Hyster-yale materials handling announces first quarter 2022 results

Highlights:   q1 2022 revenues increased 13.0% over q1 2021 due to a 7.2% increase in consolidated shipments primarily as a result of an 18.7% increase in americas lift truck shipments comparable revenues, favorable sales mix and the reinstatement of tariff exclusions led to improved q1 2022 gross margins compared with q4 2021 q1 2022 results were better than expected in the q4 2021 earnings release, but remained unprofitable with a consolidated operating loss of $18.3 million and a consolidated net loss of $25.0 million due to the following: material and freight cost inflation, unfavorable manufacturing variances resulting from component shortages, charges of $3.2 million to establish reserves on russian inventory and receivables, increased operating expenses, and valuation allowances taken in 2021 that result in zero tax benefits on jurisdictions with losses but income tax expense in jurisdictions with income lift truck market growth rates moderated from early 2021 levels yet remain strong q1 2022 lift truck bookings continue to exceed shipments as production continued to be disrupted by component shortages due to supplier and logistics constraints despite a reduced number of individual supplier issues although q2 2022 lift truck segment consolidated operating and net losses are expected to be greater than q1 2022 due to inflation in backlog costs and adverse product mix, in q3 and q4 2022, as the lift truck segment works through its low-margin backlog, margins are expected to improve in each successive quarter, which in turn is expected to lead to a significantly lower operating loss in the third quarter and strong operating profit in the fourth quarter of 2022, and in 2023. however, results for the remainder of 2022 are expected to be lower than expected in the q4 2021 earnings release due to higher material inflation resulting from the russia/ukraine conflict for q1 2022, bolzoni reported a return to profitability and expects continued improvement in the remainder of 2022 nuvera 2022 operating results expected to improve due to the absence of impairment charges recognized in 2021 and expected lower production costs cleveland , may 3, 2022 /prnewswire/ -- hyster-yale materials handling, inc. (nyse: hy) today announced consolidated revenues of $827.6 million, an operating loss of $18.3 million and a net loss of $25.0 million, or a loss of $1.48 per share, for the first quarter of 2022 compared with consolidated revenues of $732.2 million, operating profit of $3.1 million and net income of $5.6 million, or $0.33 per share, for the first quarter of 2021.
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