HYSTER-YALE MATERIALS HANDLING ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 RESULTS - 27.02.23 - News

CLEVELAND, Feb. 27, 2023

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

ARIVA.DE Börsen-Geflüster

Kurse

Hyster-Yale Materials Handling

72,59 $

-1,57%

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

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