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Dec 31, 2021
Hyster-Yale Q4 2021 Earnings Report
Hyster-Yale faced headwinds, including component cost inflation and supply chain constraints, resulting in significant operating losses, particularly in the Lift Truck segment, while also investing in strategic projects for future growth.
Key Takeaways
Hyster-Yale's Q4 2021 results were impacted by supply chain disruptions and cost inflation, leading to consolidated net losses despite increased revenues. The company is focused on strategic projects and expects improvements in profitability in the later part of 2022 and into 2023.
Lift Truck bookings increased by 16.5% compared to Q4 2020, but at a slower pace than the previous three quarters.
Consolidated revenues rose by 15.3% over Q4 2020, driven by a 24.2% increase in shipments.
Significant operating losses occurred in the Lift Truck segment due to material and freight cost inflation and component shortages.
Nuvera experienced a significant operating loss due to decreased revenues and a reduction in inventory value.
Revenue by Segment
Forward Guidance
Hyster-Yale anticipates a challenging start to 2022 but expects improvements throughout the year, with a return to profitability in the second half, driven by increased shipments and stabilization of costs.
Positive Outlook
- Lift Truck Market expected to remain higher than pre-pandemic levels
- FY 2022 shipments expected to increase significantly over FY 2021 in the later part of the year
- Component shortages from supply chain constraints expected to continue through early Q3 2022, but begin to moderate in H1 2022
- Bolzoni expects a significant increase in operating profit and net income in FY 2022 over FY 2021
- Nuvera is focused on ramping up demonstrations, quotes, and bookings for the E45kw and E60kw engines
Challenges Ahead
- Lift Truck Market expected to recede from 2021 historical highs
- Bookings are anticipated to decrease substantially in 2022 compared with 2021
- Lift Truck segment expects significant operating and net losses in Q1 2022
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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