Hyster-yale materials handling announces second quarter 2022 results

Highlights:   q2 2022 consolidated revenues increased 17.0% over q2 2021 due to an 11.5% increase in shipments, primarily as a result of a 32.2% increase in emea lift truck shipments q2 2022 consolidated and lift truck gross margins improved from the historically low q4 2021 levels, but, as expected, decreased modestly compared with q1 2022 gross margins due to additional commodity inflation resulting from the russia/ukraine conflict and adverse product mix q2 2022 consolidated results were better than expected, but remained unprofitable with an operating loss of $15.7 million and a net loss of $19.4 million due to material and freight cost inflation, unfavorable manufacturing variances resulting from component shortages and the absence of $6.3 million of income recorded in 2021 associated with a favorable court ruling manufacturing inefficiencies at the lift truck and bolzoni segments associated with normal q3 seasonal plant shutdowns combined with cuts in production volumes due to continued supply chain constraints, as well as unfavorable currency effects, are expected to lead to a significant consolidated q3 2022 operating loss as the lift truck segment works through its low-margin backlog in the second half of 2022, margins are expected to improve again in the fourth quarter, which in turn is expected to lead to a substantially lower operating loss than in the first half of 2022, mainly driven by the expected strong operating profit in the fourth quarter of 2022 in the americas segment. results for the remainder of 2022 and in 2023 are expected to be below what was expected in the q1 2022 earnings release due to lower than previously planned productions levels as a result of continued supply chain constraints q2 2022 bolzoni operating profit improved over q1 2022 and q2 2021, but 2022 second half improvement over 2021 is expected to be lower than the improvement in the first half of 2022 nuvera operating results for the second half of 2022 are expected to improve due to the absence of impairment charges recognized in 2021 and expected lower production costs cleveland , aug. 2, 2022 /prnewswire/ -- hyster-yale materials handling, inc. (nyse: hy) today announced consolidated revenues of $895.4 million, an operating loss of $15.7 million and a net loss of $19.4 million, or a loss of $1.15 per share, for the second quarter of 2022 compared with consolidated revenues of $765.6 million, operating profit of $5.9 million and net income of $1.9 million, or $0.11 per share, for the second quarter of 2021.
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