
ends. Further information regarding the Company's strategic
initiatives can also be found in the Company's Q1 2023 Investor
Deck that will be made available on the Hyster-Yale website.
Non-GAAP and Other Measures
This release contains
non-GAAP financial measures. Included in this release are
reconciliations of these non-GAAP financial measures to the most
directly comparable financial measures calculated in accordance
with U.S. generally accepted accounting principles ("GAAP"). EBITDA
in this press release is provided solely as supplemental non-GAAP
disclosures of operating results. EBITDA does not represent
operating profit (loss) or net income (loss), as defined by U.S.
GAAP, and should not be considered as a substitute for operating
profit (loss) or net income (loss). Hyster-Yale defines EBITDA as
income (loss) before income taxes and noncontrolling interest
income and dividends plus net interest expense and depreciation and
amortization expense. EBITDA is not a measurement under U.S. GAAP
and is not necessarily comparable with similarly titled measures of
other companies. Management believes that EBITDA assists investors
in understanding the results of operations of the Company. In
addition, management evaluates results using EBITDA.
For purposes of this news release, discussions about net income
(loss) refer to net income (loss) attributable to stockholders.
Forward-looking Statements Disclaimer
The statements
contained in this news release that are not historical facts are
"forward-looking statements." 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. Among the factors that could cause plans, actions and
results to differ materially from current expectations are, without
limitation: (1) delays in delivery and other supply chain
disruptions, or increases in costs as a result of inflation or
otherwise, including materials and transportation costs and
shortages, the imposition of tariffs, or the renewal of tariff
exclusions, on raw materials or sourced products, and labor, or
changes in or unavailability of quality suppliers or transporters,
including the impacts of the foregoing risks on the Company's
liquidity, (2) delays in manufacturing and delivery schedules, (3)
customer acceptance of pricing, (4) the ability of Hyster-Yale and
its dealers, suppliers and end-users to access credit in the
current economic environment, or obtain financing at reasonable
rates, or at all, as a result of interest rate volatility and
current economic and market conditions, including inflation, (5)
reduction in demand for lift trucks, attachments and related
aftermarket parts and service on a global basis, including any
reduction in demand as a result of an economic recession, (6)
unfavorable effects of geopolitical and legislative developments on
global operations, including without limitation the entry into new
trade agreements and the imposition of tariffs and/or economic
sanctions, as well as armed conflicts, including the Russia/Ukraine conflict, and their regional effects,
(7) exchange rate fluctuations, interest rate volatility and
monetary policies and other changes in the regulatory climate in
the countries in which the Company operates and/or sells products,
(8) the effectiveness of the cost reduction programs implemented
globally, including the successful implementation of procurement
and sourcing initiatives, (9) the successful commercialization of
Nuvera's technology, (10) the political and economic uncertainties
in the countries where the Company does business, as well as the
effects of any withdrawals from such countries, (11) bankruptcy of
or loss of major dealers, retail customers or suppliers, (12)
customer acceptance of, changes in the costs of, or delays in the
development of new products, (13) introduction of new products by,
more favorable product pricing offered by or shorter lead times
available through competitors, (14) product liability or other
litigation, warranty claims or returns of products, (15) changes
mandated by federal, state and other regulation, including tax,
health, safety or environmental legislation, (16) the ability to
attract, retain, and replace workforce and administrative
employees, (17) disruptions resulting from natural disasters,
public health crises, political crises or other catastrophic
events, and (18) the ability to protect the Company's information
technology infrastructure against service interruptions, data
corruption, cyber-based attacks or network breaches.
About Hyster-Yale Materials Handling, Inc.
Hyster-Yale
Materials Handling, Inc., headquartered in Cleveland, Ohio, offers a broad array of
solutions to meet the specific materials handling needs of
customers' applications. The Company's wholly owned operating
subsidiary, Hyster-Yale Group, 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
Group 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.
*****
HYSTER-YALE
MATERIALS HANDLING, INC.
|
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
Three Months
Ended
|
|
March 31
|
|
2023
|
|
2022
|
|
(In millions, except
per share data)
|
|
|
|
|
Revenues
|
$
999.3
|
|
$
827.6
|
Cost of
sales
|
824.9
|
|
726.4
|
Gross
Profit
|
174.4
|
|
101.2
|
Selling, general and
administrative expenses
|
131.8
|
|
119.5
|
Operating Profit
(Loss)
|
42.6
|
|
(18.3)
|
Other (income)
expense
|
|
|
|
Interest expense
|
10.2
|
|
5.1
|
Income from unconsolidated affiliates
|
(1.8)
|
|
(2.9)
|
Other, net
|
(1.7)
|
|
0.8
|
Income (Loss) before
Income Taxes
|
35.9
|
|
(21.3)
|
Income tax
expense
|
8.7
|
|
2.9
|
Net income attributable
to noncontrolling interests
|
(0.2)
|
|
(0.8)
|
Net income attributable
to redeemable noncontrolling interests
|
(0.2)
|
|
—
|
Accrued dividend to
redeemable noncontrolling interests
|
(0.2)
|
|
—
|
Net Income (Loss)
Attributable to Stockholders
|
$
26.6
|
|
$
(25.0)
|
|
|
|
|
Basic Earnings
(Loss) per Share
|
$
1.56
|
|
$
(1.48)
|
|
|
|
|
Diluted Earnings
(Loss) per Share
|
$
1.55
|
|
$
(1.48)
|
|
|
|
|
Basic Weighted
Average Shares Outstanding
|
17.049
|
|
16.849
|
Diluted Weighted
Average Shares Outstanding
|
17.214
|
|
16.849
|
|
|
|
|
EBITDA
RECONCILIATION
|
|
Quarter
Ended
|
|
|
|
6/30/2022
|
|
9/30/2022
|
|
12/31/2022
|
|
3/31/2023
|
|
LTM
3/31/2023
|
|
(In
millions)
|
Net Income (Loss)
Attributable to Stockholders
|
$
(19.4)
|
|
$
(37.3)
|
|
$
7.6
|
|
$
26.6
|
|
$
(22.5)
|
Noncontrolling interest
income and dividends
|
0.7
|
|
0.7
|
|
0.3
|
|
0.6
|
|
2.3
|
Income tax expense
(benefit)
|
(3.1)
|
|
4.2
|
|
5.2
|
|
8.7
|
|
15.0
|
Interest
expense
|
6.1
|
|
7.7
|
|
9.5
|
|
10.2
|
|
33.5
|
Interest
income
|
(0.2)
|
|
(0.4)
|
|
(0.3)
|
|
(0.6)
|
|
(1.5)
|
Depreciation and
amortization expense
|
11.0
|
|
10.9
|
|
10.4
|
|
11.2
|
|
43.5
|
EBITDA*
|
$
(4.9)
|
|
$
(14.2)
|
|
$
32.7
|
|
$
56.7
|
|
$
70.3
|
|
|
|
|
|
|
|
|
|
|
*EBITDA in this press
release is provided solely as a supplemental disclosure. EBITDA
does not represent net income (loss), as defined by
U.S. GAAP, and should not be considered as a substitute for net
income or net loss, or as an indicator of operating performance.
Hyster-
Yale defines EBITDA as income (loss) before income taxes and
noncontrolling interest income and dividends plus net interest
expense and
depreciation and amortization expense. EBITDA is not a measurement
under U.S. GAAP and is not necessarily comparable with
similarly
titled measures of other companies.
|
HYSTER-YALE
MATERIALS HANDLING, INC.
|
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
Three Months
Ended
|
|
March 31
|
|
2023
|
|
2022
|
|
(In
millions)
|
Revenues
|
|
|
|
Americas
|
$
685.9
|
|
$
557.7
|
EMEA
|
214.9
|
|
169.7
|
JAPIC
|
47.9
|
|
51.7
|
Lift Truck
Business
|
$
948.7
|
|
$
779.1
|
Bolzoni
|
98.6
|
|
95.1
|
Nuvera
|
1.6
|
|
0.6
|
Eliminations
|
(49.6)
|
|
(47.2)
|
Total
|
$
999.3
|
|
$
827.6
|
|
|
|
|
Gross profit
(loss)
|
|
|
|
Americas
|
$
121.2
|
|
$
67.0
|
EMEA
|
26.9
|
|
14.4
|
JAPIC
|
7.5
|
|
4.5
|
Lift Truck
Business
|
$
155.6
|
|
$
85.9
|
Bolzoni
|
20.7
|
|
18.8
|
Nuvera
|
(2.1)
|
|
(1.9)
|
Eliminations
|
0.2
|
|
(1.6)
|
Total
|
$
174.4
|
|
$
101.2
|
|
|
|
|
Operating profit
(loss)
|
|
|
|
Americas
|
$
47.5
|
|
$
4.4
|
EMEA
|
2.6
|
|
(11.4)
|
JAPIC
|
(2.3)
|
|
(3.7)
|
Lift Truck
Business
|
$
47.8
|
|
$
(10.7)
|
Bolzoni
|
4.4
|
|
2.1
|
Nuvera
|
(9.8)
|
|
(8.1)
|
Eliminations
|
0.2
|
|
(1.6)
|
Total
|
$
42.6
|
|
$
(18.3)
|
HYSTER-YALE
MATERIALS HANDLING, INC.
|
FINANCIAL
HIGHLIGHTS
|
|
|
CASH FLOW, CAPITAL
STRUCTURE AND WORKING CAPITAL
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
March 31
|
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
(In
millions)
|
Net cash provided by
operating activities
|
|
|
|
$
9.0
|
|
$
59.1
|
Net cash used for
investing activities
|
|
|
|
|
(5.0)
|
|
(9.3)
|
Cash Flow Before Financing Activities
|
|
|
|
|
$
4.0
|
|
$
49.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2023
|
|
December 31,
2022
|
|
September 30,
2022
|
|
June 30,
2022
|
|
(In
millions)
|
Debt
|
$
560.6
|
|
$
552.9
|
|
$
545.0
|
|
$
580.6
|
Cash
|
64.6
|
|
59.0
|
|
68.6
|
|
75.6
|
Net Debt
|
$
496.0
|
|
$
493.9
|
|
$
476.4
|
|
$
505.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2023
|
|
December 31,
2022
|
|
September 30,
2022
|
|
June 30,
2022
|
|
(In
millions)
|
Accounts
Receivable
|
$
535.9
|
|
$
523.6
|
|
$
460.1
|
|
$
531.2
|
Inventory
|
854.7
|
|
799.5
|
|
779.0
|
|
790.2
|
Accounts
Payable
|
627.6
|
|
607.4
|
|
552.9
|
|
569.5
|
Working
Capital
|
$
763.0
|
|
$
715.7
|
|
$
686.2
|
|
$
751.9
|
|
|
|
|
|
|
|
|
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SOURCE Hyster-Yale Materials Handling, Inc.