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Jun 30, 2023
Hyster-Yale Q2 2023 Earnings Report
Hyster-Yale's Q2 2023 financial performance showcased substantial growth and improved profitability.
Key Takeaways
Hyster-Yale reported strong Q2 2023 results, with revenue exceeding $1 billion, a 22% increase year-over-year. Operating profit was $58.8 million, a significant improvement from the loss in Q2 2022. The company benefited from higher pricing, increased sales volumes, and a favorable sales mix shift.
Revenue increased by 22% compared to Q2 2022, reaching $1.1 billion.
Operating profit was $58.8 million, a substantial improvement from the prior year loss.
Average sales price per backlog unit increased by 23% from Q2 2022.
Debt to total capital decreased by 160 bps from Q3 2022 peak, reaching 64%.
Revenue by Segment
Forward Guidance
Hyster-Yale expects strong performance in the second half of 2023, with increased profitability compared to H2 2022. This is driven by improving margins and backlog levels, although moderating from H1 2023 levels due to lower volumes.
Positive Outlook
- Substantial operating profit increase expected in H2 2023 over H2 2022.
- Average sales price per unit backlog increased by approximately 23% over Q2 2022.
- Worked through essentially all the lower-margin unit backlog booked before price increases were implemented by the end of Q2 2023.
- Backlog levels are expected to drive future performance and support unit margin expansion.
- Significant increase in revenues and operating profit expected in H2 2023 vs. H2 2022 from expected improving margins for Bolzoni.
Challenges Ahead
- Lift Truck operating profit increase in H2 '23 will moderate from H1 '23 levels due to lower volumes.
- Lower operating loss in H2 ‘23 vs. H2 ’22 from higher Nuvera shipments will be moderated by increased product development costs.
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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