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Mar 31, 2021
Hyster-Yale Q1 2021 Earnings Report
Hyster-Yale's financial performance decreased due to lower shipments, increased manufacturing variances, and higher material and freight costs, partially offset by lower operating expenses.
Key Takeaways
Hyster-Yale Materials Handling, Inc. reported a decrease in consolidated revenues to $732.2 million and a decrease in consolidated net income to $5.6 million, or $0.33 per diluted share, for the first quarter of 2021. The decrease was primarily driven by lower unit volumes and higher manufacturing and material costs.
Significant increases in unit shipments in EMEA and JAPIC were offset by a substantial decrease in unit shipments in the Americas due to supply chain constraints.
Consolidated revenues decreased 6.8% from Q1 2020 due to lower shipments in the Americas.
Consolidated operating profit decreased to $3.1 million from $20.2 million in Q1 2020, driven by lower unit volumes and higher manufacturing and material costs.
Net income decreased to $5.6 million, or $0.33 per share, from $15.3 million, or $0.91 per share, in Q1 2020.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Hyster-Yale expects operating profit and net income in the second quarter of 2021 to be significantly higher than the very low second-quarter 2020 and first-quarter 2021 results as supply chain constraints are expected to moderate modestly.
Positive Outlook
- Market growth for the remainder of the year is expected to moderate from the high growth rates of the 2021 first quarter.
- The Company continues to expect increased bookings for the 2021 full year compared with the low levels in 2020.
- Strategic projects are expected to enhance market share.
- The Company has a record lift truck backlog and a strong current booking environment.
- Future increased shipment opportunities are very significant.
Challenges Ahead
- The Company is anticipating a slowdown of bookings in the 2021 second quarter as price increases are implemented to mitigate the impact of material and freight cost inflation.
- Definitive time frames for achieving full share gain results are still uncertain due to the pandemic and subsequent pandemic-related supply chain and cost challenges.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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