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02.05.2023 16:54
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PR Newswire
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HYSTER-YALE MATERIALS HANDLING ANNOUNCES FIRST QUARTER 2023 RESULTS
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PR Newswire
CLEVELAND, May 2, 2023
Q1 2023 Highlights:
- Consolidated revenues of nearly $1 billion increased 21% over Q1 2022 due to higher pricing and sales volumes, and an improved sales mix
- Consolidated operating profit of $42.6 million and consolidated net income of $26.6 million compared with losses in Q1 2022
- Lift Truck operating profit of $47.8 million and 5% operating margin were significantly ahead of expectations despite continued production challenges and currency headwinds
- Average sales price per backlog unit increased nearly 34% over Q1 2022 and 2% over Q4 2022
- Bolzoni operating profit of $4.4 million more than doubled from Q1 2022
Full-Year 2023 Outlook:
- Substantial consolidated net income is expected for 2023 full year as a result of significantly improved profitability at the Lift Truck and Bolzoni businesses compared with 2022
CLEVELAND, May 2, 2023 /PRNewswire/ -- Hyster-Yale Materials Handling, Inc. (NYSE: HY) reported the following consolidated results for the three months ended March 31, 2023:
| | Three Months Ended | |||||
| ($ in millions except per share amounts) | 3/31/23 | | 3/31/22 | | Change | |
| Revenues | $999.3 | | $827.6 | | $171.7 | |
| Operating Profit (Loss) | $42.6 | | $(18.3) | | $60.9 | |
| Net Income (Loss) | $26.6 | | $(25.0) | | $51.6 | |
| Diluted Earnings (Loss) /share | $1.55 | | $(1.48) | | $3.03 | |
Lift Truck Business Results
Revenues and shipments by geographic segment were as follows:
| ($ in millions) | Q1 2023 | | Q1 2022 | | Change | |
| Revenues | $948.7 | | $779.1 | | $169.6 | |
| Americas(1) | $685.9 | | $557.7 | | $128.2 | |
| EMEA(1) | $214.9 | | $169.7 | | $45.2 | |
| JAPIC(1) | $47.9 | | $51.7 | | $(3.8) | |
| |
| (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) | Q1 2023 | | Q1 2022 | | Change | | Q4 2022 | | Change |
| Unit Shipments | 25,200 | | 23,900 | | 1,300 | | 27,100 | | (1,900) |
| Americas | 16,100 | | 14,600 | | 1,500 | | 16,000 | | 100 |
| EMEA | 6,800 | | 6,500 | | 300 | | 7,800 | | (1,000) |
| JAPIC | 2,300 | | 2,800 | | (500) | | 3,300 | | (1,000) |
First-quarter 2023 lift truck revenues increased by 21.8% compared with the prior year first quarter while consolidated unit shipments increased by 5.4%. Revenue growth outpaced shipment growth as previously implemented price increases, designed to offset significant cost inflation in 2021 and 2022, were realized. Higher parts volumes and a favorable shift in sales mix, primarily to higher-priced Class 1 and Class 5 trucks, including Big Trucks, also contributed to the revenue growth. Unfavorable currency movements due to a stronger U.S. dollar compared with the prior year were a $14.2 million headwind in the quarter, primarily in EMEA.
Unit shipments decreased 7% from fourth-quarter 2022 as a result of fewer shipments in EMEA and JAPIC. While supply challenges in the Americas have moderated, continued difficulties sourcing certain critical components, particularly in EMEA, and labor shortages for skilled positions hampered first-quarter 2023 production rates and shipments.
Gross profit and operating profit (loss) by geographic segment were as follows:
| ($ in millions) | Q1 2023 | | Q1 2022 | | Change | |
| Gross Profit | $155.6 | | $85.9 | | $69.7 | |
| Americas | $121.2 | | $67.0 | | $54.2 | |
| EMEA | $26.9 | | $14.4 | | $12.5 | |
| JAPIC | $7.5 | | $4.5 Werbung Mehr Nachrichten zur Hyster-Yale Materials Handling Aktie kostenlos abonnieren
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