Hyster-yale materials handling announces fourth quarter and full year 2021 results

Cleveland, feb. 28, 2022 /prnewswire/ -- highlights:    q4 2021 bookings increased 16.5% over q4 2020 levels even as global lift truck market growth continued to moderate q4 2021 revenues increased 15.3% over q4 2020 due to a 24.2% increase in shipments despite improved shipments and record backlog levels, q4 2021 production continued to be severely disrupted by component and logistics availability q4 2021 consolidated operating loss of $107.0 million and consolidated net loss of $103.3 million due to the following: at the lift truck and bolzoni businesses, material and freight cost inflation and manufacturing variances driven by component shortages and increased operating expenses resulting from the reinstatement of pre-pandemic compensation and benefits a non-cash goodwill impairment charge to operating profit of $55.6 million in the japic segment, which includes $11.7 million for the non-controlling interest share of the impairment charge and resulted in a $43.9 million impact on net loss income tax expense includes a $19.4 million charge for additional valuation allowances primarily on certain u.s. and uk deferred tax assets over 2022, as the lift truck segment works through its low-margin backlog resulting from cost increases for those trucks, margins are expected to improve in each successive 2022 quarter, which in turn is expected to lead to modest operating profit in the third quarter and strong operating profit in the fourth quarter of 2022 and in 2023. bolzoni expects a similar pattern but with an earlier effect in 2022 because of its shorter backlog.
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