Highlights:
- Q1 2022 revenues increased 13.0% over Q1 2021 due to a 7.2%
increase in consolidated shipments primarily as a result of an
18.7% increase in Americas lift truck shipments
- Comparable revenues, favorable sales mix and the
reinstatement of tariff exclusions led to improved Q1 2022 gross
margins compared with Q4 2021
- Q1 2022 results were better than expected in the Q4 2021
earnings release, but remained unprofitable with a consolidated
operating loss of $18.3 million and a
consolidated net loss of $25.0
million due to the following:
-
- Material and freight cost inflation, unfavorable
manufacturing variances resulting from component shortages, charges
of $3.2 million to establish reserves
on Russian inventory and receivables, increased operating expenses,
and
- Valuation allowances taken in 2021 that result in zero tax
benefits on jurisdictions with losses but income tax expense in
jurisdictions with income
- Lift Truck market growth rates moderated from early 2021
levels yet remain strong
- Q1 2022 lift truck bookings continue to exceed shipments as
production continued to be disrupted by component shortages due to
supplier and logistics constraints despite a reduced number of
individual supplier issues
- Although Q2 2022 Lift Truck segment consolidated operating
and net losses are expected to be greater than Q1 2022 due to
inflation in backlog costs and adverse product mix, in Q3 and Q4
2022, as the Lift Truck segment works through its low-margin
backlog, margins are expected to improve in each successive
quarter, which in turn is expected to lead to a significantly lower
operating loss in the third quarter and strong operating profit in
the fourth quarter of 2022, and in 2023. However, results for the
remainder of 2022 are expected to be lower than expected in the Q4
2021 earnings release due to higher material inflation resulting
from the Russia/Ukraine conflict
- For Q1 2022, Bolzoni reported a return to profitability and
expects continued improvement in the remainder of 2022
- Nuvera 2022 operating results expected to improve due to the
absence of impairment charges recognized in 2021 and expected lower
production costs
CLEVELAND, May 3, 2022
/PRNewswire/ -- Hyster-Yale Materials Handling, Inc. (NYSE: HY)
today announced consolidated revenues of $827.6 million, an operating loss of $18.3 million and a net loss of $25.0 million, or a loss of $1.48 per share, for the first quarter of 2022
compared with consolidated revenues of $732.2 million, operating profit of $3.1 million and net income of $5.6 million, or $0.33 per share, for the first quarter of
2021.
Segment Financial Results
Summary results for the Company's three business segments were
as follows for the first quarter of 2022 and 2021:
(in millions)
|
*Hyster-Yale Group
|
|
*Bolzoni
|
|
*Nuvera
|
|
Q1 2022
|
|
Q1 2021
|
|
Q1 2022
|
|
Q1 2021
|
|
Q1 2022
|
|
Q1 2021
|
Revenues
|
$ 779.1
|
|
$ 690.9
|
|
$
95.1
|
|
$ 79.5
|
|
$
0.6
|
|
$
—
|
Gross Profit
(Loss)
|
$
85.9
|
|
$ 105.4
|
|
$
18.8
|
|
$ 16.4
|
|
$
(1.9)
|
|
$
(3.3)
|
Operating Profit
(Loss)
|
$
(10.7)
|
|
$ 12.2
|
|
$
2.1
|
|
$
0.8
|
|
$
(8.1)
|
|
$
(9.8)
|
Net Income
(Loss)
|
$
(9.9)
|
|
$
8.2
|
|
$
1.3
|
|
$
0.6
|
|
$
(8.1)
|
|
$
(3.8)
|
|
*For purposes of this
release, Hyster-Yale Group refers to the Company's Lift Truck
business, Bolzoni is
the Attachment business and Nuvera is the Fuel Cell business. Tax
adjustments that are primarily related
to the Hyster-Yale Group net income (loss) above have been booked
in eliminations.
|
Hyster-Yale Group Results
Hyster-Yale Group unit shipments, bookings and backlog were as
follows:
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
March 31, 2022
|
|
Quarter Ended
December 31, 2021
|
|
Quarter Ended
March 31, 2021
|
Unit
Shipments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,900
|
|
26,700
|
|
22,300
|
Unit
Bookings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,900
|
|
33,200
|
|
42,400
|
Unit Bookings $
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$950
|
|
$870
|
|
$970
|
Unit
Backlog**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
114,100
|
|
105,300
|
|
60,700
|
Unit Backlog $
Value**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$3,170
|
|
$2,880
|
|
$1,520
|
|
** March 31, 2022 Unit
Backlog and Unit Backlog $ Value have been reduced by 3,200 units
and $54 million,
respectively, to remove orders from Russian dealers which the
Company no longer expects to fill.
|
Effective in the first quarter of 2022, third-party industry
data historically used to report market changes is now being issued
one quarter in arrears. As a result, actual industry data for the
first quarter of 2022 will not be available until the Company
reports its second quarter 2022 results. Comments in this release
about the 2022 first quarter industry are based on the Company's
understanding of what transpired in the market and are not based on
reported third-party data, which could differ from the Company's
estimates.
The global lift truck market appears to have remained relatively
robust in the first quarter of 2022. As a result, bookings in the
first quarter of 2022 were still at very robust levels, but the
Company had fewer bookings than in the historically high prior-year
first quarter. The Company is focused on keeping the pricing of new
bookings close to target margins based on anticipated costs at the
time of expected production. The average bookings sales price per
unit increased compared with both the 2021 fourth quarter and the
prior-year quarter because the Company continued to increase prices
to offset material and freight cost inflation. These increased
prices in turn translated into an increase in the current average
sales price per unit of backlog in the 2022 first quarter over the
respective prior periods as well.
First-quarter unit shipments increased compared with the
prior-year first quarter since the Company has increased production
rates and since component shortages caused by ongoing global supply
chain and logistics constraints have had a moderately reduced
impact. However, ongoing supply chain constraints of certain
critical components resulted in fewer shipments than in the fourth
quarter of 2021. With higher bookings and lower shipments than in
the 2021 fourth quarter, the Company's already historically high
backlog level continued to increase, which further extended
delivery lead times.
In this context, Lift Truck segment revenues increased 12.8% in
the first quarter of 2022 compared with the first quarter of 2021.
The improvement in revenue was primarily due to the favorable
effect of price increases put in place to mitigate the impact of
material and freight cost inflation, as well as higher unit and
parts volumes in the Americas and EMEA segments, mainly from a
2,300 unit increase in shipments due to higher sales of Class 2 and
Class 3 electric warehouse trucks and lower-capacity Class 5
internal-combustion engine trucks. These improvements were
partially offset by unfavorable currency movements of $14.0 million, due to a strengthening U.S.
dollar, and lower unit and parts volumes in JAPIC.
Geographic Segment Results
(in millions, except units)
|
Americas(1)
|
|
EMEA(1)
|
|
JAPIC(1)
|
|
Q1 2022
|
|
Q1 2021
|
|
Q1 2022
|
|
Q1 2021
|
|
Q1 2022
|
|
Q1 2021
|
Unit
Shipments
|
14,600
|
|
12,300
|
|
6,500
|
|
6,500
|
|
2,800
|
|
3,500
|
Revenues
|
$ 557.7
|
|
$ 459.7
|
|
$ 169.7
|
|
$ 170.7
|
|
$
51.7
|
|
$ 60.5
|
Gross Profit
|
$
67.0
|
|
$ 75.3
|
|
$
14.4
|
|
$ 23.5
|
|
$
4.5
|
|
$
6.6
|
Operating Profit
(Loss)
|
$
4.4
|
|
$ 14.6
|
|
$
(11.4)
|
|
$
0.1
|
|
$
(3.7)
|
|
$
(2.5)
|
|
(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.
|
Ongoing parts shortages and supply chain disruptions continued
to constrain the Company's production of lift trucks in the first
quarter, although the Company did generate higher revenues.
Nevertheless, the Lift Truck business generated an operating loss
of $10.7 million compared with
operating profit of $12.2 million in
the first quarter of 2021. The substantial decline in results was
mainly attributable to a decrease in gross profit in all three
geographic segments, most significantly in EMEA and JAPIC, as well
as higher operating expenses in the Americas and EMEA. Gross profit
declined primarily as a result of an $18.5
million increase in manufacturing costs over the 2021 first
quarter as component shortages had a severe impact on the Company's
ability to produce and ship products from the backlog.
Additionally, cost increases of $50.1
million, net of price increases of $43.9 million, resulting from significant
material cost and freight inflation for trucks already in the
backlog, and a shift in sales mix to lower-margin lift trucks, as
well as unfavorable currency movements of $7.8 million, also contributed to the reduction
in gross profit. The realization of higher margins on parts sales
and higher unit volumes only partly offset the significant increase
in manufacturing, material and freight costs. The Company also
recorded charges totaling $2.5
million in the Lift Truck segment to establish reserves for
Russian inventory and receivables.
While all three of the geographic Lift Truck segments were
affected by unfavorable increases in material and freight costs and
supply chain constraints in the 2022 first quarter, the Americas
segment was less affected than the EMEA segment. In the Americas,
first-quarter 2022 revenues increased 21.3% over the prior-year
quarter as a result of price increases implemented to offset
material and freight cost inflation and higher unit and parts
volumes, as well as a shift in sales to higher-priced products.
Operating profit decreased to $4.4
million in the first quarter of 2022 from $14.6 million in the prior-year first quarter,
but improved significantly over the 2021 fourth-quarter operating
loss. Benefits from higher unit and parts volumes, as well as
$3.5 million of favorable retroactive
tariff exclusion adjustments for certain components imported from
China, were more than offset by an
increase in material and freight costs of $40.5 million, net of price increases of
$40.8 million, higher manufacturing
costs of $13.6 million resulting from
inefficiencies associated with component shortages that constrained
the Americas' ability to build products, a shift in sales mix to
lower-margin lift trucks and modestly higher operating
expenses.
First-quarter 2022 EMEA revenues were comparable to the 2021
first quarter as benefits from higher unit and parts volumes and
price increases were offset by unfavorable foreign currency
movements. EMEA reported an operating loss of $11.4 million compared with operating profit of
$0.1 million in the first quarter of
2021. The lower results were primarily due to higher material and
freight costs of $8.1 million, net of
price increases of $1.6 million,
higher manufacturing costs due to production delays of $3.6 million and an increase in operating
expenses. The establishment of reserves totaling $2.5 million on Russian-related inventory and
receivables also contributed to the lower EMEA results.
The JAPIC segment's operating loss increased to $3.7 million in the first quarter of 2022 from an
operating loss of $2.5 million in the
first quarter of 2021. The lower results were due to a decrease in
gross profit resulting from lower unit and parts volumes, higher
material and freight costs and additional manufacturing costs.
Lower operating expenses partly offset the reduction in gross
profit.
Overall, the Lift Truck segment's first quarter 2022 operating
loss reflects the impact of the market forces discussed in the 2021
fourth-quarter outlook, but the results are substantially better
than expected at that time. The net loss reflects the decision made
in the second half of 2021 to record valuation allowances against
certain losses.
Hyster-Yale Group Strategic
Perspective
In the remainder of 2022, the Company expects the global lift
truck market to continue to decline from the historical highs of
2021, in part due to the impact of the Russia/Ukraine conflict, but remain above
pre-pandemic levels. As a result of this market outlook, the Lift
Truck business is anticipating a substantial decrease in bookings
during the remainder of 2022 compared with 2021, with the rate of
decrease expected to moderate in the fourth quarter.
During 2021, the Company experienced production and shipment
levels which were substantially lower than its objectives due to
supply chain logistics constraints and component shortages. Some
moderation in the number of suppliers with shortages occurred in
the first quarter of 2022, but shortages are anticipated to
continue throughout 2022, and possibly escalate again in light of
the Russia/Ukraine conflict. Nevertheless, full-year
shipments are currently expected to increase significantly in 2022
over 2021 given the Company's robust backlog and actions put in
place to mitigate the impact of the supply chain constraints and
shortages, but with the expectation that supplies of products or
commodities are not constrained further as a result of the
Russia/Ukraine conflict and recent COVID lockdowns in
China.
Prior to the Russia/Ukraine
conflict, there were signs that material costs had peaked. However,
as a result of that conflict, significant additional material and
freight cost inflation is expected to keep the cost of components
higher in 2022 than in 2021 and not moderate as previously
expected. In light of cost inflation in 2021 and what is now
expected in 2022, the Lift Truck business implemented several price
increases in 2021 and in the first quarter of 2022, but many of the
orders in the backlog slotted for production in the second and
third quarters of 2022 do not reflect the full effect of all these
price increases. On the other hand, new bookings are being made at
close to target margins based on expected future costs at the time
of expected production. Further the renewal of tariff exclusions is
expected to partly offset the anticipated higher material cost
inflation in the backlog over the remainder of 2022. As a result,
the Company expects to experience lower margins in the second
quarter of 2022 compared with the first quarter of 2022 due to the
lag between when unit price increases go into effect and when
revenue is realized as the units are shipped. Margins are then
expected to increase over the second half of 2022 with much
stronger margins in the fourth quarter when the higher-margin,
already-booked trucks, and trucks anticipated to be booked, are
expected to be produced and shipped. In the meantime, the Company
expects to continue to work aggressively to manage component
availability in order to increase production rates, and continue to
adjust prices as costs change. As a result of these factors, the
Lift Truck business expects larger operating and net losses in the
second quarter, moderated operating and net losses in the third
quarter and substantial profit in the fourth quarter. Overall, the
Russia/Ukraine conflict, on a net basis, has reduced
prospects for the remaining quarters of 2022, particularly in the
expectations for EMEA's second and third quarters, but has not
changed the overall pattern of quarterly improvement expected in
the second half of 2022.
From a broader perspective, Hyster-Yale Group has three core
strategies that are expected to have a transformational impact on
the Company's competitiveness, market position and economic
performance as it emerges from the current period of mismatch of
costs and pricing. The first is to provide the lowest cost of
ownership while enhancing customer productivity. The primary focus
of this strategic initiative is the new modular and scalable
product projects, which are expected to lay the groundwork for
enhanced market position by providing lower cost of ownership and
enhanced productivity for the Company's customers, including
low-intensity applications. Additional to this are key projects
geared toward electrification of trucks for applications now
dominated by internal combustion engine trucks, automation product
options and providing telemetry and operator assist systems. The
second core strategy is to be the leader in the delivery of
industry- and customer-focused solutions. The primary focus for
this strategic initiative is transforming the Company's sales
approach by using an industry-focused approach to meet its
customers' needs. The third core strategy is to be the leader in
independent distribution. The main focus of this strategic
initiative is on enhancing dealer and major account coverage,
dealer excellence and ensuring outstanding dealer ownership
globally.
As a result of these core strategies, the increased shipment
volume potential of the current backlog and expected bookings in
2022, enhanced prices and the renewal of tariff exclusions, the
Lift Truck business expects to move from the significant operating
loss in the first quarter of 2022 to substantial operating profit
in the fourth quarter, with the fourth-quarter profit expected to
more than offset the losses in the first nine months of 2022. Over
this period, the Company is projecting the stabilization of product
and transportation costs and continued improvement in component and
logistics availability, although this could change if the
availability of commodities and/or components is seriously affected
as a result of the ongoing Russia/Ukraine conflict and the recent lockdowns in
China. The Company is also
anticipating the continued introduction of additional modular and
scalable product families and the continued implementation of
cost-savings initiatives over this period and in the longer term.
Overall, as the Company's strategic programs mature, as costs and
prices come in line over 2022 and 2023, and as production volumes
increase, the Lift Truck business is expected to have a strong
operating profit and net income in the fourth quarter of 2022 and
in 2023.
Bolzoni Results
Bolzoni's revenues for the 2022 first quarter increased 19.6% to
$95.1 million from $79.5 million in the 2021 first quarter primarily
as a result of higher sales volumes, price increases implemented to
offset material and freight cost inflation and a shift in sales to
higher-priced products.
Bolzoni's operating profit increased to $2.1 million in the first quarter of 2022 from
$0.8 million in the first quarter of
2021 due to a 14.6% improvement in gross profit, partly offset by a
moderate increase in operating expenses, as well as charges
totaling $0.7 million for the
establishment of reserves on Russian-related receivables and
business closure. The gross profit improvement was the result of
increased unit volumes of higher-margin products partially offset
by higher material and freight costs, net of price increases.
Bolzoni Strategic Perspective
Bolzoni has a small operation in Russia which is in the process of closing. As
a result of adjusting its operations for the Russia/Ukraine conflict and adapting to the
additional material inflation caused by the conflict, Bolzoni
expects operating profit and net income in the second quarter of
2022 to be lower than the 2022 first quarter, but significantly
higher than the loss realized in the prior-year second quarter.
Over the second half of 2022, Bolzoni expects component shortages
to moderate and the timing of pricing actions to permit improving
operating profit in the third and fourth quarters. As a result,
Bolzoni expects sizeable, but moderately lower than previously
anticipated, operating profit and net income in 2022 compared with
operating and net losses in 2021.
Bolzoni continues to focus on implementing its "One Company - 3
Brands" organizational approach to help streamline corporate
operations and strengthen its North
America and JAPIC commercial operations. Bolzoni is working
to increase its Americas business by strengthening its ability to
serve key attachment industries and customers in the North America market through the introduction
of a broader range of locally produced attachments with shorter
lead times, while continuing to sell cylinders and various other
components produced in its Sulligent,
Alabama plant. Bolzoni is also increasing its sales,
marketing and product support capabilities both in North America and Europe based on an industry-specific approach,
with an immediate focus on the paper, beverage, appliance,
third-party logistics and automotive industries.
Nuvera Results
Nuvera's revenues increased to $0.6
million in the first quarter of 2022 primarily as a result
of sales of fuel cell engines. Nuvera continued to focus on
increasing its sales pipeline for its 45kW and 60kW engines in all
major geographic areas by implementing its commercial programs.
Despite an accelerating demonstration pipeline, the COVID-19
pandemic and slow customer adoption of fuel cells have delayed
bookings, manufacture and shipment of orders for Nuvera's larger
engines.
Nuvera's first-quarter 2022 operating loss decreased to
$8.1 million from $9.8 million in the first quarter of 2021. The
lower operating loss was primarily due to improved margin from
lower production costs in 2022. The net loss reflects the absence
of a gain on sale of $4.6 million
recognized in the prior year and the decision to record valuation
allowances against certain losses as determined in the prior
year.
Nuvera Strategic Perspective
Nuvera continues to focus on applying its 45kW and 60kW engines,
which were both released for sale late in 2020, in niche,
heavy-duty vehicle applications with expected near-term significant
fuel cell adoption potential. As a result of these releases, Nuvera
accelerated its 45kW and 60kW engine commercialization operations
for the global market. In 2022, Nuvera expects to continue to focus
on ramping up demonstrations, quotes and bookings of these
products. In addition, Nuvera has initiated development of a new
125kW engine and continues to focus on applications in the forklift
truck market. Excluding the impact of the inventory valuation and
fixed asset impairment charges taken in 2021, the Company expects
moderately reduced losses at Nuvera in 2022 as a result of enhanced
fuel cell shipments.
Consolidated Outlook
Given the continued component shortages due to supply chain
constraints, significant material and freight cost inflation, and,
more recently, the impact of the Russia/Ukraine conflict, as well as continued losses
at Nuvera and the lack of tax offsets against pre-tax losses for
the Lift Truck business and Nuvera, the Company, on a consolidated
basis, expects a larger net loss in the second quarter than in the
2022 first quarter, a lower but still substantial net loss in the
third quarter and substantial net income in the fourth quarter of
2022. However, the fourth-quarter net income is not expected to
offset the losses generated in the first nine months. Generally,
results in the remaining three quarters of 2022 are expected to be
lower than at the time of the 2021 fourth quarter earnings release,
mainly due to the Russia/Ukraine conflict. These expectations are based
on the expected reasonable resolution of component shortages and
relative stabilization of material and freight costs.
The Company is managing 2022 capital expenditures, operating
expenses and its production plans in a manner designed to protect
liquidity. Capital expenditures are expected to be approximately
$29 million in 2022. The Company has
implemented a program of strict controls over operating expenses to
reduce cash outflow, including delays in the timing of certain
strategic program investments. While the Company expects over time
to make these capital expenditures and investments in the business,
maintaining liquidity will continue to be a priority. During 2021
and early 2022, the Company's ability to build and ship trucks was
significantly constrained by parts shortages of certain critical
components while the remaining components needed to build trucks
were received and added to inventory, causing inventory levels to
increase substantially. In this context, the Company expects to
reduce inventory significantly by using current inventory to build
trucks for which production has been significantly delayed due to
critical parts shortages and receiving components as they are
needed for production.
At March 31, 2022, the Company's
cash on hand was $65.1 million and
debt was $479.0 million compared with
cash on hand of $65.5 million and
debt of $518.5 million at
December 31, 2021. During the first
quarter of 2022, the Company implemented a dealer advance deposit
program on orders, which contributed to the reduction in debt
levels. As of March 31, 2022, the
Company had unused borrowing capacity of approximately $218 million under the Company's revolving credit
facilities compared with $165 million
at December 31, 2021.
*****
Conference Call
In conjunction with this news release, the management of
Hyster-Yale Materials Handling, Inc. will host a conference call on
Wednesday, May 4, 2022 at
11:00 a.m. Eastern Time. To
participate in the live call, please register more than 15 minutes
in advance at
http://www.directeventreg.com/registration/event/1990075 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 11, 2022. An archive of the webcast will also
be available on the Company's website two hours after the live call
ends. Further information regarding strategic initiatives can also
be found in the Company's Q1 2022 Investor Deck that will be made
available on the Company's 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"). Adjusted EBITDA in this press release is
provided solely as supplemental non-GAAP disclosures of operating
results. Adjusted 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 Adjusted EBITDA as income before
goodwill and fixed asset impairment charges, income taxes and
noncontrolling interest income (loss) plus net interest expense and
depreciation and amortization expense. Adjusted EBITDA is not a
measurement under U.S. GAAP and is not necessarily comparable with
similarly titled measures of other companies. Management believes
that Adjusted EBITDA assists investors in understanding the results
of operations of the Company. In addition, management evaluates
results using Adjusted 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" 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. 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) the duration and severity of the COVID-19
pandemic, any preventive or protective actions taken by
governmental authorities, and any unfavorable effects of the
COVID-19 pandemic on either the Company's or its suppliers plants'
capabilities to produce and ship products, (3) delays in
manufacturing and delivery schedules, (4) customer acceptance of
pricing, (5) 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,
(6) 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
current economic and market conditions, (7) impairment charges or
charges due to valuation allowances, (8) 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, (9) 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, (10) the effectiveness of the cost reduction
programs implemented globally, including the successful
implementation of procurement and sourcing initiatives, (11) the
successful commercialization of Nuvera's technology, (12) the
political and economic uncertainties in the countries where the
Company does business, as well as the effects of any withdrawals
from such countries, (13) bankruptcy of or loss of major dealers,
retail customers or suppliers, (14) customer acceptance of, changes
in the costs of, or delays in the development of new products, (15)
introduction of new products by, or more favorable product pricing
offered by, competitors, (16) product liability or other
litigation, warranty claims or returns of products, and (17)
changes mandated by federal, state and other regulation, including
tax, health, safety or environmental legislation.
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
also has significant joint ventures in Japan (Sumitomo NACCO) and in China (Hyster-Yale Maximal). 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
|
|
2022
|
|
2021
|
|
(In millions, except
per share data)
|
|
|
|
|
Revenues
|
$
827.6
|
|
$
732.2
|
Cost of
sales
|
726.4
|
|
613.8
|
Gross Profit
|
101.2
|
|
118.4
|
Selling, general
and administrative expenses
|
119.5
|
|
115.3
|
Operating Profit (Loss)
|
(18.3)
|
|
3.1
|
Other (income)
expense
|
|
|
|
Interest expense
|
5.1
|
|
2.8
|
Income from unconsolidated affiliates
|
(2.9)
|
|
(2.0)
|
Other, net
|
0.8
|
|
(6.2)
|
Income (Loss) before Income
Taxes
|
(21.3)
|
|
8.5
|
Income tax
provision
|
2.9
|
|
2.4
|
Net income attributable
to noncontrolling interests
|
(0.8)
|
|
(0.5)
|
Net Income (Loss) Attributable to
Stockholders
|
$
(25.0)
|
|
$
5.6
|
|
|
|
|
Basic and Diluted Earnings (Loss) per
Share
|
$
(1.48)
|
|
$
0.33
|
|
|
|
|
Basic Weighted Average Shares
Outstanding
|
16.849
|
|
16.810
|
Diluted Weighted Average Shares
Outstanding
|
16.849
|
|
16.842
|
|
|
|
|
ADJUSTED EBITDA RECONCILIATION
|
|
Quarter Ended
|
|
|
|
6/30/2021
|
|
9/30/2021
|
|
12/31/2021
|
|
3/31/2022
|
|
LTM
3/31/2022
|
|
(In
millions)
|
Net Income (Loss)
Attributable to Stockholders
|
$
1.9
|
|
$
(77.2)
|
|
$
(103.3)
|
|
$
(25.0)
|
|
$
(203.6)
|
Impairment
charges
|
—
|
|
10.0
|
|
55.6
|
|
—
|
|
65.6
|
Noncontrolling interest
income (loss)
|
0.4
|
|
0.4
|
|
(11.5)
|
|
0.8
|
|
(9.9)
|
Income tax provision
(benefit)
|
(2.4)
|
|
20.5
|
|
7.8
|
|
2.9
|
|
28.8
|
Interest
expense
|
3.8
|
|
4.1
|
|
4.8
|
|
5.1
|
|
17.8
|
Interest
income
|
(0.1)
|
|
(0.1)
|
|
(0.3)
|
|
(0.2)
|
|
(0.7)
|
Depreciation and
amortization expense
|
11.6
|
|
11.4
|
|
11.5
|
|
11.1
|
|
45.6
|
Adjusted
EBITDA*
|
$
15.2
|
|
$
(30.9)
|
|
$
(35.4)
|
|
$
(5.3)
|
|
$
(56.4)
|
|
|
|
|
|
|
|
|
|
|
*Adjusted EBITDA in
this press release is provided solely as a supplemental disclosure.
Adjusted 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 Adjusted EBITDA as income (loss)
before Goodwill and fixed asset impairment charges, income
taxes
and noncontrolling interest income (loss) plus net interest expense
and depreciation and amortization expense. Adjusted 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
|
|
2022
|
|
2021
|
|
(In
millions)
|
Revenues
|
|
|
|
Americas
|
$
557.7
|
|
$
459.7
|
EMEA
|
169.7
|
|
170.7
|
JAPIC
|
51.7
|
|
60.5
|
Hyster-Yale Group
|
$
779.1
|
|
$
690.9
|
Bolzoni
|
95.1
|
|
79.5
|
Nuvera
|
0.6
|
|
—
|
Eliminations
|
(47.2)
|
|
(38.2)
|
Total
|
$
827.6
|
|
$
732.2
|
|
|
|
|
Gross profit (loss)
|
|
|
|
Americas
|
$
67.0
|
|
$
75.3
|
EMEA
|
14.4
|
|
23.5
|
JAPIC
|
4.5
|
|
6.6
|
Hyster-Yale Group
|
$
85.9
|
|
$
105.4
|
Bolzoni
|
18.8
|
|
16.4
|
Nuvera
|
(1.9)
|
|
(3.3)
|
Eliminations
|
(1.6)
|
|
(0.1)
|
Total
|
$
101.2
|
|
$
118.4
|
|
|
|
|
Operating profit (loss)
|
|
|
|
Americas
|
$
4.4
|
|
$
14.6
|
EMEA
|
(11.4)
|
|
0.1
|
JAPIC
|
(3.7)
|
|
(2.5)
|
Hyster-Yale Group
|
$
(10.7)
|
|
$
12.2
|
Bolzoni
|
2.1
|
|
0.8
|
Nuvera
|
(8.1)
|
|
(9.8)
|
Eliminations
|
(1.6)
|
|
(0.1)
|
Total
|
$
(18.3)
|
|
$
3.1
|
|
|
|
|
Net income (loss) attributable to
stockholders
|
|
|
|
Americas
|
$
1.1
|
|
$
9.5
|
EMEA
|
(7.0)
|
|
0.9
|
JAPIC
|
(4.0)
|
|
(2.2)
|
Hyster-Yale Group
|
$
(9.9)
|
|
$
8.2
|
Bolzoni
|
1.3
|
|
0.6
|
Nuvera
|
(8.1)
|
|
(3.8)
|
Eliminations
|
(8.3)
|
|
0.6
|
Total
|
$
(25.0)
|
|
$
5.6
|
HYSTER-YALE MATERIALS HANDLING,
INC.
|
FINANCIAL HIGHLIGHTS
|
|
|
CASH FLOW AND CAPITAL STRUCTURE
|
|
Three Months
Ended
|
|
March 31
|
|
2022
|
|
2021
|
|
(In
millions)
|
Net cash provided by
(used for) operating activities
|
$
59.1
|
|
$
(47.1)
|
Net cash provided by
(used for) investing activities
|
(9.3)
|
|
9.5
|
Cash
Flow Before Financing Activities
|
$
49.8
|
|
$
(37.6)
|
|
|
|
|
|
March 31, 2022
|
|
December 31,
2021
|
|
(In
millions)
|
Debt
|
$
479.0
|
|
$
518.5
|
Cash
|
65.1
|
|
65.5
|
Net
Debt
|
$
413.9
|
|
$
453.0
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/hyster-yale-materials-handling-announces-first-quarter-2022-results-301539025.html
SOURCE Hyster-Yale Materials Handling, Inc.