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Jun 30, 2021
Hyster-Yale Q2 2021 Earnings Report
Results for Q2 2021 were released, showing record bookings and shipments affected by component availability.
Key Takeaways
Hyster-Yale reported record Q2 2021 bookings of 47,000 units, significantly up from Q2 2020. Revenue increased due to higher unit shipments and parts volume in the Lift Truck and Bolzoni businesses. However, lower Lift Truck operating profit was reported due to increased operating expenses and higher material costs.
Record Q2 21 bookings of 47K units, up from Q1 21 and significantly up from pandemic-affected Q2 20.
Shipments up from Q2 20, but severely affected by component availability.
Revenue increase driven by higher unit shipments and parts volume in Lift Truck and Bolzoni businesses.
Lower Lift Truck Operating profit due to higher operating expenses from elimination of cost containment action taken in 2020, higher material cost of $11m, net of price increases of $5.9M and manufacturing inefficiencies from supply chain disruptions.
Revenue by Segment
Forward Guidance
Hyster-Yale anticipates a decrease in lift truck market growth and bookings in the second half of 2021. Supply chain constraints and material cost inflation are expected to result in lower consolidated operating profit and net income in H2 21 vs H2 20.
Positive Outlook
- Bookings H2 21 vs H2 20 bookings to be higher than expected based on market growth rate from impact of strategic projects
- Significant increase in operating profit and net income in H2 21 compared to H1 21 and H2 20 expected at Bolzoni.
- Nuvera continues to focus on ramping up demonstrations, quotes and bookings.
Challenges Ahead
- As the market normalizes, a substantial decrease in bookings is anticipated in the Lift Truck business in H2 21 vs. H1 21.
- Level of future bookings and shipments still uncertain due to the economic and market environment, including impacts of COVID-19 variants and related supply chain issues.
- Supply chain constraints, material cost inflation, reinstatement of cost containment actions and loss of government subsidies expected to result in substantially lower consolidated operating profit and net income in H2 21 vs H2 20
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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