Highlights:
- Q2 2022 consolidated revenues increased 17.0% over Q2 2021
due to an 11.5% increase in shipments, primarily as a result of a
32.2% increase in EMEA lift truck shipments
- Q2 2022 consolidated and Lift Truck gross margins improved
from the historically low Q4 2021 levels, but, as expected,
decreased modestly compared with Q1 2022 gross margins due to
additional commodity inflation resulting from the Russia/Ukraine conflict and adverse product
mix
- Q2 2022 consolidated results were better than expected, but
remained unprofitable with an operating loss of $15.7 million and a net loss of $19.4 million due to material and freight cost
inflation, unfavorable manufacturing variances resulting from
component shortages and the absence of $6.3
million of income recorded in 2021 associated with a
favorable court ruling
- Manufacturing inefficiencies at the Lift Truck and Bolzoni
segments associated with normal Q3 seasonal plant shutdowns
combined with cuts in production volumes due to continued supply
chain constraints, as well as unfavorable currency effects, are
expected to lead to a significant consolidated Q3 2022 operating
loss
- As the Lift Truck segment works through its low-margin
backlog in the second half of 2022, margins are expected to improve
again in the fourth quarter, which in turn is expected to lead to a
substantially lower operating loss than in the first half of 2022,
mainly driven by the expected strong operating profit in the fourth
quarter of 2022 in the Americas segment. Results for the remainder
of 2022 and in 2023 are expected to be below what was expected in
the Q1 2022 earnings release due to lower than previously planned
productions levels as a result of continued supply chain
constraints
- Q2 2022 Bolzoni operating profit improved over Q1 2022 and
Q2 2021, but 2022 second half improvement over 2021 is expected to
be lower than the improvement in the first half of 2022
- Nuvera operating results for the second half of 2022 are
expected to improve due to the absence of impairment charges
recognized in 2021 and expected lower production costs
CLEVELAND, Aug. 2, 2022
/PRNewswire/ -- Hyster-Yale Materials Handling, Inc. (NYSE: HY)
today announced consolidated revenues of $895.4 million, an operating loss of $15.7 million and a net loss of $19.4 million, or a loss of $1.15 per share, for the second quarter of 2022
compared with consolidated revenues of $765.6 million, operating profit of $5.9 million and net income of $1.9 million, or $0.11 per share, for the second quarter of
2021.
Segment Financial Results
Summary results for the Company's three business segments were
as follows for the second quarter of 2022 and 2021:
(in
millions)
|
*Hyster-Yale
Group
|
|
*Bolzoni
|
|
*Nuvera
|
|
Q2
2022
|
|
Q2 2021
|
|
Q2
2022
|
|
Q2 2021
|
|
Q2
2022
|
|
Q2 2021
|
Revenues
|
$ 846.3
|
|
$ 719.2
|
|
$
86.4
|
|
$ 84.8
|
|
$
0.3
|
|
$
0.3
|
Gross Profit
(Loss)
|
$
81.3
|
|
$ 103.2
|
|
$
18.9
|
|
$ 15.8
|
|
$
(1.6)
|
|
$
(2.5)
|
Operating Profit
(Loss)
|
$
(11.7)
|
|
$
15.4
|
|
$
3.4
|
|
$
(0.4)
|
|
$
(7.9)
|
|
$
(9.0)
|
|
*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.
|
Hyster-Yale Group Results
Hyster-Yale Group unit shipments, bookings and backlog were as
follows:
($ in
millions)
|
Quarter Ended
June 30, 2022
|
|
Quarter Ended
March 31, 2022
|
|
Quarter Ended
June 30, 2021
|
Unit
Shipments
|
25,300
|
|
23,900
|
|
22,700
|
Unit
Bookings
|
23,200
|
|
35,900
|
|
46,900
|
Unit Bookings $
Value
|
$760
|
|
$950
|
|
$1,070
|
Unit
Backlog**
|
112,000
|
|
114,100
|
|
84,900
|
Unit Backlog $
Value**
|
$3,530
|
|
$3,170
|
|
$2,070
|
|
** June 30, 2022 and
March 31, 2022 Unit Backlog has been reduced by 2,700 units and
3,200 units, respectively, and Unit Backlog $ Values have been
reduced by $45 million and $54 million, respectively, due to
suspended orders from Russian dealers which the Company currently
has no defined plans to fill.
|
The global lift truck market grew in the first quarter of 2022,
but appeared to decline significantly in the second quarter
compared to the high levels of both the second quarter of 2021 and
first quarter of 2022. As a result of the market decline, as well
as the Company's focus on accepting only orders with expected sound
margins and in the context of long lead times in a still very large
market, bookings in the second quarter of 2022 decreased
substantially from the robust levels of the 2022 first quarter and
2021 second quarter. The Company is focused on pricing new bookings
close to target margins based on anticipated costs at the time of
expected production. The average bookings sales price per unit
increased 23.8% in the 2022 second quarter over the 2022 first
quarter and 43.6% over the prior-year quarter because the Company
continued to increase prices to offset material and freight cost
inflation, a shift in sales mix to higher-priced lift trucks and a
focus on accepting only orders with expected sound margins. These
increased prices in turn translated into a substantial increase in
the current average sales price per unit of backlog in the 2022
second quarter over the respective prior periods as well. The
Company expects improved margins as prices and costs come into
line, which in turn is expected to lead to a return to
profitability in the 2022 fourth quarter.
Second-quarter unit shipments increased compared with the
prior-year second quarter and the 2022 first quarter due to
increased production rates from prior year levels facilitated by a
moderately reduced impact of component shortages from the ongoing
global supply chain and logistics constraints. However, current
supply chain constraints of certain critical components continued
to negatively affect second-quarter 2022 production rates.
Nevertheless, with higher shipments and lower bookings than in the
2022 first quarter, the Company's high backlog level with its
associated less than fully competitive lead times, began to
decrease in the second quarter of 2022 for the first time since the
beginning of the pandemic.
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, mainly from
a 2,600 unit increase in shipments, due to higher sales of Class 1
and Class 3 electric trucks and lower-capacity Class 5
internal-combustion engine trucks, led to an increase in Lift Truck
segment revenues of 17.7% in the second quarter of 2022 over the
second quarter of 2021. These improvements were partially offset by
unfavorable currency movements of $19.4
million, specifically in EMEA and JAPIC due to a
strengthening U.S. dollar, and lower unit volumes in JAPIC.
Geographic Segment Results
(in millions, except
units)
|
|
|
Americas(1)
|
|
EMEA(1)
|
|
JAPIC(1)
|
|
|
|
Q2
2022
|
|
Q2 2021
|
|
Q2
2022
|
|
Q2 2021
|
|
Q2
2022
|
|
Q2 2021
|
Unit
Shipments
|
|
|
13,900
|
|
13,000
|
|
7,800
|
|
5,900
|
|
3,600
|
|
3,800
|
Revenues
|
|
|
$ 596.6
|
|
$ 479.1
|
|
$ 184.8
|
|
$ 175.1
|
|
$
64.9
|
|
$ 65.0
|
Gross Profit
|
|
|
$
66.1
|
|
$ 70.4
|
|
$
11.3
|
|
$ 26.6
|
|
$
3.9
|
|
$
6.2
|
Operating Profit
(Loss)
|
|
|
$
3.1
|
|
$ 13.6
|
|
$
(10.8)
|
|
$
3.7
|
|
$
(4.0)
|
|
$
(1.9)
|
|
(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.
|
Despite an increase in revenues, the Company's production of
lift trucks in the 2022 second quarter continued to be constrained
by ongoing parts shortages and supply chain disruptions. The Lift
Truck business generated an operating loss of $11.7 million in the second quarter of 2022
compared with operating profit of $15.4
million in the second 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, as well as higher operating expenses in the Americas. Gross
profit declined as a result of a $16.8
million increase in manufacturing costs over the 2021 second
quarter as component shortages had a severe impact on the Company's
ability to cost-effectively produce and ship products from the
backlog. Additionally, cost increases of $69.1 million, net of price increases of
$59.9 million, resulting from
significant material cost and freight inflation for trucks already
in the backlog, a shift in sales mix to lower-margin lift trucks
and unfavorable currency movements of $9.1
million, as well as the absence of a $6.3 million benefit recorded in 2021 from a
favorable court ruling, also contributed to the reduction in gross
profit. Higher unit volumes and the realization of higher margins
on parts sales only partly offset the significant increase in
manufacturing, material and freight costs.
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 second quarter, each was
affected differently. In the Americas, 2022 second quarter revenues
increased 24.5% 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. Operating profit decreased to
$3.1 million in the second quarter of
2022 from $13.6 million in the
prior-year quarter. Benefits from higher unit and parts volumes, as
well as price increases of $50.5
million, net of an increase in material and freight costs of
$43.0 million were more than offset
by higher manufacturing costs of $14.2
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, the
absence of the benefit from the court ruling and higher operating
expenses.
In EMEA, 2022 second quarter revenues increased 5.5% over the
prior-year quarter. Benefits from higher unit and parts volumes and
price increases were mostly offset by unfavorable foreign currency
movements of $22.1 million. EMEA
reported an operating loss of $10.8
million compared with operating profit of $3.7 million in the second quarter of 2021. The
lower results were primarily due to higher material and freight
costs of $24.5 million, net of price
increases of $7.2 million,
unfavorable currency movements of $4.9
million and higher manufacturing costs of $2.2 million due to production delays.
The operating loss in JAPIC increased to $4.0 million in the second quarter of 2022 from
an operating loss of $1.9 million in
the second quarter of 2021. The lower results were due to a
decrease in gross profit resulting primarily from a shift in mix to
lower-margin products.
Hyster-Yale Group Strategic
Perspective
Over the remainder of 2022, the Company expects the global lift
truck market to continue to decline from the historical highs of
2021, but remain above pre-pandemic levels. As a result of this
market outlook and the Company accepting only orders with expected
sound margins, the Lift Truck business is anticipating a
substantial decrease in bookings during the second half of 2022
compared with the second half of 2021, particularly in the
Americas.
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 half of 2022, but shortages are anticipated to continue
throughout 2022, and possibly continue to escalate in light of the
China lockdowns and Russia/Ukraine conflict. As a result, planned
production schedules for the second half of 2022 and in 2023 have
been reduced from what was expected at the time of last quarter's
earnings release. Nevertheless, full-year shipments are currently
expected to increase in 2022 over 2021, despite the normal third
quarter plant shutdowns, given the Company's robust backlog and
actions put in place to mitigate the impact of the supply chain
constraints and shortages, with the expectation that supplies of
products or commodities are not constrained further. The Company is
hopeful that availability will improve and that consequently
production can increase over current 2022 and 2023 production
schedules.
As a result of the Russia/Ukraine conflict, material costs continued to
increase in the second quarter of 2022. However, recent signs have
indicated some relief from additional material and freight cost
inflation in the second half of 2022. In light of cost inflation in
2021 and what is expected over 2022, the Lift Truck business
implemented several price increases in 2021 and in the first half
of 2022, but many of the orders in the backlog slotted for
production in the third and fourth quarters 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. Due to the lag between when unit price increases
go into effect and when revenue is realized as the units are
shipped, as the Lift Truck segment works through its low-margin
backlog in the second half of 2022 and early 2023, margins are
expected to improve, specifically in the fourth quarter, when the
higher-margin, already-booked trucks 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 a significantly lower operating loss in the second half of
the year than in the first half, mainly driven by strong operating
profit in the fourth quarter of 2022 in the Americas segment.
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
the remainder of 2022, enhanced prices and the renewal of tariff
exclusions, the Lift Truck business expects to move from the
significant operating loss in the first half of 2022 to operating
profit in the fourth quarter. However, as a result of manufacturing
inefficiencies expected in the third quarter due to the normal
seasonal plant shutdowns and reductions in production volumes due
to continued supply chain constraints, as well as unfavorable
currency effects, the Company expects a significant operating loss
at the Lift Truck business in the third quarter that is higher than
the operating loss in the prior year third quarter, and an increase
to a substantial operating profit in the fourth quarter that is
lower than was anticipated at the time of the 2022 first quarter
earnings release. Over the second half of 2022, 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 continues to be seriously affected by various
market forces, including an economic recession, the lockdowns in
China and the ongoing Russia/Ukraine conflict. 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 an increase
to a substantial operating profit in the fourth quarter of 2022 and
in 2023. However, results for the remainder of 2022 and in 2023 are
expected to be lower than projected in the 2022 first quarter
earnings release due to lower productions levels than previously
anticipated.
Bolzoni Results
Bolzoni's revenues for the 2022 second quarter increased
modestly to $86.4 million from
$84.8 million in the 2021 second
quarter. The increase was primarily the result of price increases
implemented to offset material and freight cost inflation, mostly
offset by unfavorable foreign currency movements of $5.2 million and lower sales
volumes.
Bolzoni's operating profit increased to $3.4 million in the second quarter of 2022 from
an operating loss of $0.4 million in
the second quarter of 2021 due to a 19.6% improvement in gross
profit, a substantial increase in gross margin and lower operating
expenses. The gross profit improvement was the result of a shift in
sales mix to higher-margin products and benefits from price
increases, net of material and freight cost inflation, partly
offset by unfavorable currency movements.
Bolzoni Strategic Perspective
As a result of lower sales and inefficiencies expected from the
normal third-quarter seasonal plant shutdowns, reduced demand for
legacy components for the Lift Truck business and additional
material inflation caused by the Russia/Ukraine conflict, Bolzoni expects near
break-even results in the third quarter of 2022. Bolzoni expects a
return to profitability in the fourth quarter of 2022 as component
shortages moderate, efficiencies return and benefits are realized
from pricing actions. Bolzoni expects solid operating profit in the
second half of 2022 compared with an operating loss in the second
half of 2021. However, operating profit in the second half of 2022
is expected to be significantly lower than in the first half of
2022.
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 continued to focus on increasing its sales pipeline for
its 45kW and 60kW engines in all major geographic areas by the
continued implementation of 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. As a result,
Nuvera's revenues of $0.3 million in
the second quarter of 2022, which are primarily from sales of fuel
cell engines, were comparable to the prior year quarter.
Nuvera's second-quarter 2022 operating loss decreased to
$7.9 million from $9.0 million in the second quarter of 2021. The
lower operating loss was primarily due to improved margins from
lower production costs.
Nuvera Strategic Perspective
Nuvera continues to focus on applying its strategy of placing
45kW and 60kW engines in niche, heavy-duty vehicle applications
with expected significant fuel cell adoption potential. During the
remainder of 2022, Nuvera expects to continue to focus on ramping
up demonstrations, quotes and bookings of these products. In
addition, Nuvera is developing 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, although losses in the second half of 2022 are expected
to be higher than in the first half as a result of higher operating
expenses.
Consolidated Outlook
Given the continued component shortages due to supply chain
constraints and the consequent reduction in production plans,
significant material and freight cost inflation, and, more
recently, the impact of the COVID-19 lockdowns in China and the Russia/Ukraine conflict, as well as continued losses
at Nuvera, the Company, on a consolidated basis, expects a larger
net loss in the third quarter of 2022 than previously projected,
but a return to 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
second half of 2022 are expected to be lower than anticipated when
the 2022 first quarter earnings release was issued, mainly due to
adjustments made to the Company's production schedule as a result
of continued supply chain constraints. These expectations are based
on the anticipated 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
$33 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 the first half of 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 in the second half of
2022 by using current inventory to build trucks, for which
production has been significantly delayed due to critical parts
shortages, and to receive components as they are needed for
production.
At June 30, 2022, the Company's
cash on hand was $75.6 million and
debt was $580.6 million compared with
cash on hand of $65.1 million and
debt of $479.0 million at
March 31, 2022, and cash on hand of
$65.5 million and debt of
$518.5 million at December 31, 2021. As of June 30, 2022, the Company had unused borrowing
capacity of approximately $156
million under the Company's revolving credit facilities
compared with $218 million at
March 31, 2022.
*****
Conference Call
In conjunction with this news release, the management of
Hyster-Yale Materials Handling, Inc. will host a conference call on
Wednesday, August 3, 2022 at
11:00 a.m. Eastern Time. To
participate in the live call, please register more than 15 minutes
in advance at
https://ige.netroadshow.com/registration/q4inc/11031/hyster-yale-q2-2022-earnings-conference-call/
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 August 10, 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 Q2 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) any preventive or protective actions taken
by governmental authorities related to the COVID-19 pandemic, 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
interest rate volatility and 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, more favorable product pricing
offered by or shorter lead times available through 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
|
|
Six Months
Ended
|
|
|
|
June 30
|
|
June 30
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
895.4
|
|
$
765.6
|
|
$
1,723.0
|
|
$
1,497.8
|
Cost of
sales
|
|
|
796.3
|
|
649.2
|
|
1,522.7
|
|
1,263.0
|
Gross
Profit
|
|
|
99.1
|
|
116.4
|
|
200.3
|
|
234.8
|
Selling, general and
administrative expenses
|
|
|
114.8
|
|
110.5
|
|
234.3
|
|
225.8
|
Operating Profit
(Loss)
|
|
|
(15.7)
|
|
5.9
|
|
(34.0)
|
|
9.0
|
Other (income)
expense
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
6.1
|
|
3.8
|
|
11.2
|
|
6.6
|
Income from unconsolidated affiliates
|
|
|
(4.1)
|
|
(3.6)
|
|
(7.0)
|
|
(5.6)
|
Other, net
|
|
|
4.1
|
|
5.8
|
|
4.9
|
|
(0.4)
|
Income (Loss) before
Income Taxes
|
|
|
(21.8)
|
|
(0.1)
|
|
(43.1)
|
|
8.4
|
Income tax provision
(benefit)
|
|
|
(3.1)
|
|
(2.4)
|
|
(0.2)
|
|
—
|
Net income attributable
to noncontrolling interests
|
|
|
(0.7)
|
|
(0.4)
|
|
(1.5)
|
|
(0.9)
|
Net Income (Loss)
Attributable to Stockholders
|
|
|
$
(19.4)
|
|
$
1.9
|
|
$
(44.4)
|
|
$
7.5
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
Earnings (Loss) per Share
|
|
|
$
(1.15)
|
|
$
0.11
|
|
$
(2.63)
|
|
$
0.45
|
|
|
|
|
|
|
|
|
|
|
Basic Weighted
Average Shares Outstanding
|
|
|
16.907
|
|
16.815
|
|
16.875
|
|
16.813
|
Diluted Weighted
Average Shares Outstanding
|
|
|
16.907
|
|
16.860
|
|
16.875
|
|
16.851
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA
RECONCILIATION
|
|
Quarter
Ended
|
|
|
|
9/30/2021
|
|
12/31/2021
|
|
3/31/2022
|
|
6/30/2022
|
|
LTM
6/30/2022
|
|
(In
millions)
|
Net Loss Attributable
to Stockholders
|
$
(77.2)
|
|
$
(103.3)
|
|
$
(25.0)
|
|
$
(19.4)
|
|
$
(224.9)
|
Impairment
charges
|
10.0
|
|
55.6
|
|
—
|
|
—
|
|
65.6
|
Noncontrolling interest
income (loss)
|
0.4
|
|
(11.5)
|
|
0.8
|
|
0.7
|
|
(9.6)
|
Income tax provision
(benefit)
|
20.5
|
|
7.8
|
|
2.9
|
|
(3.1)
|
|
28.1
|
Interest
expense
|
4.1
|
|
4.8
|
|
5.1
|
|
6.1
|
|
20.1
|
Interest
income
|
(0.1)
|
|
(0.3)
|
|
(0.2)
|
|
(0.2)
|
|
(0.8)
|
Depreciation and
amortization expense
|
11.4
|
|
11.5
|
|
11.1
|
|
11.0
|
|
45.0
|
Adjusted
EBITDA*
|
$
(30.9)
|
|
$
(35.4)
|
|
$
(5.3)
|
|
$
(4.9)
|
|
$
(76.5)
|
|
|
|
|
|
|
|
|
|
|
*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
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
|
|
Six Months
Ended
|
|
|
|
June 30
|
|
June 30
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
(In
millions)
|
Revenues
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
$
596.6
|
|
$
479.1
|
|
$
1,154.3
|
|
$
938.8
|
EMEA
|
|
|
184.8
|
|
175.1
|
|
354.5
|
|
345.8
|
JAPIC
|
|
|
64.9
|
|
65.0
|
|
116.6
|
|
125.5
|
Hyster-Yale
Group
|
|
|
$
846.3
|
|
$
719.2
|
|
$
1,625.4
|
|
$
1,410.1
|
Bolzoni
|
|
|
86.4
|
|
84.8
|
|
181.5
|
|
164.3
|
Nuvera
|
|
|
0.3
|
|
0.3
|
|
0.9
|
|
0.3
|
Eliminations
|
|
|
(37.6)
|
|
(38.7)
|
|
(84.8)
|
|
(76.9)
|
Total
|
|
|
$
895.4
|
|
$
765.6
|
|
$
1,723.0
|
|
$
1,497.8
|
|
|
|
|
|
|
|
|
|
|
Gross profit
(loss)
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
$
66.1
|
|
$
70.4
|
|
$
133.1
|
|
$
145.7
|
EMEA
|
|
|
11.3
|
|
26.6
|
|
25.7
|
|
50.1
|
JAPIC
|
|
|
3.9
|
|
6.2
|
|
8.4
|
|
12.8
|
Hyster-Yale
Group
|
|
|
$
81.3
|
|
$
103.2
|
|
$
167.2
|
|
$
208.6
|
Bolzoni
|
|
|
18.9
|
|
15.8
|
|
37.7
|
|
32.2
|
Nuvera
|
|
|
(1.6)
|
|
(2.5)
|
|
(3.5)
|
|
(5.8)
|
Eliminations
|
|
|
0.5
|
|
(0.1)
|
|
(1.1)
|
|
(0.2)
|
Total
|
|
|
$
99.1
|
|
$
116.4
|
|
$
200.3
|
|
$
234.8
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(loss)
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
$
3.1
|
|
$
13.6
|
|
$
7.5
|
|
$
28.2
|
EMEA
|
|
|
(10.8)
|
|
3.7
|
|
(22.2)
|
|
3.8
|
JAPIC
|
|
|
(4.0)
|
|
(1.9)
|
|
(7.7)
|
|
(4.4)
|
Hyster-Yale
Group
|
|
|
$
(11.7)
|
|
$
15.4
|
|
$
(22.4)
|
|
$
27.6
|
Bolzoni
|
|
|
3.4
|
|
(0.4)
|
|
5.5
|
|
0.4
|
Nuvera
|
|
|
(7.9)
|
|
(9.0)
|
|
(16.0)
|
|
(18.8)
|
Eliminations
|
|
|
0.5
|
|
(0.1)
|
|
(1.1)
|
|
(0.2)
|
Total
|
|
|
$
(15.7)
|
|
$
5.9
|
|
$
(34.0)
|
|
$
9.0
|
HYSTER-YALE
MATERIALS HANDLING, INC.
|
FINANCIAL
HIGHLIGHTS
|
|
|
CASH FLOW AND
CAPITAL STRUCTURE
|
|
|
|
Six Months
Ended
|
|
|
|
June 30
|
|
|
|
2022
|
|
2021
|
|
|
|
(In
millions)
|
Net cash provided by
(used for) operating activities
|
|
|
$
0.2
|
|
$
(100.7)
|
Net cash provided by
(used for) investing activities
|
|
|
(22.9)
|
|
0.8
|
Cash
Flow Before Financing Activities
|
|
|
$
(22.7)
|
|
$
(99.9)
|
|
|
|
|
|
|
|
|
|
June 30,
2022
|
|
December 31,
2021
|
|
|
|
(In
millions)
|
Debt
|
|
|
$
580.6
|
|
$
518.5
|
Cash
|
|
|
75.6
|
|
65.5
|
Net
Debt
|
|
|
$
505.0
|
|
$
453.0
|
|
|
|
|
|
|
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multimedia:https://www.prnewswire.com/news-releases/hyster-yale-materials-handling-announces-second-quarter-2022-results-301598438.html
SOURCE Hyster-Yale Materials Handling, Inc.