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Hyster-Yale Materials Handling Announces Fourth Quarter And Full Year 2018 Results
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PR Newswire
CLEVELAND, Feb. 26, 2019
CLEVELAND, Feb. 26, 2019 /PRNewswire/ --
Quarter Highlights:
- Consolidated revenues increased 5.3% over Q4 2017
- Bookings increased 18.7% and ending backlog increased 30% over Q4 2017
- Consolidated operating loss of $3.4 million includes impact of investments to support strategic growth initiatives, supply chain constraints, tariff-adjusted incentive compensation expense and phase in of the recovery of material cost inflation and tariffs
- Hyster-Yale Maximal, acquired on June 1, 2018, shipped 1,600 units and contributed $22.7 million to revenues, $3.2 million to gross profit and generated an operating loss of $0.8 million, including $1.0 million of amortization expense, in Q4 2018
Hyster-Yale Materials Handling, Inc. (NYSE: HY) today announced consolidated revenues of $837.7 million and a consolidated net loss of $1.2 million, or $0.07 per share, for the fourth quarter of 2018 compared with consolidated revenues of $795.5 million and a consolidated net loss of $2.4 million, or $0.15 per share, for the fourth quarter of 2017.
Full-year 2018 lift truck shipments increased to approximately 101,900 units from approximately 93,400 units in 2017, and consolidated revenues increased to $3.2 billion compared with $2.9 billion in 2017. Consolidated operating profit decreased to $38.8 million in 2018 from $74.1 million in 2017. The Americas implemented price increases during the first half of the year and a tariff surcharge in November 2018 to offset material cost inflation driven by U.S. aluminum and steel tariffs and increased U.S. tariffs on components and lift trucks imported from China. However, operating results continued to reflect the lag of a $25.7 million shortfall in the full-year 2018 results between fully realizing those price increases and when the tariffs and material cost increases were first realized. Consolidated net income was $34.7 million, or $2.09 per diluted share, for the year ended December 31, 2018 compared with consolidated net income of $48.6 million, or $2.94 per diluted share, for the year ended December 31, 2017.
The 2017 fourth quarter and full year consolidated results included a net expense of $18.4 million related to the 2017 U.S. tax reform legislation. Excluding the net impact of this legislation, Adjusted income was $16.0 million, or $0.97 per diluted share, for the fourth quarter of 2017 and $67.0 million, or $4.06 per diluted share, for the 2017 full year. For a reconciliation from GAAP results to the non-GAAP results, see page 8.
At December 31, 2018, the Company's cash position was $83.7 million and debt was $301.5 million compared with cash of $220.1 million and debt of $290.7 million as of December 31, 2017. The decrease in cash and increase in debt were primarily driven by the acquisition of Maximal in the second quarter of 2018 and an increased investment in working capital.
For the 2018 full year, the Company's consolidated cash flow before financing activities was a negative $43.3 million, which was comprised of net cash provided by operating activities of $67.6 million less net cash used for investing activities of $110.9 million, including $77.9 million for the acquisition of Maximal, net of cash acquired. For the 2017 full year, the Company generated consolidated cash flow before financing activities of $117.4 million, which was comprised of net cash provided by operating activities of $164.7 million less net cash used for investing activities of $47.3 million.
Segment Financial Results
Summary segment results for the Company's three business segments were as follows for the fourth quarter of 2018 and 2017:
| (in millions) | *Hyster-Yale Group | | Bolzoni | | Nuvera | |||||||||||||||
| | Q4 2018 | Q4 2017 | | Q4 2018 | Q4 2017 | | Q4 2018 | Q4 2017 | ||||||||||||
| Revenues | $ | 794.2 | | $ | 751.6 | | | $ | 50.6 | | $ | 49.4 | | | $ | 10.6 | | $ | 0.4 | |
| Operating Profit (Loss) | $ | 4.2 | | $ | 28.4 | | | $ | 1.9 | | $ | 1.5 | | | $ | (9.8) | | $ | (13.9) | |
| Net Income (Loss) | $ | 6.3 | | $ | 6.0 | | | $ | 0.4 | | $ | 0.6 | | | $ | (7.3) | | $ | (9.8) | |
| | ||||||||||||||||||||
| *For purposes of this release, Hyster-Yale Group refers to the Company's Lift Truck business, Bolzoni is the Attachment business and Nuvera is the Fuel Cell business. | ||||||||||||||||||||
Hyster-Yale Group Results
The following is a summary of Hyster-Yale Group unit shipments, bookings and backlog for the 2018 and 2017 fourth quarters and the 2018 third quarter.
| ($ in millions) | Fourth | | Third | | Fourth |
| Unit Shipments | 27,700 | | 25,600 | | 25,900 |
| Unit Bookings | 29,200 | | 26,200 | | 24,600 |
| Unit Bookings $ value | $690 | | $560 | | $615 |
| Unit Backlog | 43,900 | | 42,300 | | 33,800 |
| Unit Backlog $ value | $1,190 | | $1,090 | | $860 |
In the 2018 fourth quarter, the average sales price per unit in backlog increased over the prior year and the 2018 third quarter as a result of an increase in shipments of lower-priced units during the current quarter, while shipments of higher-priced units, including Big Trucks, were lower primarily because of supplier parts shortages.
Americas Results
Revenues in the Americas segment, which includes the North America, Latin America and Brazil markets, increased to $516.1 million in the fourth quarter of 2018 from $487.4 million in the fourth quarter of 2017. This increase was primarily the result of price increases implemented to offset higher material costs and tariffs, other revenues generated from the recognition of revenue that had previously been deferred on fuel cell battery box replacement ("BBR") units sold to third parties by the Americas and from higher remarketing services, as well as an increase in parts sales. These improvements were partially offset by modestly lower unit volumes. Unit shipments decreased by approximately 600 units from the prior year fourth quarter, driven by fewer shipments of higher-priced Class 2 electric trucks and Class 5 Big Trucks in the North America market, partly offset by an increase in shipments in Brazil as that market continues to recover. Backlog in the Americas increased 6,700 units over the prior year fourth quarter and 2,000 units over the 2018 third quarter as a result of supplier issues, prudent production scheduling and higher bookings and backlog in Brazil.
Despite an increase in revenues, operating profit in the Americas, which includes corporate headquarters results, decreased to $4.0 million in the fourth quarter of 2018 from $23.7 million in the prior year quarter. Operating profit decreased due to both lower gross profit and an increase in operating expenses. The decrease in gross profit was primarily the result of material and freight cost inflation including import tariffs, net of price increases, manufacturing inefficiencies caused by supplier parts shortages and an increase in warranty expense. The Americas implemented price increases during the first half of the year and a tariff surcharge in November 2018 to offset material cost inflation and aluminum and steel tariffs, but the fourth-quarter operating results continued to reflect a $5.7 million shortfall resulting from the lag between the implementation of the price increases and when those price increases are fully realized in unit revenues. Operating expenses increased mainly due to an increase in incentive compensation resulting from an adjustment for the net impact of tariffs on full-year 2018 results, additional investments in the expansion of Hyster-Yale Group's industry-focused sales and marketing teams and increased product development costs to support a planned major upgrade to one of the Company's core product platforms.
EMEA Results
Revenues for the EMEA segment, which includes operations in the Europe, Middle East and Africa markets, decreased to $207.7 million in the fourth quarter of 2018 from $215.2 million in the fourth quarter of 2017. Despite an increase in unit volumes, revenues declined because an increase in revenues on lower-priced Class 3 units did not offset the effect of lower sales volumes of higher-priced Class 1, Class 2 and Class 5 trucks, including Big Trucks, compared with the prior year. Backlog in EMEA increased approximately 2,000 units over the 2017 fourth quarter and 200 units over the 2018 third quarter. Unfavorable currency movements from the translation of sales into U.S. dollars partly offset by higher parts sales and price increases, also contributed to the revenue decline.
EMEA had operating profit of $4.2 million in the fourth quarter of 2018 compared with $5.3 million in the fourth quarter of 2017. The impact of favorable currency movements of $2.8 million and price increases, net of material cost inflation, were more than offset by decreased volumes of higher-value lift trucks, specifically Big Trucks because of ongoing parts shortages, as well as manufacturing inefficiencies caused by supplier constraints and national labor-related strike days at the Company's Nijmegen plant. A modest increase in operating expenses primarily due to higher incentive compensation also contributed to the decline in operating profit.
JAPIC Results
Revenues in the JAPIC segment, which includes operations in the Asia and Pacific markets, including China, as well as results from Hyster-Yale Maximal since it was acquired in June 2018, increased to $70.4 million in the fourth quarter of 2018 from $49.0 million in the fourth quarter of 2017. The increase was driven by the acquisition of Hyster-Yale Maximal, which contributed revenues of $22.7 million generated by shipments of approximately 1,600 units.
JAPIC generated an operating loss of $4.0 million in the fourth quarter of 2018 compared with an operating loss of $0.6 million in the fourth quarter of 2017. Included in the 2018 results was an operating loss at Hyster-Yale Maximal of $0.8 million, which included $1.0 of amortization expense for the write-up of acquired assets to fair market value. Excluding the impact of Hyster-Yale Maximal, JAPIC's operating results declined primarily as a result of increased costs to expand JAPIC's sales and marketing teams and higher product development costs to support the Company's growth initiatives, as well as a product mix shift and an increase in material and freight costs.
Bolzoni Results
During the fourth quarter of 2018, Bolzoni's revenue increased to $50.6 million from $49.4 million in 2017 primarily due to higher volumes in the EMEA market, partly offset by unfavorable currency movements. Bolzoni's operating profit increased from the prior year quarter mainly as a result of improved margins on products sold, partially offset by higher operating expenses from the continued implementation of strategic programs to increase Bolzoni's presence in North America.
Nuvera Results
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