Q4 2022 Highlights:
- Record consolidated revenues of $985.2 million increased 18.7% over the prior
year quarter due to higher pricing and favorable sales mix across
all lift truck segments
- Consolidated operating profit of $19.8 million and consolidated net income of
$7.6 million versus losses in Q3 2022
and Q4 2021 due to higher unit margins
- Lift Truck operating profit significantly ahead of Company
expectations despite component shortages and unfavorable currency
effects
- Average sales price per unit in backlog increased 33.6% over
Q4 2021 and 6.8% versus Q3 2022 as long-standing, lower-priced
backlog orders were fulfilled
- Bolzoni returned to profitability despite a $2.4 million loss on sale of a subsidiary in Q4
2022
Full- Year 2023 Outlook:
- Substantial consolidated net income expected for 2023 full
year as a result of significantly improved profitability at the
Lift Truck and Bolzoni businesses versus 2022
CLEVELAND, Feb. 27,
2023 /PRNewswire/ -- Hyster-Yale Materials Handling,
Inc. (NYSE: HY) today announced the following consolidated results
for the three months and year ended December
31, 2022:
|
Three Months
Ended
|
Year
Ended
|
($ in millions
except per share amounts)
|
12/31/22
|
|
12/31/21
|
|
Change
Fav (Unfav)
|
|
12/31/22
|
|
12/31/21
|
|
Change
Fav (Unfav)
|
Revenues
|
$985.2
|
|
$829.7
|
|
$155.5
|
|
$3,548.3
|
|
$3,075.7
|
|
$472.6
|
Operating Profit
(Loss)
|
$19.8
|
|
$(107.0)
|
|
$126.8
|
|
$(39.1)
|
|
$(152.3)
|
|
$113.2
|
Net Income
(Loss)
|
$7.6
|
|
$(103.3)
|
|
$110.9
|
|
$(74.1)
|
|
$(173.0)
|
|
$98.9
|
Diluted Earnings (Loss)
/share
|
$0.44
|
|
$(6.14)
|
|
$6.58
|
|
$(4.38)
|
|
$(10.29)
|
|
$5.91
|
|
The fourth-quarter 2022 operating profit includes a $2.4 million loss on sale of a Bolzoni
subsidiary. The fourth-quarter 2021 operating loss included a
non-cash goodwill impairment charge of $55.6
million in the JAPIC segment, including $11.7 million for the non-controlling interest
share, resulting in a $43.9 million
net impact on the 2021 net loss. The fourth-quarter 2021 net loss
also included a $19.4 million charge
for valuation allowances on certain deferred tax assets.
Lift Truck Business Results
Revenues and shipments by
geographic segment were as follows:
($ in
millions)
|
Q4
2022
|
|
Q4 2021
|
|
Change
Fav (Unfav)
|
|
Revenues
|
$938.0
|
|
$783.5
|
|
$154.5
|
|
Americas(1)
|
$679.8
|
|
$551.5
|
|
$128.3
|
|
EMEA(1)
|
$190.3
|
|
$179.7
|
|
$10.6
|
|
JAPIC(1)
|
$67.9
|
|
$52.3
|
|
$15.6
|
|
(1) The Americas
segment includes the North America, Latin America and Brazil
markets, EMEA includes operations in the Europe, Middle East and
Africa markets, and JAPIC includes operations in the Asia and
Pacific markets, including China.
|
(Rounded to nearest hundred)
|
Q4 2022
|
|
Q4 2021
|
|
Change
Fav (Unfav)
|
|
Unit Shipments
|
27,100
|
|
26,700
|
|
400
|
|
Americas
|
16,000
|
|
15,400
|
|
600
|
|
EMEA
|
7,800
|
|
7,900
|
|
(100)
|
|
JAPIC
|
3,300
|
|
3,400
|
|
(100)
|
|
|
Fourth-quarter 2022 lift truck revenues increased by 19.7%
versus the prior year quarter while unit shipments increased more
modestly, specifically in the Americas. Revenue growth outpaced
shipment growth as previously enacted price increases, put in place
to combat inflation, were realized and revenues for fleet services
increased. In all geographic regions, revenues increased as a
result of favorable sales mix toward higher-priced units, primarily
Class 5 trucks, including Big Trucks, and increased parts volumes.
Fourth-quarter 2022 revenue growth was partially offset by
$32.9 million of unfavorable currency
movements, principally in EMEA, due to a strengthening U.S.
dollar.
Unit shipments increased nearly 11% over 2022 third-quarter
shipments of 24,500 units and improved modestly versus the prior
year fourth quarter. Both increases were mainly due to moderating
component shortages and fewer overall supply chain constraints.
Although supply challenges in the Americas moderated, wider-spread
constraints in EMEA and continued difficulties sourcing certain
critical components globally negatively affected fourth-quarter
2022 production rates and prevented further shipments.
2022 full-year lift truck shipments were approximately 100,800
units. This compares with approximately 94,900 units in 2021.
Despite significant supply chain challenges throughout 2022, the
Company increased production by about 6,000 units year-over-year,
achieving the second highest annual shipment level in its
history.
Gross profit and operating profit (loss) by geographic segment
were as follows:
($ in
millions)
|
Q4
2022
|
|
Q4 2021
|
|
Change
Fav (Unfav)
|
|
Gross
Profit
|
$129.2
|
|
$54.4
|
|
$74.8
|
|
Americas
|
$110.1
|
|
$31.6
|
|
$78.5
|
|
EMEA
|
$11.0
|
|
$18.3
|
|
$(7.3)
|
|
JAPIC
|
$8.1
|
|
$4.5
|
|
$3.6
|
|
Operating Profit
(Loss)
|
$27.2
|
|
$(93.2)
|
|
$120.4
|
|
Americas
|
$38.4
|
|
$(31.0)
|
|
$69.4
|
|
EMEA
|
$(11.2)
|
|
$(2.6)
|
|
$(8.6)
|
|
JAPIC
|
$—
|
|
$(59.6)
|
|
$59.6
|
|
|
The Lift Truck business returned to profitability in the
fourth-quarter 2022, reporting higher-than-anticipated gross and
operating profits. The improvements were led by pricing benefits of
about $115 million as well as higher
unit and parts volumes and fleet revenues. Price increases were put
in place to mitigate the effect of significant cost inflation over
the past two years. Gross profit and operating profit improved
despite a nearly $30 million increase
in material and freight costs and a $16.2
million increase in manufacturing costs related to
inefficiencies caused by component shortages. Higher labor-related
costs and approximately $10 million
of unfavorable currency effects also partly offset the operating
profit improvement. The Company continues to make steady progress
reducing the lower-margin units in its still extended backlog as
supply chain constraints dissipate and component availability
improves. These margin-dilutive units create a temporary profit
drag as they do not include price increases implemented since their
booking date.
Geographically, the Americas reported record revenues and a
$69.4 million improvement in
operating profit over the 2021 fourth quarter. This growth was
primarily due to higher lift truck pricing which more than offset
the combination of material cost inflation and manufacturing
inefficiencies related to component shortages, as well as higher
labor-related costs.
EMEA operating results declined from the prior year as inflation
and supply chain constraints caused by the Russia/Ukraine conflict continue to hinder the
Company's efforts to increase production levels and recover
margins. In this context, it is taking longer than planned for EMEA
to work through its low-margin backlog and achieve margin
improvement, despite higher prices offsetting material inflation
and manufacturing costs. Unfavorable currency movements of
$5.1 million and higher
employee-related costs also contributed to the significant decline
in fourth-quarter 2022 results.
Operating results in JAPIC, excluding the prior year non-cash
goodwill impairment charge of $55.6
million, improved as a result of higher pricing and
favorable sales mix that more than offset increased costs.
Bolzoni Results
($ in
millions)
|
Q4
2022
|
|
Q4 2021
|
|
Change
Fav (Unfav)
|
|
Revenues
|
$92.0
|
|
$93.5
|
|
$(1.5)
|
|
Gross Profit
|
$19.3
|
|
$14.1
|
|
$5.2
|
|
Operating Profit
(Loss)
|
$2.0
|
|
$(2.2)
|
|
$4.2
|
|
|
Bolzoni returned to profitability in the fourth-quarter 2022
versus an operating loss in the prior year and third-quarter 2022.
Price increase benefits and lower material and manufacturing costs,
specifically in Bolzoni's Americas operations, more than offset the
effect of lower sales volumes from reduced customer demand,
particularly for components used by the Lift Truck Business, a
$2.4 million loss on the sale of a
subsidiary and $2.2 million of
unfavorable currency movements.
Nuvera Results
($ in
millions)
|
Q4
2022
|
|
Q4 2021
|
|
Change
Fav (Unfav)
|
|
Revenues
|
$1.3
|
|
$0.2
|
|
$1.1
|
|
Gross Profit
(Loss)
|
$(1.7)
|
|
$(4.4)
|
|
$2.7
|
|
Operating
Loss
|
$(9.3)
|
|
$(11.0)
|
|
$1.7
|
|
|
Nuvera's fourth-quarter 2022 revenues increased primarily as a
result of after-market component and engine sales to the Lift Truck
Business, as well as increased sales to third parties.
Nuvera's fourth-quarter 2022 operating loss was lower than the
2021 fourth quarter primarily due to the prior year's $1.3 million charge to reduce inventory to its
estimated net realizable value.
Balance Sheet and Liquidity
For the full-year 2022,
the Company generated consolidated cash flow before financing
activities of $5.2 million versus a
use of cash of $278.0 million in
2021. The improvement was mainly due to a $294 million change in cash provided by operating
activities.
As of December 31, 2022, the
Company's cash on hand was $59.0
million and debt was $552.9
million compared with cash on hand of $68.6 million and debt of $545.0 million at September 30, 2022. While net debt increased
modestly from third-quarter 2022, it remains below the historical
peak level reached in June 2022. Despite the higher net debt,
the Company's return to profitability in the fourth quarter of 2022
helped reduce the debt to total capital ratio by 900 basis points
versus the third quarter of 2022.
The Company had unused borrowing capacity of approximately
$183 million under its revolving
credit facilities as of December 31,
2022, compared with $191
million on September 30,
2022.
Market Commentary
The global economic outlook remains
constrained and economic activity appears to be decelerating in
many parts of the world. This global downturn is due to several
factors, including tight monetary policies in various countries
designed to contain inflation, as well as uncertainties around
China's economic reopening and the
ongoing Russia/Ukraine conflict. The conflict has already
negatively impacted economic activity, particularly in Europe, for a sustained period. The latest
publicly available global lift truck market data shows a definitive
decrease in third-quarter 2022 market activity compared with peak
third-quarter levels seen in 2021 as all major geographic regions
experienced double digit percentage market declines. Internal
company estimates suggest that the global lift truck market will
have declined in the fourth-quarter 2022 across all geographic
regions compared with the prior year quarter. However, a
modest volume increase versus third-quarter 2022 is predicted,
primarily due to an anticipated improvement in EMEA.
Looking ahead, the global lift truck market is expected to
decline for the full-year 2023 compared with 2022 in all regions
except JAPIC, which is anticipated to increase modestly
year-over-year. However, 2023's global market unit volumes are
expected to remain relatively strong and above pre-pandemic levels
in all regions except EMEA.
Several years of extraordinary lift truck market growth
stretched supplier capacity to, and in some cases beyond, its
limits. A moderate market slowdown could allow the lift truck
component supply base to meet their supply requirements more
effectively and allow the Company to work down its extended
backlog.
Operational Perspectives - Lift Truck Business
Lift
truck unit bookings and backlog were as follows:
($ in millions,
except Avg. sales price)
|
Q4
2022
|
|
Q4 2021
|
Q4 '22 vs '21
Fav (Unfav)
|
Q3 2022
|
Q4 vs Q3
Fav (Unfav)
|
Unit
Bookings
|
21,000
|
|
33,200
|
(12,200)
|
20,700
|
300
|
Unit Bookings $
Value
|
$690
|
|
$870
|
$(180)
|
$680
|
$10
|
Average Sales
Price/Unit booked
|
$32,857
|
|
$26,205
|
$6,652
|
$32,850
|
$7
|
Unit
Backlog**
|
102,100
|
|
105,300
|
(3,200)
|
108,200
|
(6,100)
|
Unit Backlog $
Value**
|
$3,730
|
|
$2,880
|
$850
|
$3,700
|
$30
|
Average Sales
Price/Unit of backlog
|
$36,533
|
|
$27,350
|
$9,183
|
$34,196
|
$2,337
|
**December 31, 2022 and
September 30, 2022 Unit Backlogs were reduced by 2,600 units and
Unit Backlog $ Values have been reduced by $43 million and $40
million, respectively, due to suspended orders from Russian dealers
for which the Company currently has no defined fulfillment
plans.
|
|
As a result of several factors, including the large but
declining market, a focus on booking orders with solid margins and
the Company's extended lead times, fourth-quarter 2022 lift truck
bookings decreased significantly from robust prior-year levels.
However, fourth-quarter 2022 bookings increased modestly from
third-quarter 2022 largely due to a seasonal rebound in EMEA and
better-than-expected fourth-quarter market conditions in the
Americas. Looking forward to 2023, bookings' levels are expected to
decrease year-over-year due to the moderating market outlook and
the Company's continued focus on higher-margin units while also
balancing the need to maintain a full production pipeline across
its facilities. These anticipated bookings' decreases, combined
with planned production increases, should help the Company reduce
its backlog, which has begun trending down, to more competitive
levels over the course of 2023.
Full-year 2023 production and shipment volumes are expected to
increase versus 2022 helping to alleviate the substantial backlog
level and reduce lead times as anticipated continued supply chain
improvements are achieved. Despite these expected improvements,
lengthy lead times are expected to remain. However, they should
help mitigate the impact of a recessionary economic environment on
the business.
Order selectivity has resulted in higher average prices and
margins for both unit bookings and backlog. As the Company works
through its backlog in 2023, lower-margin units are expected to
ship during the 2023 first quarter and the majority of 2023
shipments are anticipated to be produced from the currently
existing higher-margin backlog. As a result, average unit margins
are expected to continue to improve, including into 2024 when new
bookings with anticipated higher margins are expected to be
produced.
The Company continues to experience material and labor cost
increases, but the rate of increase has slowed. Forward economic
indicators suggest inflationary pressures have begun to abate and
cost inflation is expected to gradually moderate throughout 2023,
absent any unanticipated effects from geopolitical events and
public health crises. Due to the substantial inflationary pressure
over the past two years, the Lift Truck business implemented
several price increases. In 2023, the Company expects a positive
price-to-current cost ratio, in part to address ongoing cost
increases in certain areas. The Company will continue to monitor
material and labor costs closely, as well as the impact of tariffs,
and adjust pricing accordingly. As a result of abating cost
increases and the current significant backlog level with its
expected built-in margin increases over time, the Company believes
unit margins should increase significantly in 2023 in aggregate
versus 2022 and will lead to significant improvements in operating
profit in 2023. Lift Truck operating profit in each of the 2023
quarters is expected to exceed 2022 fourth quarter results, with
improvements following normal business seasonality patterns.
The above factors, as well as the benefits from the Company's
ongoing strategic initiatives as they mature, are expected to lead
to a significant increase in revenues and a substantial operating
profit in 2023 at the Lift Truck business. 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 transform the Company's competitiveness, market
position and economic performance over time:
- To provide the lowest cost of ownership while enhancing
customer productivity. This is expected to be achieved by further
expanding a wide variety of vehicle innovations including: new
modular and scalable product families, truck electrification
projects and technology advancements in product automation, power
options, telemetry and operator assist systems;
- Be the leader in the delivery of industry- and customer-focused
solutions, by transforming the Company's sales approach to meet a
wide variety of customer needs across a broad set of end markets;
and
- Be the leader in independent distribution, by focusing on
effectively coordinating dealer and major accounts coverage, dealer
excellence and ensuring outstanding dealer ownership globally.
The Company continues to make progress on its high priority
projects. Notably, in fourth-quarter 2022, the Company announced
that its first hydrogen fuel cell-powered container handler,
powered by Nuvera® fuel cell engines, began its testing
pilot at the Port of Los Angeles
(CA). After successfully performing in lighter applications, the
truck has advanced to more difficult applications. Additionally,
the Lift Truck business launched its first modular, scalable lift
trucks in 2022, first to the EMEA market in May followed by the
Americas market late in the year. Given the current extended
backlog, the production ramp-up for this new product line is
occurring gradually. Early customer reports indicate that this new
2- to 3-ton standard internal combustion engine lift truck is being
well-received in both markets. The Company expects to launch this
product in the JAPIC market in mid-2023.
Operational and Strategic Perspectives - Bolzoni
Over
the course of 2023, Bolzoni expects component shortages to continue
moderating, while further increasing prices to offset higher input
costs. Combined, these are expected to result in increased margins
over time and higher 2023 full-year operating profit compared with
2022.
Bolzoni's core strategy is to be the leader in the Attachments
business. In this context, Bolzoni continues to concentrate on
driving its "One Company - 3 Brands" approach and increasing its
Americas business, while focusing on strengthening its ability to
serve key attachment industries and customers in all global
markets. Bolzoni also intends to increase its sales, marketing and
product support capabilities in North
America and Europe to
support its industry-specific sales strategy.
Operational and Strategic Perspectives -
Nuvera
Nuvera's core strategy is to be a leader in the fuel
cell business. Nuvera continues to focus on placing 45kW and 60kW
fuel cell engines in niche, heavy-duty vehicle applications with
expected significant fuel cell adoption potential. Nuvera announced
several projects in 2022 with various third parties to test
Nuvera® engines in heavy-duty applications, including
the Port of Los Angeles, which
began testing in late 2022, and in multiple European ports which
are expected to begin testing in 2023. Nuvera is also developing a
new 125kW fuel cell engine for heavier-duty applications.
In 2023, Nuvera expects continued focus on ramping up customer
product demonstrations and customer bookings, which are expected to
result in higher sales and moderately higher costs. Combined, this
is expected to generate a loss comparable to 2022 but significantly
enhance the foundation for future technology adoption and improved
financial returns.
Consolidated Outlook
On a consolidated basis, the
Company is nearing completion on its efforts to build out the
lower-priced, lower-margin backlog units held over from prior
periods. As a result, continued margin expansion is expected to
lead to substantial operating profit and net income for the 2023
full year. These expectations are based on the Company's ability to
effectively manage ongoing component shortages, modestly increase
production levels and see a reasonable stabilization of material
and freight costs.
The Company's steps to improve profitability are producing
tangible results. Efforts to reduce inventory and generate cash are
expected to show substantial progress in the second half of 2023.
The Company remains committed to enhancing its cash flows, with
ongoing action plans to improve future results including continued
discipline over capital expenditures and operating expenses.
Capital expenditures are expected to be approximately $65 million for full-year 2023, with spending
more heavily weighted toward the second half of the year. This
full-year increase over significantly restrained 2022 levels is
required to adequately maintain the Company's facilities and
includes a modest return to investing for long-term profitable
growth.
Working capital continues to be an area of intense focus for the
Company. Inventory levels remain above historical pre-pandemic
levels due to prior production delays because of parts and labor
shortages. In the first half of 2023, reducing inventory levels
will be a key focus area. Efforts to maximize use of on-hand
inventory, coupled with material purchases below expected
production rates, should help to reduce excess inventory levels
around the Company significantly in both the first and second half
of 2023. Supply constraints continue to be an issue sporadically
around the globe, but the Company expects continued improvements as
2023 progresses. As a result of these actions, the Company expects
a significant increase in cash flow before financing activities for
the full-year 2023 compared with 2022.
*****
Conference Call
In conjunction with this news release,
the management of Hyster-Yale Materials Handling, Inc. will host a
conference call on Tuesday, February
28, 2023 at 11:00 a.m. Eastern
Time. To participate in the live call, please register more
than 15 minutes in advance at
https://www.netroadshow.com/events/login?show=3030f873&confId=46399
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 March 7, 2023. An archive of the webcast will
also be available on the Company's website two hours after the live
call ends. Further information regarding the Company's strategic
initiatives can also be found in the Company's Q4 2022 Investor
Deck that will be made available on the Hyster-Yale website.
Annual Report on Form 10-K
Hyster-Yale Materials
Handling. Inc.'s Annual Report on Form 10-K has been filed with the
Securities and Exchange Commission. This document may be obtained
free of charge by directing such requests to Hyster-Yale Materials
Handling, Inc., 5875 Landerbrook Drive, Cleveland, Ohio 44124, Attention: Investor
Relations, by calling (440) 449-9589, or from Hyster-Yale Materials
Handling's website at www.hyster-yale.com.
Non-GAAP and Other Measures
This release contains
non-GAAP financial measures. Included in this release are
reconciliations of these non-GAAP financial measures to the most
directly comparable financial measures calculated in accordance
with U.S. generally accepted accounting principles ("GAAP"). EBITDA
in this press release is provided solely as supplemental non-GAAP
disclosures of operating results. EBITDA does not represent
operating profit (loss) or net income (loss), as defined by U.S.
GAAP, and should not be considered as a substitute for operating
profit (loss) or net income (loss). Hyster-Yale defines EBITDA as
income (loss) before income taxes and noncontrolling interest
income and dividends plus net interest expense and depreciation and
amortization expense. EBITDA is not a measurement under U.S. GAAP
and is not necessarily comparable with similarly titled measures of
other companies. Management believes that EBITDA assists investors
in understanding the results of operations of the Company. In
addition, management evaluates results using EBITDA.
For purposes of this news release, discussions about net income
(loss) refer to net income (loss) attributable to stockholders.
Forward-looking Statements Disclaimer
The statements
contained in this news release that are not historical facts are
"forward-looking statements." These forward-looking statements are
made subject to certain risks and uncertainties, which could cause
actual results to differ materially from those presented. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof. Among the factors that could cause plans, actions and
results to differ materially from current expectations are, without
limitation: (1) delays in delivery and other supply chain
disruptions, or increases in costs as a result of inflation or
otherwise, including materials and transportation costs and
shortages, the imposition of tariffs, or the renewal of tariff
exclusions, on raw materials or sourced products, and labor, or
changes in or unavailability of quality suppliers or transporters,
including the impacts of the foregoing risks on the Company's
liquidity, (2) delays in manufacturing and delivery schedules, (3)
customer acceptance of pricing, (4) 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) the effectiveness of the cost reduction
programs implemented globally, including the successful
implementation of procurement and sourcing initiatives, (10) the
successful commercialization of Nuvera's technology, (11)
impairment charges, (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
|
|
Twelve Months
Ended
|
|
December 31
|
|
December 31
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
Revenues
|
$
985.2
|
|
$
829.7
|
|
$
3,548.3
|
|
$
3,075.7
|
Cost of
sales
|
838.5
|
|
766.2
|
|
3,114.4
|
|
2,712.3
|
Gross
Profit
|
146.7
|
|
63.5
|
|
433.9
|
|
363.4
|
Selling, general and
administrative expenses
|
126.9
|
|
114.9
|
|
473.0
|
|
450.1
|
Impairment
loss
|
—
|
|
55.6
|
|
—
|
|
65.6
|
Operating Profit
(Loss)
|
19.8
|
|
(107.0)
|
|
(39.1)
|
|
(152.3)
|
Other (income)
expense
|
|
|
|
|
|
|
|
Interest expense
|
9.5
|
|
4.8
|
|
28.4
|
|
15.5
|
Income from unconsolidated affiliates
|
(1.4)
|
|
(3.5)
|
|
(11.0)
|
|
(11.7)
|
Other, net
|
(1.4)
|
|
(1.3)
|
|
5.9
|
|
(1.2)
|
Income (Loss) before
Income Taxes
|
13.1
|
|
(107.0)
|
|
(62.4)
|
|
(154.9)
|
Income tax
expense
|
5.2
|
|
7.8
|
|
9.2
|
|
28.3
|
Net (income) loss
attributable to noncontrolling interests
|
0.1
|
|
11.5
|
|
(1.5)
|
|
10.2
|
Net income attributable
to redeemable noncontrolling interests
|
(0.2)
|
|
—
|
|
(0.5)
|
|
—
|
Accrued dividend to
redeemable noncontrolling interests
|
(0.2)
|
|
—
|
|
(0.5)
|
|
—
|
Net Income (Loss)
Attributable to Stockholders
|
$
7.6
|
|
$
(103.3)
|
|
$
(74.1)
|
|
$
(173.0)
|
|
|
|
|
|
|
|
|
Basic Earnings
(Loss) per Share
|
$
0.45
|
|
$
(6.14)
|
|
$
(4.38)
|
|
$
(10.29)
|
|
|
|
|
|
|
|
|
Diluted Earnings
(Loss) per Share
|
$
0.44
|
|
$
(6.14)
|
|
$
(4.38)
|
|
$
(10.29)
|
|
|
|
|
|
|
|
|
Basic Weighted
Average Shares Outstanding
|
16.936
|
|
16.825
|
|
16.901
|
|
16.818
|
Diluted Weighted
Average Shares Outstanding
|
17.137
|
|
16.825
|
|
16.901
|
|
16.818
|
|
|
|
|
|
|
|
|
EBITDA
RECONCILIATION
|
|
Quarter
Ended
|
|
|
|
3/31/2022
|
|
6/30/2022
|
|
9/30/2022
|
|
12/31/2022
|
|
Year
Ended
12/31/2022
|
|
(In
millions)
|
Net Income (Loss)
Attributable to Stockholders
|
$
(25.0)
|
|
$
(19.4)
|
|
$
(37.3)
|
|
$
7.6
|
|
$
(74.1)
|
Noncontrolling interest
income and dividends
|
0.8
|
|
0.7
|
|
0.7
|
|
0.3
|
|
2.5
|
Income tax expense
(benefit)
|
2.9
|
|
(3.1)
|
|
4.2
|
|
5.2
|
|
9.2
|
Interest
expense
|
5.1
|
|
6.1
|
|
7.7
|
|
9.5
|
|
28.4
|
Interest
income
|
(0.2)
|
|
(0.2)
|
|
(0.4)
|
|
(0.3)
|
|
(1.1)
|
Depreciation and
amortization expense
|
11.1
|
|
11.0
|
|
10.9
|
|
10.4
|
|
43.4
|
EBITDA*
|
$
(5.3)
|
|
$
(4.9)
|
|
$
(14.2)
|
|
$
32.7
|
|
$
8.3
|
|
|
|
|
|
|
|
|
|
|
|
*EBITDA in this press release is provided solely as a
supplemental disclosure. EBITDA does not represent net income
(loss), as defined by U.S. GAAP, and should not be considered as a
substitute for net income or net loss, or as an indicator of
operating performance. Hyster-Yale defines EBITDA as income (loss)
before income taxes and noncontrolling interest income and
dividends plus net interest expense and depreciation and
amortization expense. EBITDA is not a measurement under U.S. GAAP
and is not necessarily comparable with similarly titled measures of
other companies.
HYSTER-YALE
MATERIALS HANDLING, INC.
|
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December 31
|
|
December 31
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
(In
millions)
|
Revenues
|
|
|
|
|
|
|
|
Americas
|
$
679.8
|
|
$
551.5
|
|
$
2,405.4
|
|
$
1,984.6
|
EMEA
|
190.3
|
|
179.7
|
|
704.2
|
|
678.9
|
JAPIC
|
67.9
|
|
52.3
|
|
250.0
|
|
233.9
|
Lift Truck
Business
|
$
938.0
|
|
$
783.5
|
|
$
3,359.6
|
|
$
2,897.4
|
Bolzoni
|
92.0
|
|
93.5
|
|
355.7
|
|
347.8
|
Nuvera
|
1.3
|
|
0.2
|
|
3.4
|
|
0.7
|
Eliminations
|
(46.1)
|
|
(47.5)
|
|
(170.4)
|
|
(170.2)
|
Total
|
$
985.2
|
|
$
829.7
|
|
$
3,548.3
|
|
$
3,075.7
|
|
|
|
|
|
|
|
|
Gross profit
(loss)
|
|
|
|
|
|
|
|
Americas
|
$
110.1
|
|
$
31.6
|
|
$
303.4
|
|
$
221.8
|
EMEA
|
11.0
|
|
18.3
|
|
45.0
|
|
86.9
|
JAPIC
|
8.1
|
|
4.5
|
|
22.6
|
|
21.2
|
Lift Truck
Business
|
$
129.2
|
|
$
54.4
|
|
$
371.0
|
|
$
329.9
|
Bolzoni
|
19.3
|
|
14.1
|
|
70.7
|
|
61.5
|
Nuvera
|
(1.7)
|
|
(4.4)
|
|
(7.2)
|
|
(26.7)
|
Eliminations
|
(0.1)
|
|
(0.6)
|
|
(0.6)
|
|
(1.3)
|
Total
|
$
146.7
|
|
$
63.5
|
|
$
433.9
|
|
$
363.4
|
|
|
|
|
|
|
|
|
Operating profit
(loss)
|
|
|
|
|
|
|
|
Americas
|
$
38.4
|
|
$
(31.0)
|
|
$
46.8
|
|
$
(19.7)
|
EMEA
|
(11.2)
|
|
(2.6)
|
|
(46.6)
|
|
0.3
|
JAPIC
|
—
|
|
(59.6)
|
|
(10.6)
|
|
(67.5)
|
Lift Truck
Business
|
$
27.2
|
|
$
(93.2)
|
|
$
(10.4)
|
|
$
(86.9)
|
Bolzoni
|
2.0
|
|
(2.2)
|
|
6.2
|
|
(1.8)
|
Nuvera
|
(9.3)
|
|
(11.0)
|
|
(34.3)
|
|
(62.3)
|
Eliminations
|
(0.1)
|
|
(0.6)
|
|
(0.6)
|
|
(1.3)
|
Total
|
$
19.8
|
|
$
(107.0)
|
|
$
(39.1)
|
|
$
(152.3)
|
HYSTER-YALE
MATERIALS HANDLING, INC.
|
FINANCIAL
HIGHLIGHTS
|
|
|
CASH FLOW, CAPITAL
STRUCTURE AND WORKING CAPITAL
|
|
|
|
|
|
Twelve Months
Ended
|
|
|
|
|
|
December 31
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
(In
millions)
|
Net cash provided by
(used for) operating activities
|
|
|
|
$
40.6
|
|
$
(253.5)
|
Net cash used for
investing activities
|
|
|
|
|
(35.4)
|
|
(24.5)
|
Cash Flow Before Financing Activities
|
|
|
|
|
$
5.2
|
|
$
(278.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2022
|
|
September 30,
2022
|
|
June 30,
2022
|
|
December 31,
2021
|
|
|
|
(In
millions)
|
Debt
|
$
552.9
|
|
$
545.0
|
|
$
580.6
|
|
$
518.5
|
Cash
|
59.0
|
|
68.6
|
|
75.6
|
|
65.5
|
Net Debt
|
$
493.9
|
|
$
476.4
|
|
$
505.0
|
|
$
453.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2022
|
|
September 30,
2022
|
|
June 30,
2022
|
|
December 31,
2021
|
|
|
|
(In
millions)
|
Accounts
Receivable
|
$
523.6
|
|
$
460.1
|
|
$
531.2
|
|
$
457.4
|
Inventory
|
799.5
|
|
779.0
|
|
790.2
|
|
781.0
|
Accounts
Payable
|
607.4
|
|
552.9
|
|
569.5
|
|
541.4
|
Working
Capital
|
$
715.7
|
|
$
686.2
|
|
$
751.9
|
|
$
697.0
|
|
|
|
|
|
|
|
|
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SOURCE Hyster-Yale Materials Handling, Inc.