Hyster-Yale(HY)

Search documents
Hyster-Yale(HY) - 2019 Q4 - Earnings Call Transcript
2020-02-26 23:08
Hyster-Yale Materials Handling, Inc. (NYSE:HY) Q4 2019 Earnings Conference Call February 26, 2020 11:00 AM ET Company Participants Christina Kmetko - Investment Relations Kenneth Schilling - SVP & CFO Alfred Rankin - Chairman, President & CEO Rajiv Prasad - President & CEO, Hyster-Yale Group, Inc. Conference Call Participants Joseph Vidich - Manalapan Oracle Joseph Mondillo - Sidoti & Company Michael Shlisky - Dougherty & Company Brett Kearney - Gabelli Funds Operator Ladies and gentlemen, thank you for sta ...
Hyster-Yale(HY) - 2019 Q4 - Annual Report
2020-02-25 22:04
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 000-54799 HYSTER-YALE MATERIALS HANDLING, INC. (Exact name of registrant as specified in its charter) | Delaware | 31-1637659 | | --- | --- | | (State or other jurisdiction of ...
Hyster-Yale Materials Handling (HY) Presents At Southwest IDEAS Investor Conference - Slideshow
2019-11-21 21:51
MATERIALS HANDLING Mass Customization 2019 SOUTHWEST IDEAS INVESTOR CONFERENCE Electrification WEDNESDAY, NOVEMBER 20 Automation Digitization Globalization Safe Harbor Statement & Disclosure This presentation includes forward-looking comments subject to important risks and uncertainties. It may also contain financial measures that are not in conformance with accounting principles generally accepted in the United States of America (GAAP). Refer to Hyster-Yale's reports filed on Forms 8-K (current), 10-Q (qua ...
Hyster-Yale Materials Handling (HY) Presents At Baird Global Industrial Conference - Slideshow
2019-11-19 18:02
NY HYSTER-YALE M A T E R I A L S H A N D L I N G Baird 2019 Industrial Conference Solutions for a changing world Wednesday, November 6, 2019 Safe Harbor Statement & Disclosure 2 This presentation includes forward-looking comments subject to important risks and uncertainties. It may also contain financial measures that are not in conformance with accounting principles generally accepted in the United States of America (GAAP). Refer to Hyster-Yale's reports filed on Forms 8-K (current), 10-Q (quarterly), and ...
Hyster-Yale(HY) - 2019 Q3 - Earnings Call Transcript
2019-11-02 10:21
Financial Data and Key Metrics Changes - Consolidated revenues for Q3 2019 decreased to $766 million from $783.9 million in Q3 2018, while consolidated operating profit increased significantly to $19.5 million from $12.2 million [6] - Net income for Q3 2019 decreased to $12.6 million or $0.76 per share from $15.4 million or $0.93 per share in the prior year [7] Business Line Data and Key Metrics Changes - Lift Truck business revenue decreased to $725.3 million from $740.8 million, with modest revenue increases in the Americas offset by declines in EMEA and JAPIC [8] - Bolzoni reported revenues of $75.8 million with a net income of $700,000, down from $84.4 million and $1.4 million respectively in the previous year [12] - Nuvera's revenues increased to $2.4 million from $2 million, but net loss decreased to $5.8 million from $6.4 million [13] Market Data and Key Metrics Changes - The Americas experienced modest revenue increases primarily due to price increases, while EMEA and JAPIC saw revenue declines [8] - The overall market for forklifts is projected to show some softening, with North America stabilizing around normalized levels compared to 2018 [59][60] Company Strategy and Development Direction - The company is focusing on six strategic initiatives expected to transform competitiveness and economic performance over the next three to five years [14] - New product launches, including modular and scalable counterbalance trucks, are anticipated to significantly impact results in 2020 [17][18] - The company aims to achieve a 7% operating profit margin target by 2023, assuming reasonable market conditions continue [29] Management's Comments on Operating Environment and Future Outlook - Management noted that supply chain constraints are expected to ease by the end of 2019, which should improve operational performance [25] - The company anticipates significant improvements in operating profit and net income for Q4 2019 and full year 2020 compared to 2019 [32][33] - The management expressed cautious optimism regarding the North American market stabilizing and potential growth in certain segments [59] Other Important Information - Cash position at September 30, 2019, was $62.8 million, up from $50.3 million at June 30, but down from $83.7 million at the end of 2018 [35] - The company expects working capital to improve significantly in Q4 2019 as inventory supplier issues are resolved [37] Q&A Session Summary Question: Where does the retroactive tariff exclusion income hit? - It hits the gross profit line as those tariffs were included in the cost of goods sold [43] Question: When do you anticipate supply chain constraints to normalize? - Management expects improvements in supply chain constraints by the end of 2019 [44] Question: How significantly did supply chain constraints weigh on gross margins in Q3? - Supply chain constraints had a significant impact on operational performance, affecting working capital and revenue [46] Question: Did supply chain issues affect demand? - There were some cancellations, but overall demand was managed through inventory in the field [47] Question: What is the outlook for pricing and cost trends? - Pricing has improved, and the company expects to maintain positive trends in price-cost spread [52] Question: How is the product mix in terms of orders pending? - There is a mixed set of signals, with some downturns in larger trucks but signs of market picking up in certain areas [56] Question: What is the status of the JAPIC segment's profitability? - The JAPIC segment is undergoing reengineering and is expected to improve profitability over the next 12 months [71] Question: What is the update on Nuvera's engine validation? - Revenue is expected to ramp up as engine shipments increase, with improvements anticipated throughout 2020 [74] Question: How is the supply chain improvement progressing? - The company is actively working with current and new suppliers to enhance supply chain efficiency [85]
Hyster-Yale(HY) - 2019 Q3 - Quarterly Report
2019-10-29 23:35
[Part I. FINANCIAL INFORMATION](index=4&type=section&id=Part%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Hyster-Yale Materials Handling, Inc.'s unaudited condensed consolidated financial statements for the periods ended September 30, 2019, along with detailed notes on accounting policies [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $1,838.2 million by September 30, 2019, primarily due to higher inventories, while total liabilities also rose to $1,295.7 million Condensed Consolidated Balance Sheets (in millions) | | SEPTEMBER 30, 2019 | DECEMBER 31, 2018 | | :--- | :--- | :--- | | **Total Current Assets** | $1,158.1 | $1,131.6 | | **Total Assets** | $1,838.2 | $1,742.1 | | **Total Current Liabilities** | $838.7 | $776.2 | | **Total Liabilities** | $1,295.7 | $1,182.6 | | **Total Stockholders' Equity** | $510.1 | $527.4 | | **Total Liabilities and Equity** | $1,838.2 | $1,742.1 | [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2019 revenues slightly decreased to $766.0 million, but operating profit increased to $19.5 million, while net income attributable to stockholders declined to $12.8 million due to a prior-year tax benefit Statements of Operations Highlights (in millions, except per share data) | | THREE MONTHS ENDED SEP 30, 2019 | THREE MONTHS ENDED SEP 30, 2018 | NINE MONTHS ENDED SEP 30, 2019 | NINE MONTHS ENDED SEP 30, 2018 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $766.0 | $783.9 | $2,457.0 | $2,338.3 | | **Gross Profit** | $135.0 | $117.7 | $400.6 | $375.1 | | **Operating Profit** | $19.5 | $12.2 | $45.8 | $42.2 | | **Net Income Attributable to Stockholders** | $12.8 | $15.4 | $32.4 | $35.9 | | **Diluted Earnings per Share** | $0.76 | $0.93 | $1.94 | $2.16 | [Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The company reported a comprehensive loss of $23.2 million in Q3 2019, primarily due to a significant negative foreign currency translation adjustment, contrasting with a $4.3 million income in Q3 2018 Comprehensive Income (Loss) (in millions) | | THREE MONTHS ENDED SEP 30, 2019 | THREE MONTHS ENDED SEP 30, 2018 | NINE MONTHS ENDED SEP 30, 2019 | NINE MONTHS ENDED SEP 30, 2018 | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $13.1 | $14.9 | $33.2 | $35.5 | | **Other comprehensive income (loss)** | ($36.3) | ($10.6) | ($40.9) | ($31.6) | | **Comprehensive Income (Loss)** | ($23.2) | $4.3 | ($8.1) | $3.9 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used for operating activities was $17.3 million for the nine months ended September 30, 2019, a significant decrease from the prior year, primarily due to unfavorable working capital changes Cash Flow Summary (in millions) | | NINE MONTHS ENDED SEP 30, 2019 | NINE MONTHS ENDED SEP 30, 2018 | | :--- | :--- | :--- | | **Net cash provided by (used for) operating activities** | ($17.3) | $92.3 | | **Net cash used for investing activities** | ($24.5) | ($97.3) | | **Net cash provided by (used for) financing activities** | $25.0 | ($88.3) | | **Decrease in Cash and Cash Equivalents** | ($20.9) | ($98.2) | | **Cash and Cash Equivalents, end of period** | $62.8 | $121.9 | [Unaudited Condensed Consolidated Statements of Changes in Equity](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity decreased to $542.5 million by September 30, 2019, primarily due to an increase in accumulated other comprehensive loss from foreign currency translation and hedging activities - Total equity decreased by **$17.0 million** in the first nine months of 2019, from **$559.5 million** to **$542.5 million**[12](index=12&type=chunk) - The decrease was driven by an increase in Accumulated Other Comprehensive Loss, which grew from **($177.5) million** to **($222.7) million**, mainly due to foreign currency translation adjustments and hedging activities[11](index=11&type=chunk)[12](index=12&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the company's accounting policies, financial results, and significant contingencies, including the adoption of new lease accounting standards - The company's business includes designing, manufacturing, and selling lift trucks under the Hyster® and Yale® brands through its subsidiary HYG, producing attachments via Bolzoni, and developing hydrogen fuel-cell technology through Nuvera[14](index=14&type=chunk)[16](index=16&type=chunk)[18](index=18&type=chunk) - On January 1, 2019, the company adopted the new lease accounting standard (ASC 842), resulting in the recognition of right-of-use (ROU) assets of **$82.7 million** and lease liabilities of **$80.8 million**[44](index=44&type=chunk) - The company recognized tariff recoveries of **$8.7 million** in Q3 2019 and **$11.8 million** in the first nine months of 2019, related to exclusions on duties for goods imported from China[101](index=101&type=chunk) - A favorable court decision in Brazil granted the company the right to recover overpaid taxes, estimated at a gross value of **$25 million**; the company has recorded a net realizable value of **$2 million** for these credits[86](index=86&type=chunk)[87](index=87&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results for Q3 and the first nine months of 2019, detailing liquidity, capital resources, and strategic outlook, including forecasted profit improvements [Financial Review](index=32&type=section&id=Financial%20Review) Q3 2019 revenues decreased to $766.0 million, while operating profit increased to $19.5 million due to improved lift truck gross profit, though net income declined to $12.8 million Q3 2019 vs Q3 2018 Performance | Metric | Q3 2019 | Q3 2018 | Change | | :--- | :--- | :--- | :--- | | Revenues | $766.0M | $783.9M | -2.3% | | Operating Profit | $19.5M | $12.2M | +59.8% | | Net Income (to Stockholders) | $12.8M | $15.4M | -16.9% | | Diluted EPS | $0.76 | $0.93 | -18.3% | - The increase in Q3 operating profit was mainly due to improved gross profit in the lift truck business, which benefited from price increases and **$8.7 million** in favorable retroactive tariff exclusion adjustments[119](index=119&type=chunk)[120](index=120&type=chunk) - Lift truck unit shipments decreased by **8.2%** in Q3 2019 compared to Q3 2018, while the unit backlog remained relatively stable at **43,400 units**[109](index=109&type=chunk)[112](index=112&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) Net cash used for operating activities was $17.3 million for the first nine months of 2019 due to unfavorable working capital, leading to increased borrowings and a rise in debt to capitalization Cash Flow and Capital Structure | Metric | Nine Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2018 | | :--- | :--- | :--- | | Net Cash from Operating Activities | ($17.3M) | $92.3M | | Capital Expenditures | $31.4M | $24.7M | | Cash Flow Before Financing | ($41.8M) | ($5.0M) | - The company has a **$240.0 million** revolving credit facility expiring in April 2022 and a **$200.0 million** term loan maturing in May 2023[140](index=140&type=chunk)[143](index=143&type=chunk) - Debt to total capitalization increased from **35%** at the end of 2018 to **39%** at September 30, 2019[150](index=150&type=chunk) [Investor Perspective and Outlook](index=40&type=section&id=Investor%20Perspective) The company is executing strategic programs to drive competitiveness and economic performance, forecasting significant operating profit improvements in Q4 2019 and 2020, with specific margin targets for its segments - The company is focused on six strategic initiatives: lowest cost of ownership, industry-focused solutions, independent distribution leadership, emerging market growth, attachment business leadership, and fuel cell leadership[153](index=153&type=chunk) - Management forecasts significant increases in consolidated operating profit and net income for Q4 2019 and full-year 2020 compared to prior periods[154](index=154&type=chunk) - Key goals include achieving a **7%** operating profit margin for the Lift Truck business, a **7%** margin for Bolzoni, and reaching break-even for Nuvera in Q4 2020[154](index=154&type=chunk) - Supplier shortages are expected to be resolved by the end of 2019, and margins are expected to recover from material cost inflation and discounted deals by the end of Q4 2019[163](index=163&type=chunk)[165](index=165&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes in the company's market risk exposures since December 31, 2018, with further details available in its 2018 Annual Report on Form 10-K - There have been no material changes in the Company's market risk exposures since December 31, 2018[173](index=173&type=chunk) [Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2019, with no material changes in internal control over financial reporting during Q3 2019 - Management concluded that the Company's disclosure controls and procedures were effective as of the end of the reporting period[175](index=175&type=chunk) - No changes in the Company's internal control over financial reporting occurred during Q3 2019 that materially affected, or are reasonably likely to materially affect, these controls[176](index=176&type=chunk) [Part II. OTHER INFORMATION](index=44&type=section&id=Part%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no material legal proceedings during the period - None[178](index=178&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the company's 2018 Annual Report on Form 10-K - No material changes from risk factors previously disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018[178](index=178&type=chunk) [Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the quarterly report, including officer certifications and Inline XBRL data files - The report includes certifications from the CEO and CFO as required by the Sarbanes-Oxley Act[180](index=180&type=chunk) - Inline XBRL (iXBRL) data files are included as exhibits, embedding financial data directly within the report[180](index=180&type=chunk) [Signatures](index=46&type=section&id=Signatures) [Signatures](index=46&type=section&id=Signatures) The report was duly signed on behalf of Hyster-Yale Materials Handling, Inc. by Kenneth C. Schilling, Senior Vice President and Chief Financial Officer, on October 29, 2019 - The report was signed on October 29, 2019, by Kenneth C. Schilling, Senior Vice President and Chief Financial Officer[184](index=184&type=chunk)
Hyster-Yale(HY) - 2019 Q2 - Quarterly Report
2019-07-30 21:14
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _______________________________________________________________________________________________________________________________________________________________________________________________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECUR ...
Hyster-Yale(HY) - 2019 Q1 - Quarterly Report
2019-04-30 21:12
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _______________________________________________________________________________________________________________________________________________________________________________________________________ FORM 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURIT ...
Hyster-Yale(HY) - 2018 Q4 - Annual Report
2019-02-26 22:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 000-54799 HYSTER-YALE MATERIALS HANDLING, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 31 ...