Hyster-Yale(US:HY)2023-08-01 21:00Financial Performance - Revenues for Q2 2023 reached $1,090.6 million, a 21.8% increase from $895.4 million in Q2 2022[9] - Gross profit for the six months ended June 30, 2023, was $372.3 million, compared to $200.3 million for the same period in 2022, reflecting an 85.9% increase[9] - Net income attributable to stockholders for Q2 2023 was $38.3 million, a significant recovery from a net loss of $19.4 million in Q2 2022[9] - Basic earnings per share for Q2 2023 were $2.23, compared to a loss of $1.15 per share in Q2 2022[9] - Operating profit for the six months ended June 30, 2023, was $101.4 million, compared to an operating loss of $34.0 million for the same period in 2022[9] - Net income for the six months ended June 30, 2023, was $66.0 million, a significant improvement from a net loss of $42.9 million in the same period of 2022[13] - Comprehensive income for the six months ended June 30, 2023, was $86.8 million, compared to a loss of $125.7 million in the same period of 2022[11] Assets and Liabilities - Total assets increased to $2,109.9 million as of June 30, 2023, up from $2,026.2 million at the end of 2022[8] - Total liabilities remained relatively stable at $1,803.7 million as of June 30, 2023, compared to $1,801.1 million at the end of 2022[8] - Cash and cash equivalents increased to $65.7 million as of June 30, 2023, from $59.0 million at the end of 2022[8] Cash Flow and Investments - Cash provided by operating activities increased to $44.8 million compared to only $0.2 million in the prior year[13] - Cash dividends paid totaled $11.1 million, slightly higher than $10.9 million in the same period last year[13] - The company experienced a net cash used for investing activities of $(11.9) million, an improvement from $(22.9) million in the prior year[13] - Total debt additions amounted to $66.6 million, while debt reductions were $79.0 million, resulting in a net cash used for financing activities of $(28.9) million[13] Inventory and Production - The company's total inventory as of June 30, 2023, was $820.1 million, compared to $799.5 million as of December 31, 2022, reflecting an increase of 2.4%[57] - The finished goods and service parts inventory increased to $415.0 million as of June 30, 2023, from $335.8 million as of December 31, 2022, representing a growth of 23.6%[57] - Lift truck unit shipments increased by 9.5% to 27.7 thousand units in Q2 2023 compared to Q2 2022, with a notable 31.7% increase in the Americas[75] Segment Performance - The Americas segment generated revenues of $788.5 million in Q2 2023, compared to $596.6 million in Q2 2022, marking a growth of approximately 32.2%[34] - Operating profit for the Americas segment was $65.2 million in Q2 2023, significantly up from $3.1 million in Q2 2022[34] - The EMEA segment reported revenues of $200.6 million in Q2 2023, an increase from $184.8 million in Q2 2022, representing a growth of about 8.0%[34] - The JAPIC segment's revenues decreased to $49.6 million in Q2 2023 from $64.9 million in Q2 2022, reflecting a decline of 23.5%[34] Stockholder Equity - The total stockholders' equity at the end of June 30, 2023, was $292.3 million, reflecting a decrease from $351.5 million in the previous year[14] - The balance of redeemable Class A and Class B stock remained stable at $0.1 million as of June 30, 2023[20] Tax and Compliance - The reported income tax rate for the three months ended June 30, 2023, was 23.6%, up from 14.2% in the same period of 2022[36] - The Company recognized discrete tax benefits of $2.3 million in Q2 2023, compared to $4.5 million in Q2 2022, primarily due to the expiration of the statute of limitations for uncertain tax positions[38] Future Outlook - The Company expects significant increases in revenue and operating profit in the second half of 2023 compared to the prior year, driven by improved pricing and cost management[120] - The global lift truck market is projected to decline in 2023, with anticipated booking declines in all regions compared to 2022, but volumes are expected to remain strong compared to pre-pandemic levels[114]