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Sep 30, 2021
Hyster-Yale Q3 2021 Earnings Report
Hyster-Yale's financial performance was affected by component availability and cost inflation.
Key Takeaways
Hyster-Yale's Q3 2021 results were impacted by supply chain disruptions and cost inflation, leading to consolidated net loss. Lift Truck bookings decreased from Q2 2021. Significant operating loss at Lift Truck and break even results at Bolzoni due to material and freight cost inflation.
Consolidated revenues increased 14.7% over Q3 2020 due to a 12.6% increase in shipments.
Lift Truck bookings increased significantly over Q3 2020 levels, but down from Q2 2021 record levels due to moderating global lift truck market
Significant operating loss at Nuvera resulting from a $14.8m reduction in inventory value and a $10.0m fixed asset impairment charge.
Consolidated net loss includes a $38.4 million charge to establish a valuation allowance primarily on certain U.S. deferred tax assets
Revenue by Segment
Forward Guidance
Significant operating and net losses expected in Q4 2021 and in H1 2022 at both the Consolidated company and in the Lift Truck segment.
Positive Outlook
- Increase in operating profit and net income expected in Q4 2021 vs. Q4 2020 and first nine Months of 2021
- Over 2022, expect component shortages to moderate and pricing to permit improved returns as year progresses
- Moderately reduced losses expected in 2022 from expected enhanced fuel cell shipments
- Lift Truck segment and Consolidated results expected to return to an operating profit in H2 2022 assuming resolution of component shortages and stabilization of costs
- Focused on ramping up demonstrations, quotes and bookings
Challenges Ahead
- Market – Q4 2021 decrease from Q4 2020, and FY2022 expected to recede from 2021 historical highs
- Bookings – Q4 2021 decrease substantially from Q3 2021, and decline in succeeding 2022 quarters vs. 2021 quarters due to market declines; share gains expected
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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