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Mar 31, 2023
Hyster-Yale Q1 2023 Earnings Report
Hyster-Yale's financial performance exceeded expectations, driven by higher pricing and increased sales volumes, resulting in substantial improvements in profitability.
Key Takeaways
Hyster-Yale reported strong Q1 2023 results, with net income ahead of expectations and revenues nearly $1 billion. The company benefited from higher pricing and increased sales volumes, which led to improved profitability. Backlog decreased due to higher shipments and lower bookings, but backlog value increased due to higher average sales prices.
Net income of $26.6M was ahead of expectations.
Backlog decrease of ~13% from Q1 2022 peak due to higher shipments and lower bookings.
Backlog value increased: Avg. sales price/backlog unit ~34% from Q1’22.
Quarterly Revenues of nearly $1 billion.
Revenue by Segment
Forward Guidance
Hyster-Yale expects increased margins over time and higher operating profit in 2023 versus 2022. Substantial 2023 consolidated profitability is expected. Backlog levels will drive future performance and support unit margin expansion.
Positive Outlook
- Maintain discipline as volume increases
- Improving Production Efficiencies as Supply Chain shortages dissipate
- Economies of scale with modular/ scalable products
- Increasing shipments of higher-margin backlog
- Balanced plant production mix
Challenges Ahead
- As HY works through low-margin backlog
- Material cost inflation moderates
- Supply chain constraints dissipate
- Gap to Target Economics are expected to narrow
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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