Highlights:
- Q3 2022 consolidated revenues of $840.1 million increased 12.3% over Q3 2021
primarily due to increased lift truck prices and parts volumes
across all geographic segments
- Q3 2022 consolidated operating loss of $24.9 million improved by nearly $30 million versus Q3 2021, which included
$24.8 million of non-cash charges at
Nuvera
- Q3 2022 Lift Truck consolidated operating results improved
versus prior year and were ahead of Company expectations, despite
$10.8 million of unfavorable currency
effects
- Q3 2022 net debt reduction of $28.6
million compared with Q2 2022
- The Lift Truck business expects a return to profitability in
Q4 2022 driven by higher margins as the Company continues to work
through its extended backlog
- Q3 2022 average sales price/unit of backlog increased 38%
over Q3 2021, 8.5% over Q2 2022 despite fewer higher-priced
bookings
CLEVELAND, Nov. 1, 2022
/PRNewswire/ -- Hyster-Yale Materials Handling, Inc. (NYSE: HY)
today announced the following consolidated results for the three
months ended September 30, 2022:
|
Three Months
Ended
|
($ in millions
except per share amounts)
|
9/30/22
|
|
9/30/21
|
|
Chg. '22 vs '21
Fav (Unfav)
|
|
Revenues
|
$840.1
|
|
$748.2
|
|
$91.9
|
|
Operating
Loss
|
$(24.9)
|
|
$(54.3)
|
|
$29.4
|
|
Net Loss
|
$(37.3)
|
|
$(77.2)
|
|
$39.9
|
|
Earnings (Loss) per
share
|
$(2.20)
|
|
$(4.59)
|
|
$2.39
|
|
The three months ended 2021 net loss included a $38.4 million charge to establish a valuation
allowance on certain deferred assets.
Lift Truck Business Results
Revenues and shipments by geographic segment were as
follows:
($ in
millions)
|
Q3
2022
|
|
Q3 2021
|
|
Chg. '22 vs '21
Fav (Unfav)
|
|
Revenues
|
$796.2
|
|
$703.8
|
|
$92.4
|
|
Americas(1)
|
$571.3
|
|
$494.3
|
|
$77.0
|
|
EMEA(1)
|
$159.4
|
|
$153.4
|
|
$6.0
|
|
JAPIC(1)
|
$65.5
|
|
$56.1
|
|
$9.4
|
|
(1) The Americas
segment includes the North America, Latin America and Brazil
markets, EMEA includes operations in the Europe, Middle East and
Africa markets, and JAPIC includes operations in the Asia and
Pacific markets, including China.
|
|
Q3
2022
|
|
Q3 2021
|
|
Chg. '22 vs '21
Fav (Unfav)
|
|
Unit
Shipments
|
24,500
|
|
23,200
|
|
1,300
|
|
Americas
|
13,900
|
|
13,700
|
|
200
|
|
EMEA
|
7,100
|
|
6,200
|
|
900
|
|
JAPIC
|
3,500
|
|
3,300
|
|
200
|
|
Third-quarter 2022 lift truck revenues increased by 13.1% versus
the prior year while unit shipments grew by 5.6% over the same
period. Revenue growth outpaced shipment growth as price increases
put in place to combat inflation were realized in all regions and
parts volumes increased at a faster pace. These revenue
improvements were partially offset by unfavorable currency
movements, particularly in EMEA, due to a strengthening U.S.
dollar.
Third-quarter unit shipments increased in each geographic
segment versus the prior year, mainly due to moderating component
shortages and fewer supply chain constraints. Despite reduced
supply challenges, certain critical components remain difficult to
source and those shortages negatively affected third-quarter 2022
production rates and prevented further increases in shipments.
Conversely, shipments in the third quarter of 2022 declined versus
the second quarter of 2022, particularly in EMEA, largely due to
normal third-quarter seasonal plant shutdowns.
Gross profit and operating profit (loss) by geographic segment
were as follows:
($ in
millions)
|
Q3
2022
|
|
Q3 2021
|
|
Chg. '22 vs '21
Fav (Unfav)
|
|
Gross
Profit
|
$74.6
|
|
$66.9
|
|
$7.7
|
|
Americas
|
$60.2
|
|
$44.5
|
|
$15.7
|
|
EMEA
|
$8.3
|
|
$18.5
|
|
$(10.2)
|
|
JAPIC
|
$6.1
|
|
$3.9
|
|
$2.2
|
|
Operating Profit
(Loss)
|
$(15.2)
|
|
$(21.3)
|
|
$6.1
|
|
Americas
|
$0.9
|
|
$(16.9)
|
|
$17.8
|
|
EMEA
|
$(13.2)
|
|
$(0.9)
|
|
$(12.3)
|
|
JAPIC
|
$(2.9)
|
|
$(3.5)
|
|
$0.6
|
|
Operating results improved by 28.6% year-over-year, exceeding
the Company's expectations, driven primarily by price increases of
$81.7 million, partly offset by
material and freight cost increases of $52.4
million, as well as higher unit and parts volumes. Results
improved despite a $16.0 million
increase in manufacturing costs due to production inefficiencies
caused by component shortages and $10.8
million of unfavorable currency movements, including
derivative contracts. The Company continues to make steady progress
producing and working through the lower-margin products in its
backlog as component availability improves. These backlog units
were generally priced in prior years and create a temporary drag on
margins since these units do not reflect the benefits of higher
prices implemented after these units were booked.
Geographically, in the Americas, higher lift truck pricing more
than offset the combination of material cost inflation and
substantial manufacturing inefficiencies related to ongoing
component shortages. Despite higher prices, EMEA operating results
declined from third-quarter 2021 levels due to decreased margins
resulting from recently elevated costs, including the effect of
mounting energy prices due to the Russia/Ukraine conflict. Unfavorable currency
movements partly offset the improved Americas' operating results
and contributed to EMEA's decreased results.
While gross profit overall increased, operating results in the
third quarter of 2022 declined versus the second quarter of 2022,
as anticipated, mainly due to normal third-quarter seasonal plant
shutdowns in EMEA and the Americas, which more than offset the
improvement in JAPIC.
Bolzoni Results
($ in
millions)
|
Q3
2022
|
|
Q3 2021
|
|
Chg. '22 vs '21
Fav (Unfav)
|
|
Revenues
|
$82.2
|
|
$90.0
|
|
$(7.8)
|
|
Gross Profit
|
$13.7
|
|
$15.2
|
|
$(1.5)
|
|
Operating Profit
(Loss)
|
$(1.3)
|
|
—
|
|
$(1.3)
|
|
Bolzoni's 2022 third-quarter operating results decreased from
the prior year. Benefits from price increases and a favorable sales
shift toward higher-priced, higher-margin products were not enough
to offset the effect of lower sales volumes from reduced customer
demand, particularly for legacy components used by the Lift Truck
Business. Higher manufacturing costs from supply-chain induced
inefficiencies and unfavorable currency movements of $1.4 million also contributed to the decline.
Nuvera Results
($ in
millions)
|
Q3
2022
|
|
Q3 2021
|
|
Chg. '22 vs '21
Fav (Unfav)
|
|
Revenues
|
$1.2
|
|
$0.2
|
|
$1.0
|
|
Gross Profit
(Loss)
|
$(2.0)
|
|
$(16.5)
|
|
$14.5
|
|
Operating
Loss
|
$(9.0)
|
|
$(32.5)
|
|
$23.5
|
|
Nuvera's third-quarter 2022 revenues increased primarily as a
result of after-market component sales to the Lift Truck Business,
as well as sales of fuel cell engines to the Lift Truck Business
for demonstration.
Nuvera's third-quarter 2022 operating loss decreased compared to
a 2021 third quarter that included $24.8
million of non-cash charges related to inventory and fixed
asset valuation adjustments. Excluding the prior-year charges, the
operating loss increased due to a non-recurring warranty benefit in
the third quarter of 2021. Additionally, product development costs
to support Nuvera's current 45kW and 60kW and future 125kW engines
increased in 2022, as did expenses for expanding its sales pipeline
through engine application demonstration projects.
Balance Sheet and Liquidity
The Company reduced its net debt by nearly $30 million in the third quarter 2022 compared
with June 30, 2022. This improvement
was driven by an 8.7% reduction in working capital, largely from
decreases in accounts receivable and inventory as part of the
ongoing efforts to improve working capital efficiency.
At September 30, 2022, the
Company's cash on hand was $68.6
million and debt was $545.0
million compared with cash on hand of $75.6 million and debt of $580.6 million at June 30,
2022. The 6.1% decrease in debt outstanding was the result
of fewer outstanding borrowings on the Company's revolving credit
facility. The Company generated cash flow before financing of
$7.1 million for the nine months
ended September 30, 2022.
The Company had unused borrowing capacity of approximately
$191 million under the Company's
revolving credit facilities as of September
30, 2022, compared with $156
million on June 30, 2022.
Perspectives
Market
Commentary
The global economic outlook remains constrained due to several
factors, including aggressive central bank actions designed to
control inflation as well as the effects of COVID lockdowns in
China and the ongoing Russia/Ukraine conflict. The latter, combined with
forecasted oil production declines, have driven energy prices
higher and lowered economic activity, particularly in Europe. The latest publicly available lift
truck market data showed a 2022 second quarter global decline
versus a robust 2021 second quarter period as decreases in
China and EMEA were partly offset
by growth in the Americas. Internal company estimates indicated a
global lift truck market decline in the third quarter of 2022
across all geographic regions, compared with both the prior year
quarter and 2022's second quarter.
Looking ahead, the global lift truck market is expected to
decrease further in the fourth quarter 2022 and full-year 2023
compared with the respective prior year periods. However, global
market unit volumes in 2023 are expected to remain relatively
strong and above pre-pandemic levels, despite an increasing
possibility of a global or regional recession.
After several years of extraordinary lift truck market growth
that stretched supplier capacity to, and in some cases beyond, its
limits, a market slowdown could allow the lift truck component
supply base to meet the Company's requirements more
effectively.
Operational Perspectives - Lift Truck
Business
Lift truck unit bookings and backlog were as follows:
($ in millions,
except Avg. sales price
|
Q3
2022
|
|
Q3 2021
|
Chg. '22 vs '21
Fav (Unfav)
|
Q2 2022
|
Q3 '22 vs Q2 '22
Fav (Unfav)
|
Unit
Bookings
|
20,700
|
|
37,100
|
(16,400)
|
23,200
|
(2,500)
|
Unit Bookings $
Value
|
$680
|
|
$910
|
$(230)
|
$760
|
$(80)
|
Average Sales
Price/Unit booked
|
$32,850
|
|
$24,528
|
$8,322
|
$32,758
|
$92
|
Unit
Backlog**
|
108,200
|
|
98,800
|
9,400
|
112,000
|
(3,800)
|
Unit Backlog $
Value**
|
$3,700
|
|
$2,450
|
$1,250
|
$3,530
|
$170
|
Average Sales
Price/Unit of backlog
|
$34,196
|
|
$24,798
|
$9,398
|
$31,518
|
$2,678
|
**September 30, 2022
and June 30, 2022 Unit Backlogs were reduced by 2,600 units and
2,700 units, respectively, and Unit Backlog $ Values have been
reduced by $40 million and $45 million, respectively, due to
suspended orders from Russian dealers for which the Company
currently has no defined fulfillment plans.
|
The ongoing market decline and the Company's focus on booking
orders with a strong margin profile resulted in a significant
decrease in lift truck bookings from robust prior-year levels and a
sequential decline from the 2022 second quarter. Looking forward,
bookings levels are expected to decrease year-over-year in the
fourth quarter 2022 and full-year 2023 due to the market outlook
and the Company's continued focus on booking higher-margin orders.
These anticipated decreases combined with planned production levels
should help the Company bring its backlog to more competitive
levels over the course of 2023.
Backlog levels have trended down modestly over the past two
quarters as bookings have declined, but lead times are still
extended. Incoming order selectivity has resulted in higher average
prices and margins for both unit bookings and backlog. As the
Company moves through its backlog in the fourth quarter of 2022 and
in 2023, lower-margin units, priced in prior years, will have been
shipped and the majority of 2023 shipments will be produced from
the currently existing higher-margin backlog. As a result, average
unit margins are expected to continue to improve. The Company
believes that its current significant backlog level, including
expected built-in margin increases over time, and anticipated
continued selective bookings at higher margins will lead to
improvements in operating profit in 2023. In addition, the
Company's extended backlog is expected to help mitigate the strain
on the business in a recessionary environment.
The Company expects fourth-quarter 2022 production and shipment
volumes to increase over the third quarter 2022 as a result of
gradually diminishing supply chain bottlenecks and the substantial
backlog level. Full-year 2023 production and shipment volumes are
expected to increase versus 2022 given the current substantial
backlog and as additional supply chain improvements are anticipated
to be achieved, further reducing lead times. New bookings,
consistent with the market outlook, are expected to have sound
margins when those trucks are produced in late 2023 and 2024,
particularly in the context of more competitive lead times as
backlogs are reduced.
The Company continues to experience cost increases, particularly
in EMEA, in part due to higher energy costs as a result of the
ongoing Russia/Ukraine conflict. In contrast, Americas and
JAPIC cost increases have slowed significantly. Forward economic
indicators suggest moderate cost inflation trends in 2023, absent
any additional effects from the Russia/Ukraine conflict or COVID-related global
supply chain constraints. Due to the substantial inflationary
pressure over the past 18 months, the Lift Truck business
implemented several price increases. Generally, these price
increases are expected to more than fully offset inflationary
pressures in 2022 and 2023, and are expected to provide higher
margins for trucks which will be produced in upcoming
quarters.
As a result of the above factors, and the expected ongoing
benefits from cost-savings initiatives, the Lift Truck business
expects to generate operating profit in the 2022 fourth quarter.
Further improvements are anticipated in 2023 as production volumes
are expected to increase and margins are expected to rise due to an
improving price to cost ratio. The Company's strategic programs are
also expected to further enhance margins as they mature, including
the further expansion of its modular and scalable product families.
Therefore, the Lift Truck business expects to generate a
substantial operating profit in 2023. These assumptions, however,
are highly sensitive to the effect of various market forces,
particularly those that impact global supply chains.
Strategic Perspectives - Lift Truck
From a broader perspective, the Lift Truck
Business 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 mismatched costs and pricing: (1) provide the lowest cost
of ownership while enhancing customer productivity, with a primary
focus on new modular and scalable product projects and projects
geared toward electrification of trucks, automation product options
and providing telemetry and operator assist systems, (2) be the
leader in the delivery of industry- and customer-focused solutions,
focused primarily on transforming the Company's sales approach to
be industry focused to meet customers' needs, and (3) be the leader
in independent distribution, focused on dealer and major account
coverage, dealer excellence and ensuring outstanding dealer
ownership globally. The Company continues to make progress on its
high-priority projects. Notably, early in the fourth quarter of
2022, the Company announced that its first hydrogen fuel cell
powered container handler, powered by Nuvera® fuel cell
engines, began its testing pilot in the Port of Los Angeles.
Operational and Strategic Perspectives -
Bolzoni
In the fourth quarter of 2022, Bolzoni expects to return to
profitability based on projected sales volume increases over the
third quarter due to moderating component shortages and improved
manufacturing efficiencies. Benefits are also expected from lower
material cost inflation and ongoing strict cost controls. Over the
course of 2023, Bolzoni expects component shortages to continue to
moderate and increasing prices to help offset higher costs,
resulting in increased margins over time and higher operating
profit in 2023 versus 2022.
Bolzoni continues to focus on implementing its "One Company - 3
Brands" approach and increasing its Americas business by
strengthening its ability to serve key attachment industries and
customers in the North America
market. Bolzoni is also increasing its sales, marketing and product
support capabilities both in North
America and Europe based on
an industry-specific approach.
Operational and Strategic Perspectives -
Nuvera
Nuvera continues to focus on applying its strategy of placing
45kW and 60kW fuel cell engines in niche, heavy-duty vehicle
applications with expected significant fuel cell adoption
potential. Over the first nine months of 2022, Nuvera has announced
several projects with various third parties who are testing, or
planning to test, Nuvera® engines in heavy-duty
applications, including the Port of Los
Angeles and European ports. Nuvera is also developing a new
125kW fuel cell engine for heavier-duty applications.
During the fourth quarter of 2022 and in 2023, Nuvera expects
continued focus on ramping up demonstrations, quotes and bookings
of these products. The Company expects moderately reduced losses at
Nuvera in the fourth quarter of 2022. In 2023, Nuvera expects
higher sales with moderately higher costs, resulting in comparable
losses to 2022.
Consolidated Outlook
On a consolidated basis, the Company continues to project a
modest operating profit and income before tax in the fourth quarter
of 2022. However, the Company expects a modest net loss in the
fourth quarter due to tax expense on profits in areas where a
valuation allowance is not currently provided. In future periods,
tax benefits currently offset by valuation allowances are expected
to be recognized.
The Company's ongoing efforts to build out its layers of
lower-priced, lower-margin backlog in the remainder of 2022 and
early 2023 are expected to lead to improving margins and a return
to solid operating profit and net income for the 2023 full year.
These expectations are based on the Company's continuing ability to
manage component shortages at planned production levels and
reasonable stabilization of material and freight costs.
The Company is laser-focused on its cash flows, with detailed
action plans to improve future results. These actions include
tightly managing capital expenditures, operating expenses and
production plans to maintain adequate liquidity levels. Capital
expenditures are expected to be approximately $35 million for full-year 2022. The Company
expects to continue its disciplined approach to cash outflows,
including some delays in the timing of certain strategic program
investments. These capital expenditures and investments will be
made over time to support profitable growth. Working capital
continues to be an area of intense focus for the Company. Inventory
levels remain above normal levels due to production delays created
by parts shortages. Reducing inventory levels in the fourth quarter
of 2022 and in the first half of 2023 by focusing on the use of
current inventory coupled with limited inventory purchases to build
trucks, remains a top priority. As a result of these cash
conserving actions, the Company expects solid cash flow before
financing activities for the full-year 2022 compared with a
significant use of cash in 2021.
*****
Conference Call
In conjunction with this news release,
the management of Hyster-Yale Materials Handling, Inc. will host a
conference call on Wednesday, November 2,
2022 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=5d333ac1&confId=41878 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 November 9, 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 Q3 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 (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. 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) delays in manufacturing and delivery schedules, (3)
customer acceptance of pricing, (4) 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, (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, including inflation, (7) 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, (8) 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, (9) impairment charges or charges due to
valuation allowances, (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, (17) changes mandated by federal, state and
other regulation, including tax, health, safety or environmental
legislation, and (18) the ability to attract, retain, and replace
workforce and administrative employees.
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
|
|
Nine Months
Ended
|
|
September 30
|
|
September 30
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
Revenues
|
$
840.1
|
|
$
748.2
|
|
$
2,563.1
|
|
$
2,246.0
|
Cost of
sales
|
753.2
|
|
683.1
|
|
2,275.9
|
|
1,946.1
|
Gross
Profit
|
86.9
|
|
65.1
|
|
287.2
|
|
299.9
|
Selling, general and
administrative expenses
|
111.8
|
|
119.4
|
|
346.1
|
|
345.2
|
Operating
Loss
|
(24.9)
|
|
(54.3)
|
|
(58.9)
|
|
(45.3)
|
Other (income)
expense
|
|
|
|
|
|
|
|
Interest expense
|
7.7
|
|
4.1
|
|
18.9
|
|
10.7
|
Income from unconsolidated affiliates
|
(2.6)
|
|
(2.6)
|
|
(9.6)
|
|
(8.2)
|
Other, net
|
2.4
|
|
0.5
|
|
7.3
|
|
0.1
|
Loss before Income
Taxes
|
(32.4)
|
|
(56.3)
|
|
(75.5)
|
|
(47.9)
|
Income tax
expense
|
4.2
|
|
20.5
|
|
4.0
|
|
20.5
|
Net income attributable
to noncontrolling interests
|
(0.1)
|
|
(0.4)
|
|
(1.6)
|
|
(1.3)
|
Net income attributable
to redeemable noncontrolling interests
|
(0.3)
|
|
—
|
|
(0.3)
|
|
—
|
Accrued dividend to
redeemable noncontrolling interests
|
(0.3)
|
|
—
|
|
(0.3)
|
|
—
|
Net Loss
Attributable to Stockholders
|
$
(37.3)
|
|
$
(77.2)
|
|
$
(81.7)
|
|
$
(69.7)
|
|
|
|
|
|
|
|
|
Basic and Diluted
Loss per Share
|
$
(2.20)
|
|
$
(4.59)
|
|
$
(4.84)
|
|
$
(4.15)
|
|
|
|
|
|
|
|
|
Basic Weighted
Average Shares Outstanding
|
16.920
|
|
16.820
|
|
16.890
|
|
16.815
|
Diluted Weighted
Average Shares Outstanding
|
16.920
|
|
16.820
|
|
16.890
|
|
16.815
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA
RECONCILIATION
|
|
Quarter
Ended
|
|
|
|
12/31/2021
|
|
3/31/2022
|
|
6/30/2022
|
|
9/30/2022
|
|
LTM
9/30/2022
|
|
(In
millions)
|
Net Loss Attributable
to Stockholders
|
$
(103.3)
|
|
$
(25.0)
|
|
$
(19.4)
|
|
$
(37.3)
|
|
$
(185.0)
|
Impairment
charges
|
55.6
|
|
—
|
|
—
|
|
—
|
|
55.6
|
Noncontrolling interest
income (loss) and dividends
|
(11.5)
|
|
0.8
|
|
0.7
|
|
0.7
|
|
(9.3)
|
Income tax expense
(benefit)
|
7.8
|
|
2.9
|
|
(3.1)
|
|
4.2
|
|
11.8
|
Interest
expense
|
4.8
|
|
5.1
|
|
6.1
|
|
7.7
|
|
23.7
|
Interest
income
|
(0.3)
|
|
(0.2)
|
|
(0.2)
|
|
(0.4)
|
|
(1.1)
|
Depreciation and
amortization expense
|
11.5
|
|
11.1
|
|
11.0
|
|
10.9
|
|
44.5
|
Adjusted
EBITDA*
|
$
(35.4)
|
|
$
(5.3)
|
|
$
(4.9)
|
|
$
(14.2)
|
|
$
(59.8)
|
|
|
|
|
|
|
|
|
|
|
*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) and dividends 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
|
|
Nine Months
Ended
|
|
September 30
|
|
September 30
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
(In
millions)
|
Revenues
|
|
|
|
|
|
|
|
Americas
|
$
571.3
|
|
$
494.3
|
|
$
1,725.6
|
|
$
1,433.1
|
EMEA
|
159.4
|
|
153.4
|
|
513.9
|
|
499.2
|
JAPIC
|
65.5
|
|
56.1
|
|
182.1
|
|
181.6
|
Lift Truck
Business
|
$
796.2
|
|
$
703.8
|
|
$
2,421.6
|
|
$
2,113.9
|
Bolzoni
|
82.2
|
|
90.0
|
|
263.7
|
|
254.3
|
Nuvera
|
1.2
|
|
0.2
|
|
2.1
|
|
0.5
|
Eliminations
|
(39.5)
|
|
(45.8)
|
|
(124.3)
|
|
(122.7)
|
Total
|
$
840.1
|
|
$
748.2
|
|
$
2,563.1
|
|
$
2,246.0
|
|
|
|
|
|
|
|
|
Gross profit
(loss)
|
|
|
|
|
|
|
|
Americas
|
$
60.2
|
|
$
44.5
|
|
$
193.3
|
|
$
190.2
|
EMEA
|
8.3
|
|
18.5
|
|
34.0
|
|
68.6
|
JAPIC
|
6.1
|
|
3.9
|
|
14.5
|
|
16.7
|
Lift Truck
Business
|
$
74.6
|
|
$
66.9
|
|
$
241.8
|
|
$
275.5
|
Bolzoni
|
13.7
|
|
15.2
|
|
51.4
|
|
47.4
|
Nuvera
|
(2.0)
|
|
(16.5)
|
|
(5.5)
|
|
(22.3)
|
Eliminations
|
0.6
|
|
(0.5)
|
|
(0.5)
|
|
(0.7)
|
Total
|
$
86.9
|
|
$
65.1
|
|
$
287.2
|
|
$
299.9
|
|
|
|
|
|
|
|
|
Operating profit
(loss)
|
|
|
|
|
|
|
|
Americas
|
$
0.9
|
|
$
(16.9)
|
|
$
8.4
|
|
$
11.3
|
EMEA
|
(13.2)
|
|
(0.9)
|
|
(35.4)
|
|
2.9
|
JAPIC
|
(2.9)
|
|
(3.5)
|
|
(10.6)
|
|
(7.9)
|
Lift Truck
Business
|
$
(15.2)
|
|
$
(21.3)
|
|
$
(37.6)
|
|
$
6.3
|
Bolzoni
|
(1.3)
|
|
—
|
|
4.2
|
|
0.4
|
Nuvera
|
(9.0)
|
|
(32.5)
|
|
(25.0)
|
|
(51.3)
|
Eliminations
|
0.6
|
|
(0.5)
|
|
(0.5)
|
|
(0.7)
|
Total
|
$
(24.9)
|
|
$
(54.3)
|
|
$
(58.9)
|
|
$
(45.3)
|
HYSTER-YALE
MATERIALS HANDLING, INC.
|
FINANCIAL
HIGHLIGHTS
|
|
CASH FLOW, CAPITAL
STRUCTURE AND WORKING CAPITAL
|
|
|
|
Nine Months
Ended
|
|
|
|
September 30
|
|
|
|
2022
|
|
2021
|
|
|
|
(In
millions)
|
Net cash provided by
(used for) operating activities
|
|
|
$
34.3
|
|
$
(191.8)
|
Net cash used for
investing activities
|
|
|
(27.2)
|
|
(10.1)
|
Cash Flow Before Financing Activities
|
|
|
$
7.1
|
|
$
(201.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2022
|
|
June 30,
2022
|
|
December 31,
2021
|
|
(In
millions)
|
Debt
|
$
545.0
|
|
$
580.6
|
|
$
518.5
|
Cash
|
68.6
|
|
75.6
|
|
65.5
|
Net Debt
|
$
476.4
|
|
$
505.0
|
|
$
453.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2022
|
|
June 30,
2022
|
|
December 31,
2021
|
|
(In
millions)
|
Accounts
Receivable
|
$
460.1
|
|
$
531.2
|
|
$
457.4
|
Inventory
|
779.0
|
|
790.2
|
|
781.0
|
Accounts
Payable
|
552.9
|
|
569.5
|
|
541.4
|
Working Capital
|
$
686.2
|
|
$
751.9
|
|
$
697.0
|
|
|
|
|
|
|
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SOURCE Hyster-Yale Materials Handling, Inc.