HYSTER-YALE MATERIALS HANDLING ANNOUNCES SECOND QUARTER 2023 RESULTS - 01.08.23 - News

CLEVELAND, Aug. 1, 2023

Consolidated revenues of $1.1 billion increased 22% over Q2 2022 due to higher sales volumes and pricing
Consolidated operating profit of $58.8 million compared with a loss in Q2 2022
Lift Truck operating profit and margin of $62.5 million and 6.0% were significantly ahead of expectations due to higher pricing and improved sales mix
Average sales price per backlog unit increased 23% over Q2 2022 and 5% over Q1 2023
Bolzoni operating profit of $5.4 million increased 59% over Q2 2022

H2 2023 Outlook:

Substantial second-half consolidated net income is projected, including seasonally lower third-quarter results

CLEVELAND, Aug. 1, 2023 /PRNewswire/ -- Hyster-Yale Materials Handling, Inc. (NYSE: HY) reported the following consolidated results for the three and six months ended June 30, 2023. Comparisons in this news release are to the three months ended June 30, 2022, unless otherwise noted.

Three Months Ended

Six Months Ended

($ in millions except per share amounts)

6/30/23

ARIVA.DE Börsen-Geflüster

Kurse

Hyster-Yale Materials Handling

72,59 $

-1,57%

6/30/22

Change
Fav (Unfav)

6/30/23

6/30/22

Change
Fav (Unfav)

Revenues

$1,090.6

$895.4

$195.2

$2,089.9

$1,723.0

$366.9

Operating Profit (Loss)

$58.8

$(15.7)

$74.5

$101.4

$(34.0)

$135.4

Net Income (Loss)

$38.3

$(19.4)

$57.7

$64.9

$(44.4)

$109.3

Diluted Earnings (Loss) /share

$2.21

$(1.15)

$3.36

$3.76

$(2.63)

$6.39

Lift Truck Business Results
Revenues and shipments by geographic segment were as follows:

($ in millions)	Q2 2023	Q2 2022	Change Fav (Unfav)
Revenues	$1,038.7	$846.3	$192.4
Americas⁽¹⁾	$788.5	$596.6	$191.9
EMEA⁽¹⁾	$200.6	$184.8	$15.8
JAPIC⁽¹⁾	$49.6	$64.9	$(15.3)

(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)	Q2 2023	Q2 2022	Change Fav (Unfav)	Q1 2023	Change Fav (Unfav)
Unit Shipments	27,700	25,300	2,400	25,200	2,500
Americas	18,300	13,900	4,400	16,100	2,200
EMEA	7,000	7,800	(800)	6,800	200
JAPIC	2,400	3,600	(1,200)	2,300	100

Second-quarter 2023 lift truck revenues increased 23% over the prior year. Consolidated unit shipments increased nearly 10% over both prior year and first-quarter 2023, led by the Americas. Revenue growth continues to outpace shipment growth because previously implemented price increases, designed to offset significant cost inflation in prior years, are being realized. Higher unit and parts volumes, along with a favorable shift in sales mix, primarily to higher-priced Class 5 trucks, also contributed to the revenue growth.

Supply chain conditions continue to improve, and as a result, the Americas eliminated the first week of its planned two-week plant shutdown at the end of June to reduce inventory and backlog units, and improve lead times. However, ongoing difficulties sourcing certain critical components, as well as skilled labor shortages, hampered second-quarter 2023's planned production rate increases and shipments, primarily in EMEA.

Gross profit and operating profit (loss) by geographic segment were as follows:

($ in millions)

Q2 2023

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