CLEVELAND, April 30, 2024 /PRNewswire/ -- Hyster-Yale Materials Handling, Inc. (NYSE: HY) will release its First Quarter 2024 financial results after market close on Tuesday, May 7, 2024.In conjunction with this release, the Company will host a webcast with the financial community at 2:30 p.m. ET on Wednesday, May 8, 2024, to discuss the financial results. Access to the live audio webcast will be available on the Company's website.To access the webcast, visit https://www.hyster-yale.com/investors approximat ...

Financial Data and Key Metrics Changes - For the full year, the company reported revenue of $4.1 billion, marking a 16% improvement over 2022, significantly outpacing global GDP growth [4][8] - Fourth quarter net income was $25 million, or $1.43 per share, compared to approximately $8 million and $0.44 per share in the prior year [103] - Cash flow from operations for the full year was $151 million, up from $41 million in 2022, with $79 million in cash on hand and approximately $270 million of unused borrowing capacity at year-end [9][10] Business Line Data and Key Metrics Changes - The Lift Truck business generated $982 million of revenue in Q4, growing by $44 million year-over-year, while the Bolzoni business reported revenues of $87 million, $5 million lower than the prior year [136][162] - Operating profit for the Lift Truck business improved significantly, with a consolidated operating profit margin of 4.7% in Q4, up 146% year-over-year [111][120] - Nuvera's operating loss in Q4 2023 was less than the prior year, primarily due to lower product development costs from new U.S. government funding [137] Market Data and Key Metrics Changes - The global Lift Truck market bookings decreased in Q4 2023 compared to the prior year, with a double-digit decrease from robust 2022 levels, although the rate of decline slowed in EMEA [92][114] - The company anticipates that the global Lift Truck market will stabilize in 2024, with strong market volume expected despite a first half booking decline offset by a second half increase [92][130] Company Strategy and Development Direction - The company continues to focus on launching modular and scalable products globally, enhancing Lift Truck electrification, and expanding global sourcing options [142][168] - Strategic initiatives include optimizing the manufacturing footprint and increasing sales volumes by providing customizable products [142][168] - The Nuvera fuel cell business is expected to be a major growth contributor in the long term, with ongoing projects to test engines in various applications [101][170] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong performance in 2024, despite anticipated challenges from higher material and freight costs, and the expiration of tariff exemptions [94][98] - The company expects operating profit to improve year-over-year in the first half of 2024, driven by higher product margins and anticipated manufacturing efficiency gains [6][94] - Management noted that external factors, including geopolitical instability, continue to create uncertainty in the global economic outlook [113] Other Important Information - The company ended 2023 with a backlog value of approximately $3.3 billion, representing about ten months of revenue [116] - Material costs are expected to stabilize in 2024, while labor costs are projected to increase moderately [117] - The company generated cash flow from operations of almost $46 million in Q4, using that cash to reduce net debt by $17 million [140] Q&A Session Summary Question: What is the CapEx forecast for 2024? - The company expects capital expenditures to rise to $87 million in 2024, a significant increase compared to 2023 levels, driven by projects related to growth strategy and operational improvements [141][147] Question: What is the expected normalized tax rate for 2024 and beyond? - The company anticipates a tax rate between 25% to 27%, but this may be negatively impacted in 2024 due to R&D capitalization [176][178] Question: What drove the unit decline in the fourth quarter? - The decline was primarily due to product launch challenges and component supply issues, particularly in EMEA [97][114]

04 2073 Transforming the way the world move: materials from Port to Home Safe Harbor Statement and Disclosure This presentation includes forward-looking comments subject to important risks a may also contain financial measures that are not in conformance with accounting ¡ 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 10 information on factors that could cause actual results to differ materially from info resentat ...

Part I [Business](index=4&type=section&id=Item%201.%20BUSINESS) Hyster-Yale manufactures lift trucks, attachments, and fuel cell products globally, with lift trucks comprising 74% of 2023 revenue and a $3.3 billion backlog - The company operates through three main business units: the core lift truck business (HYG), attachments (Bolzoni), and alternative-power technology (Nuvera)[11](index=11&type=chunk)[12](index=12&type=chunk) Revenue Components (2021-2023) | | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Lift trucks | 74 % | 73 % | 73 % | | Parts | 15 % | 15 % | 15 % | | Service, rental and other | 6 % | 7 % | 6 % | | Bolzoni | 5 % | 5 % | 6 % | | Nuvera | less than 1% | less than 1% | less than 1% | Lift Truck Backlog (as of Dec 31) | | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Units (in thousands) | 78.4 | 102.1 | | Approx. Sales Value (in millions) | $3,330 | $3,730 | - As of January 31, 2024, the company had approximately **8,600 employees**, with the majority (**7,200**) in the Lift Truck division[36](index=36&type=chunk) [Risk Factors](index=11&type=section&id=Item%201A.%20RISK%20FACTORS) The company faces global operational, supply chain, raw material, industry cyclicality, competition, technology commercialization, cybersecurity, and governance risks - The company is exposed to risks from its global operations, including tariffs, trade barriers, and currency fluctuations[69](index=69&type=chunk)[70](index=70&type=chunk) - Dependence on a limited number of suppliers for critical components like engines and counterweights has previously caused and may continue to cause production-level disruptions[76](index=76&type=chunk) - The business is historically cyclical, with demand for lift trucks fluctuating with general economic activity, where downturns can lead to significant decreases in revenue and profitability[82](index=82&type=chunk) - Cybersecurity threats to information systems and products pose a significant risk, potentially leading to operational disruptions, data breaches, and reputational harm[91](index=91&type=chunk)[95](index=95&type=chunk) - Certain members of the company's extended founding family hold approximately **77% of the total voting power**, enabling them to control the outcome of director elections and other significant corporate actions[104](index=104&type=chunk) [Cybersecurity](index=16&type=section&id=Item%201C.%20CYBERSECURITY) Cybersecurity risk oversight is managed by the Board's Audit Review Committee and a management-level Cybersecurity Committee, with daily operations handled by the CISO's office - Oversight of cybersecurity risk is delegated to the Audit Review Committee (ARC) of the Board of Directors, which reviews mitigation plans and incident responses[106](index=106&type=chunk) - A Cybersecurity Committee (CSC), including senior management from operations, finance, and legal, oversees the risk management processes and reports to the ARC quarterly[107](index=107&type=chunk)[108](index=108&type=chunk) [Properties](index=17&type=section&id=Item%202.%20PROPERTIES) The company operates a global network of owned and leased manufacturing, R&D, and administrative facilities across its Lift Truck, Bolzoni, and Nuvera segments - The company operates a global network of owned and leased facilities for manufacturing, assembly, R&D, and administration across its Lift Truck, Bolzoni, and Nuvera segments[112](index=112&type=chunk) [Legal Proceedings](index=18&type=section&id=Item%203.%20LEGAL%20PROCEEDINGS) The company is involved in ordinary course legal proceedings not expected to materially impact its financial condition or operations - Ongoing legal proceedings are considered part of the ordinary course of business and are not expected to have a material financial impact[114](index=114&type=chunk) [Information About Our Executive Officers](index=18&type=section&id=Item%204A.%20INFORMATION%20ABOUT%20OUR%20EXECUTIVE%20OFFICERS) This section details the names, ages, positions, and occupations of the company's executive officers, including the Executive Chairman and President/CEO - Lists the names, ages, and roles of the company's executive officers, such as Alfred M. Rankin, Jr., Executive Chairman, and Rajiv K. Prasad, President and CEO[117](index=117&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=18&type=section&id=Item%205.%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) Class A common stock trades on the NYSE under "HY," Class B has no public market, and the company made no equity repurchases - Class A Common Stock is traded on the NYSE under the symbol "HY", with no public trading market for the Class B Common Stock[119](index=119&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) In 2023, the company achieved a significant turnaround to $208.7 million operating profit, driven by pricing and volume, improving liquidity and debt ratios, with 2024 expecting increased operating profit and cash flow [Consolidated Financial Review](index=21&type=section&id=Consolidated%20Financial%20Review) Consolidated revenues grew 16.1% to $4.1 billion in 2023, yielding a $208.7 million operating profit and $125.9 million net income, driven by improved Lift Truck gross profit Consolidated Performance Summary (2023 vs 2022) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Revenues | $4,118.3M | $3,548.3M | | Gross Profit | $785.6M | $433.9M | | Operating Profit (Loss) | $208.7M | $(39.1)M | | Net Income (Loss) Attributable to Stockholders | $125.9M | $(74.1)M | | Diluted EPS | $7.24 | $(4.38) | Change in Operating Profit by Segment (2022 to 2023) | Segment | Change in Operating Profit (in millions) | | :--- | :--- | | Americas | $186.3 | | EMEA | $58.7 | | JAPIC | $(5.0) | | **Lift truck business** | **$240.0** | | Bolzoni | $9.1 | | Nuvera | $(2.1) | - The increase in operating profit was primarily driven by improved gross profit from higher pricing (**$270.6 million**), a shift to higher-margin trucks, and lower material costs, particularly in the Americas, partially offset by higher SG&A expenses due to increased employee-related and marketing costs[141](index=141&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity improved in 2023 with $150.7 million cash from operations, debt reduced to $494.0 million, and the debt-to-capitalization ratio improving to 55%, with $87.0 million planned capital expenditures for 2024 - Net cash provided by operating activities increased by **$110.1 million** to **$150.7 million** in 2023, primarily due to improved net income, partially offset by unfavorable working capital changes like a decrease in accounts payable[147](index=147&type=chunk) - The company reduced total debt by **$58.9 million** year-over-year, leading to an improvement in the debt-to-total capitalization ratio from **71%** at the end of 2022 to **55%** at the end of 2023[169](index=169&type=chunk) Capital Expenditures (Actual vs. Planned) | | Planned 2024 | Actual 2023 | Actual 2022 | | :--- | :--- | :--- | :--- | | **Total** | **$87.0M** | **$35.4M** | **$28.8M** | - As of December 31, 2023, the company had **$236.0 million** in availability under its main revolving credit facility and was in compliance with all debt covenants[154](index=154&type=chunk)[156](index=156&type=chunk)[159](index=159&type=chunk) [Perspective and Outlook](index=28&type=section&id=Perspective%20and%20Outlook) The company forecasts comparable 2024 lift truck market, increased operating profit but stable net income due to taxes, and significant cash flow growth, focusing on backlog reduction and long-term profitability goals - The company expects 2024 operating profit to increase compared to 2023, but net income to be comparable due to a higher projected income tax rate from the full utilization of U.S. net operating losses in 2023[192](index=192&type=chunk) - A significant increase in cash flow from operations is expected in 2024, driven by a focus on reducing elevated inventory levels[194](index=194&type=chunk) - The Lift Truck business expects to increase production and shipment rates in 2024, which should help reduce its extended backlog (valued at **$3.3 billion**) and lead times closer to pre-pandemic levels[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk) - Nuvera is focused on increasing customer product demonstrations for its fuel cell engines in 2024, with higher sales expected to be offset by increased development costs, leading to comparable year-over-year operating results[191](index=191&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages interest rate and foreign currency risks using derivative instruments, such as interest rate swaps and forward contracts, without engaging in trading - The company uses interest rate swap agreements to reduce exposure to floating interest rates on its financing arrangements[198](index=198&type=chunk) - Forward foreign currency exchange contracts are used to partially hedge risks from transactions denominated in currencies such as the euro, yen, and British pound[200](index=200&type=chunk) [Financial Statements and Supplementary Data](index=32&type=section&id=Item%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section incorporates the company's audited consolidated financial statements and supplementary data by reference from Part IV of the Form 10-K - This item refers to the full financial statements and supplementary data which are included later in the report[202](index=202&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%209A.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2023 - Management concluded that the company's disclosure controls and procedures, as well as its internal control over financial reporting, were effective as of December 31, 2023[204](index=204&type=chunk)[205](index=205&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=33&type=section&id=Item%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2024 Proxy Statement, with a Code of Corporate Conduct in place - Required information is incorporated by reference from the 2024 Proxy Statement[210](index=210&type=chunk) [Executive Compensation](index=33&type=section&id=Item%2011.%20EXECUTIVE%20COMPENSATION) Executive compensation information is incorporated by reference from the company's 2024 Proxy Statement - Required information is incorporated by reference from the 2024 Proxy Statement[212](index=212&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=33&type=section&id=Item%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Security ownership and related matters are incorporated by reference from the 2024 Proxy Statement, with 889,400 Class A shares available for future equity compensation - Required information is incorporated by reference from the 2024 Proxy Statement[213](index=213&type=chunk) Equity Compensation Plan Information (as of Dec 31, 2023) | Plan Category | Securities to Be Issued Upon Exercise | Weighted-Average Exercise Price | Securities Remaining for Future Issuance | | :--- | :--- | :--- | :--- | | **Class A Shares:** | | | | | Equity compensation plans approved by security holders | — | N/A | 889,400 | Part IV [Exhibits and Financial Statement Schedules](index=33&type=section&id=Item%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section presents the company's consolidated financial statements, supplementary data, and exhibits, including the independent auditor's report and detailed notes [Consolidated Financial Statements](index=43&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for 2023 show $4.1 billion in revenues, $128.1 million net income, and $2.1 billion total assets, marking a significant turnaround from 2022 Consolidated Statements of Operations Highlights | | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **Revenues** | $4,118.3M | $3,548.3M | $3,075.7M | | **Operating Profit (Loss)** | $208.7M | $(39.1)M | $(152.3)M | | **Net Income (Loss)** | $128.1M | $(71.6)M | $(183.2)M | | **Diluted EPS** | $7.24 | $(4.38) | $(10.29) | Consolidated Balance Sheets Highlights (as of Dec 31) | | 2023 | 2022 | | :--- | :--- | :--- | | **Total Assets** | $2,079.1M | $2,026.2M | | **Total Liabilities** | $1,672.3M | $1,801.1M | | **Total Stockholders' Equity** | $389.9M | $204.4M | Consolidated Statements of Cash Flows Highlights | | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **Net cash from operating activities** | $150.7M | $40.6M | $(253.5)M | | **Net cash used for investing activities** | $(34.5)M | $(35.4)M | $(24.5)M | | **Net cash (used for) from financing activities** | $(100.5)M | $(10.9)M | $193.6M | [Notes to Consolidated Financial Statements](index=49&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail accounting policies, segment performance, income taxes, debt, and contingent obligations, highlighting Americas' profitability and $494.0 million total debt Segment Operating Profit (Loss) | Segment | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Americas | $233.1M | $46.8M | $(19.7)M | | EMEA | $12.1M | $(46.6)M | $0.3M | | JAPIC | $(15.6)M | $(10.6)M | $(67.5)M | | Bolzoni | $15.3M | $6.2M | $(1.8)M | | Nuvera | $(36.4)M | $(34.3)M | $(62.3)M | - The company's reported income tax rate was **29.2%** in 2023, compared to **(14.7)%** in 2022, with the change significantly impacted by a valuation allowance of **$12.1 million** in 2023 versus **$27.5 million** in 2022[310](index=310&type=chunk) - As of December 31, 2023, the company had total debt outstanding of **$494.0 million**, comprised of revolving credit, a term loan, other debt, and finance leases[364](index=364&type=chunk) - The company has recourse or repurchase obligations with a maximum potential liability of **$162.4 million** at year-end 2023, primarily to support financing for its customers and dealers through its joint venture, HYGFS[390](index=390&type=chunk)

_______________________________________________________________________________________________________________________________________________________________________________________________________ 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: September 30, 2023 OR Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SE ...

Average sales price/backlog unit increased by ~ 23% over Q2 '22 and ~ 5% over Q1 '23 By end of Q2 '23, worked through essentially all the lower-margin unit backlog booked before price increases implemented Protecting Liquidity in uncertain economic environment • Managing capital expenditure timing for strategic initiatives; ongoing cost control focus Lift Truck Expense and capital investments in strategic programs to accelerate growth and enhance margins Return Cash to Stockholders | --- | --- | --- | |---- ...

Hyster-Yale Materials Handling, Inc. (NYSE:HY) Q2 2023 Earnings Conference Call August 2, 2023 11:00 AM ET Company Participants Christina Kmetko - IR Al Rankin - Executive Chairman Rajiv Prasad - President and CEO Scott Minder - SVP and CFO Conference Call Participants Operator Hello and thank you for standing by. My name is Regina and I will your conference operator today. At this time, I would like to welcome everyone to the Hyster-Yale Second Quarter Earnings Conference Call. All lines have been placed o ...

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, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-54799 HYSTER-YALE MATERIALS HANDLING, INC. (Exact name of registrant as specified in its charter) (State or other ...

Hyster-Yale Materials Handling, Inc. (NYSE:HY) Q1 2023 Earnings Conference Call May 3, 2023 11:00 AM ET Company Participants Christina Kmetko – Investment Relations Rajiv K. Prasad – President Scott A. Minder – SVP, CFO, and Treasurer Alfred M. Rankin, Jr. – Chairman & CEO Conference Call Participants Stephen Ferazani - Sidoti & Company Chip Moore - EF Hutton Brett Kearney - Gabelli & Company Operator Ladies and gentlemen, welcome to the Hyster-Yale Materials Handling 2023 First Quarter's Earnings Call. My ...

| --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------------|-------| | | | Q2 23 | | | | | | | | | | | | | | | | | Q2 23 | | Q4 21 | | | | Q4 22 Q1 23 | | Higher pricing, increased sales volumes and a favorable sales mix Better-than-expected significant operating profit versus prior year loss Comparable operating loss in 2023 vs. 2022, but higher volume of demos should enhance foundation for improved returns Nuvera Investments to commercialize Nuvera fuel cell technology Lift Truck ...