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Sep 30, 2022
Hyster-Yale Q3 2022 Earnings Report
Hyster-Yale's consolidated revenues increased, and operating loss improved compared to Q3 2021.
Key Takeaways
Hyster-Yale's Q3 2022 results showed increased consolidated revenues driven by higher lift truck prices and parts volumes. The consolidated operating loss improved due to moderating component shortages and supply chain constraints. Lift Truck results improved year-over-year, while Bolzoni's results decreased, and Nuvera's loss decreased.
Consolidated revenues increased 12.3% over Q3 2021, primarily due to increased lift truck prices and parts volumes.
Lift truck shipments increased in each geographic segment versus Q3 2021, due to moderating component shortages and supply chain constraints.
Consolidated operating loss improved by nearly $30 million versus Q3 2021, which included $24.8 million of non-cash charges at Nuvera.
Lift Truck results improved versus Q3 2021 and were ahead of Company expectations, despite significant unfavorable currency effects.
Revenue by Segment
Forward Guidance
Hyster-Yale anticipates reduced losses and a move towards operating profit in the fourth quarter of 2022. Lift Truck expects a slightly reduced operating profit in Q4 2022 and a substantial higher operating profit and net income in 2023 versus 2022. Bolzoni expects to return to profitability in Q4 2022 and a comparable operating profit in 2023. Nuvera expects reduced losses in Q4 2022 and a solid operating profit in 2023.
Positive Outlook
- Backlog levels will drive future performance and support unit margin expansion
- Lift Truck moderately expected to move from modest operating profit in Q4 2022 to substantial higher operating profit in 2023 versus 2022
- Bolzoni expects to return to profitability in Q4 2022
- Bolzoni expects a comparable operating profit in 2023
- Nuvera expects reduced losses in Q4 2022 and a solid operating profit in 2023
Challenges Ahead
- Economic Potential Recessionary Headwinds
- Russia/Ukraine conflict expansion
- Supplier component volume shortages
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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