NYSE$HY
Hyster-Yale Materials Handling Inc · Q1 2022 earnings
Q1 2022 earnings · · Investor relations
Briefing
Hyster-Yale's results were better than expected despite challenges.
Hyster-Yale Materials Handling, Inc. reported consolidated revenues increased 13.0% over Q1 2021. Lift Truck market growth rates moderated compared to early 2021 levels yet remain strong. Consolidated operating loss and consolidated net loss due to material and freight cost inflation, unfavorable manufacturing variances driven by component shortages, establishment of $3.2 million of reserves on Russian inventory and receivables, and increased operating expenses, as well as valuation allowances taken in 2021 that result in zero tax benefits on jurisdictions with losses but income tax expense in jurisdictions with income.
- Consolidated revenues increased 13.0% over Q1 2021 from a 7.2% increase in consolidated shipments, primarily driven by an 18.7% increase in Americas lift truck shipments
- Lift Truck market growth rates moderated compared to early 2021 levels yet remain strong
- Despite improved Lift Truck shipments and record backlog level of 114,100, Lift Truck production continues to be disrupted by component and logistics constraints
- Q1 2022 consolidated operating loss and consolidated net loss due to material and freight cost inflation, unfavorable manufacturing variances driven by component shortages, establishment of $3.2 million of reserves on Russian inventory and receivables, and increased operating expenses
Headline financials
Revenue & EPS history
Hyster-Yale · Revenue · Quarterly
$828M
Revenue by segment
Hyster-Yale · $95.1M total across 1 segment · Q1 2022
- Bolzoni$95.1M+19.6%100.0%
Forward guidance
Hyster-Yale expects a larger net loss in Q2 2022 than in Q1 2022, with an expected lower but still substantial net loss in Q3 2022 and substantial net income in Q4 2022. Q4 net income not expected to offset losses in first nine months. Expectations based on expected resolution of component shortages and stabilization of costs.
Tailwinds
- Lift Truck segment – expected to move from significant operating losses to substantial operating profit in Q4 2022 as margins increase in H2 2022
- FY 2022 shipments still expected to increase significantly over FY 2021
- Component shortages in H2 2022 expected to moderate and pricing expected to permit improving operating profit in Q3 and Q4 2022
- Nuvera focused on ramping up demonstrations, quotes and bookings for the E45kw and E60kw engines
- Excluding 2021 inventory and fixed asset charges, moderately reduced losses expected in 2022
Headwinds
- Lift Truck market appears to have remained robust in Q1 2022 but expected to continue to decline from historical 2021 highs for the remainder of 2022, partly due to impact of Russia/Ukraine conflict, while continuing to remain above pre-pandemic levels
- Bookings – substantial decrease anticipated during remainder of 2022 vs. 2021, with rate of decrease expected to moderate in Q4
- Q2 2022 margins expected to be lower than Q1 2022 due to lag between when unit price increases go into effect and realization of revenue when units are shipped
- Component shortages expected to continue, and material and freight cost inflation expected to remain high in FY 2022 vs. 2021
- Possible escalation of these challenges due to the Russia/Ukraine conflict and lockdowns in China
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2022
-0.1%
Avg return
Earnings day
-1.2%
Avg return
5 days after
-0.2%
Avg return
30 days after
41%
24 / 58 earnings
Positive
+34.7%
Q4 2022
Best reaction
-16.0%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.7% | -3.3% | -6.6% | |
| Q4 2025 | -1.9% | -14.3% | -15.5% | |
| Q3 2025 | -2.9% | -4.4% | -1.7% | |
| Q1 2025 | -5.6% | +4.5% | +1.8% | |
| Q4 2024 | +2.8% | -14.2% | -19.1% | |
| Q3 2024 | -10.5% | -14.8% | -11.0% | |
| Q2 2024 | -15.6% | -13.3% | -14.6% | |
| Q1 2024 | +33.9% | +24.9% | +26.1% | |
| Q4 2023 | -16.0% | -17.9% | -7.9% | |
| Q3 2023 | +7.3% | +9.0% | +22.2% | |
| Q2 2023 | -0.2% | +4.1% | -3.8% | |
| Q4 2022 | +34.7% | +50.0% | +53.2% | |
| Q3 2022 | +4.0% | +2.1% | +3.1% | |
| Q2 2022 | -3.6% | -7.6% | -20.2% | |
| Q1 2022 | +8.2% | +7.3% | +22.9% | |
| Q4 2021 | -6.1% | -2.7% | -9.5% | |
| Q3 2021 | -14.6% | -9.3% | -25.6% | |
| Q2 2021 | -11.5% | -13.6% | -15.0% | |
| Q1 2021 | -9.8% | -6.0% | -10.1% | |
| Q4 2020 | -10.3% | +2.0% | -6.0% | |
| Q3 2020 | +15.1% | +14.5% | +30.4% | |
| Q2 2020 | +8.7% | +8.9% | +3.0% | |
| Q4 2019 | -1.2% | -16.6% | -8.2% | |
| Q3 2019 | -1.1% | +0.5% | +14.7% | |
| Q2 2019 | +12.8% | +1.8% | -1.2% | |
| Q1 2019 | -10.5% | -11.4% | -32.4% | |
| Q4 2018 | -3.7% | +2.2% | +6.6% | |
| Q3 2018 | -0.0% | +6.3% | +6.5% | |
| Q2 2018 | -5.3% | -3.2% | -4.2% | |
| Q1 2018 | -3.0% | -5.1% | -6.3% | |
| Q4 2017 | -10.4% | -2.0% | +5.8% | |
| Q3 2017 | +2.6% | -0.1% | +4.5% | |
| Q2 2017 | -9.0% | -8.3% | +0.5% | |
| Q1 2017 | +14.5% | +18.8% | +24.0% | |
| Q4 2016 | +4.8% | -3.9% | -5.2% | |
| Q3 2016 | -9.3% | -9.8% | +12.1% | |
| Q2 2016 | -15.5% | -18.9% | -20.0% | |
| Q1 2016 | -10.6% | — | — | |
| Q4 2015 | -1.2% | — | — | |
| Q3 2015 | -4.0% | — | — | |
| Q2 2015 | +8.2% | — | — | |
| Q1 2015 | -1.8% | — | — | |
| Q4 2014 | +2.2% | — | — | |
| Q3 2014 | +7.1% | — | — | |
| Q2 2014 | -8.6% | — | — | |
| Q1 2014 | -5.9% | — | — | |
| Q4 2013 | +10.3% | — | — | |
| Q3 2013 | -13.0% | — | — | |
| Q2 2012 | +13.1% | — | — | |
| Q2 2013 | +13.1% | — | — | |
| Q1 2012 | +0.4% | — | — | |
| Q1 2013 | +0.4% | — | — | |
| Q1 2011 | -0.7% | — | — | |
| Q4 2010 | -0.7% | — | — | |
| Q2 2011 | -0.7% | — | — | |
| Q3 2011 | +3.8% | — | — | |
| Q4 2011 | +3.8% | — | — | |
| Q3 2012 | +3.8% | — | — | |
| Q4 2012 | — | — | — |
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