NYSE$HY
Hyster-Yale Materials Handling Inc · Q3 2020 earnings
Q3 2020 earnings · · Investor relations
Briefing
Results were affected by the continuing COVID-19 pandemic.
Hyster-Yale's Q3 2020 results were adversely affected by the continuing COVID-19 pandemic with shipments decreased vs. Q3 2019, but increased over Q2 2020. Bookings in Q3 2020 were comparable to Q3 2019 and up substantially from Q2 2020. HY expects Q4 2020 results to be significantly higher than Q3 2020 and Q4 2019.
- Significant declines in economic activity from shutdowns in Q2 2020 continued to effect global demand for HY’s products in Q3 2020
- Shipments decreased vs. Q3 2019, but increased over Q2 2020, which was significantly impacted due to pandemic-related shutdowns and lower production rates
- Bookings in Q3 2020 were comparable to Q3 2019 and up substantially from Q2 2020
- Strong Q3 2020 bookings led to a modest increase in Q3 2020 backlog over Q2.
Headline financials
Revenue & EPS history
Hyster-Yale · Revenue · Quarterly
$652M
Revenue by segment
Hyster-Yale · $302M total across 1 segment · Q3 2020
- Bolzoni$302M—100.0%
Forward guidance
Operating profit and net income in Q4 2020 expected to by significantly higher than Q3 2020 and Q4 2019. Severity and duration of pandemic and resulting economic impact remains uncertain, specifically in light of recent spikes in various countries, including HY’s largest markets, and this uncertainty continues to limit ability to forecast bookings and expected shipment levels during 2021.
Tailwinds
- Market activity and bookings have improved faster than anticipated
- Level of future bookings is still uncertain
- Operating profit and net income in Q4 2020 expected to by significantly higher than Q3 2020 and Q4 2019
- Focused on actions that will enhance cash flow before financing and liquidity, including cost containment actions targeted to achieve $60m-$75m in cost savings in 2020
- Strategic projects continue to move forward, but in light of COVID-19, the pace of certain projects have been prioritized over others.
Headwinds
- Revenue decrease due to lower units and parts volumes in all Lift Truck geographic segments & at Bolzoni as a result of lower Q2 2020 bookings and the decline in global economic activity subsequent to the pandemic-related shutdowns
- Decrease in operating profit driven lower gross profit in all geographic segments & at Bolzoni from lower units & parts volumes, as well as the absence of $8.7m favorable retroactive tariff exclusion adjustments realized in Q3 2019, partially offset by lower operating expenses primarily from cost containment actions taken to mitigate impact of COVID-19.
- Nuvera revenues down due to lower third-party fuel cell development services, but operating loss was lower due to smaller unfavorable inventory adjustments in Q3 2020 vs. 2019 and impact of cost containment actions.
- Severity and duration of pandemic and resulting economic impact remains uncertain, specifically in light of recent spikes in various countries, including HY’s largest markets
- Uncertainty continues to limit ability to forecast bookings and expected shipment levels during 2021.
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 Q3 2020
-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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