Equibles

8-K

HYSTER-YALE, INC. (HY)

8-K 2024-02-27 For: 2024-02-27
View Original
Added on April 11, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_______________________________________________________________________________________________________________________________________________________________________________________________________

FORM 8-K CURRENT REPORTPursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 27, 2024
HYSTER-YALE MATERIALS HANDLING, INC.
(Exact name of registrant as specified in its charter)
Delaware 000-54799 31-1637659
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
5875 Landerbrook Drive, Suite 300
Cleveland (440)
OH 449-9600 44124-4069
(Address of principal executive offices) (Registrant's telephone number, including area code) (Zip code)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share HY New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition and

Item 7.01 Regulation FD Disclosure.

On February 27, 2024, Hyster-Yale Materials Handling, Inc. (the “Company”) will post on its website at www.hyster-yale.com additional historical quarterly financial data and update the schedules that were previously posted to the website for the fourth quarter 2023 results. A copy of the data is attached as Exhibit 99 to this Current Report on Form 8-K.

This Current Report on Form 8-K and the information attached hereto are being furnished by the Company pursuant to Item 2.02 of Form 8-K, insofar as they disclose historical information regarding the Company's results of operations.

The information in this Current Report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

As described in Item 2.02 and 7.01 of this Current Report on Form 8-K, the following Exhibit is furnished as part of this Current Report on Form 8-K.

(d) Exhibits
99 Hyster-Yale Materials Handling, Inc. historical quarterly financial data, as posted on its website at www.hyster-yale.com on February 27, 2024.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 27, 2024 HYSTER-YALE MATERIALS HANDLING, INC.
By: /s/ Jennifer M. Langer
Jennifer M. Langer
Title: Vice President, Controller and Chief Accounting Officer

Document

EXHIBIT 99

Hyster-Yale Materials Handling, Inc.
(in millions of , except percentage data)
Revenues - Consolidated - % change yr. over yr.
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 856.2 766.0 834.8 3,291.8 2019 5.9 % 11.8 % -2.3 % -0.7 % 3.5 %
2020 654.4 652.4 719.6 2,812.1 2020 -5.9 % -23.6 % -14.8 % -13.8 % -14.6 %
2021 765.6 748.2 829.7 3,075.7 2021 -6.8 % 17.0 % 14.7 % 15.3 % 9.4 %
2022 895.4 840.1 985.2 3,548.3 2022 13.0 % 17.0 % 12.3 % 18.7 % 15.4 %
2023 1,090.6 1,001.2 1,027.2 4,118.3 2023 20.7 % 21.8 % 19.2 % 4.3 % 16.1 %
Gross Profit % (6)
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 139.4 135.0 141.2 541.8 2019 15.1 % 16.3 % 17.6 % 16.9 % 16.5 %
2020 103.6 103.4 121.7 465.4 2020 17.4 % 15.8 % 15.8 % 16.9 % 16.5 %
2021 116.4 65.1 63.5 363.4 2021 16.2 % 15.2 % 8.7 % 7.7 % 11.8 %
2022 99.1 86.9 146.7 433.9 2022 12.2 % 11.1 % 10.3 % 14.9 % 12.2 %
2023 197.9 203.6 209.7 785.6 2023 17.5 % 18.1 % 20.3 % 20.4 % 19.1 %
Operating Expenses as a % of Revenue (6)(7)(8)
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 116.5 115.5 133.1 487.9 2019 14.7 % 13.6 % 15.1 % 15.9 % 14.8 %
2020 94.9 96.1 108.0 415.5 2020 14.8 % 14.5 % 14.7 % 15.0 % 14.8 %
2021 110.5 119.4 170.5 515.7 2021 15.7 % 14.4 % 16.0 % 20.5 % 16.8 %
2022 114.8 111.8 126.9 473.0 2022 14.4 % 12.8 % 13.3 % 12.9 % 13.3 %
2023 139.1 145.0 161.0 576.9 2023 13.2 % 12.8 % 14.5 % 15.7 % 14.0 %
Operating Profit (Loss) %
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 22.9 19.5 8.1 53.9 2019 0.4 % 2.7 % 2.5 % 1.0 % 1.6 %
2020 8.7 7.3 13.7 49.9 2020 2.6 % 1.3 % 1.1 % 1.9 % 1.8 %
2021 5.9 (54.3) (107.0) (152.3) 2021 0.4 % 0.8 % -7.3 % -12.9 % -5.0 %
2022 (15.7) (24.9) 19.8 (39.1) 2022 -2.2 % -1.8 % -3.0 % 2.0 % -1.1 %
2023 58.8 58.6 48.7 208.7 2023 4.3 % 5.4 % 5.9 % 4.7 % 5.1 %
Q2 Q3 Q4 FY
2019 4.7 5.1 4.1 18.0
2020 3.0 2.7 2.8 12.3
2021 3.7 4.0 4.5 14.9
2022 5.9 7.3 9.2 27.3
2023 7.8 8.9 8.4 34.7
Effective Income Tax Rate (9)
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 21.3 18.0 3.9 47.9 2019 31.9 % 20.7% 27.2 % 12.8 % 23.6 %
2020 1.7 6.4 14.4 42.2 2020 20.8 % n.m. 10.9 % 8.3 % 8.8 %
2021 (0.1) (56.3) (107.0) (154.9) 2021 28.2 % n.m. -36.4 % -7.3 % -18.3 %
2022 (21.8) (32.4) 13.1 (62.4) 2022 -13.6 % 14.2% -13.0 % 39.7 % -14.7 %
2023 50.8 52.6 41.7 181.0 2023 24.2 % 23.6% 30.8 % 38.4 % 29.2 %

All values are in US Dollars.

Hyster-Yale Materials Handling, Inc.
(in millions of , except percentage data)
Q2 Q3 Q4 FY
2019 16.2 12.8 3.4 35.8
2020 3.6 5.1 13.1 37.1
2021 1.9 (77.2) (103.3) (173.0)
2022 (19.4) (37.3) 7.6 (74.1)
2023 38.3 35.8 25.2 125.9
Q2 Q3 Q4 FY
2019 10.8 10.3 11.0 43.3
2020 10.4 11.0 11.1 42.9
2021 11.6 11.4 11.5 46.2
2022 11.0 10.9 10.4 43.4
2023 11.3 11.3 11.3 45.1
Net Working Capital as % of Revenue (2)
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 679.7 643.0 611.1 611.1 2019 18.4 % 20.5 % 19.5 % 18.6 % 18.6 %
2020 577.4 517.5 493.4 493.4 2020 18.4 % 19.0 % 17.7 % 17.5 % 17.5 %
2021 645.9 692.4 697.0 697.0 2021 19.6 % 22.8 % 23.3 % 22.7 % 22.7 %
2022 751.9 686.2 715.7 715.7 2022 22.2 % 22.8 % 20.2 % 20.2 % 20.2 %
2023 809.0 777.8 783.0 783.0 2023 20.5 % 20.7 % 19.1 % 19.0 % 19.0 %
Q2 Q3 Q4 FY
2019 9.8 13.0 18.3 49.7
2020 12.3 7.3 14.5 51.7
2021 10.4 11.4 14.8 44.3
2022 5.6 4.4 9.1 28.8
2023 7.3 8.3 16.5 35.4
Q2 Q3 Q4 FY
2019 (48.5) 53.6 94.0 76.7
2020 33.7 88.1 90.8 166.9
2021 (53.6) (91.1) (61.7) (253.5)
2022 (58.9) 34.1 6.3 40.6
2023 35.8 60.3 45.6 150.7
Q2 Q3 Q4 FY
2019 (9.6) (6.9) (17.5) (42.0)
2020 (5.9) (6.5) (13.9) (43.7)
2021 (8.7) (10.9) (14.4) (24.5)
2022 (13.6) (4.3) (8.2) (35.4)
2023 (6.9) (7.9) (14.7) (34.5)

All values are in US Dollars.

Hyster-Yale Materials Handling, Inc.
(in millions of , except percentage data)
Q3 Q4 FY
2019 46.7 76.5 34.7
2020 81.6 76.9 123.2
2021 (102.0) (76.1) (278.0)
2022 29.8 (1.9) 5.2
2023 52.4 30.9 116.2
Q3 Q4 FY
2019 (31.1) (76.6) (51.6)
2020 (53.5) (21.5) (40.6)
2021 77.2 78.9 193.6
2022 (35.4) (9.0) (10.9)
2023 (40.2) (31.4) (100.5)
Q3 Q4 FY
2019 5.3 5.3 21.0
2020 5.4 5.3 21.3
2021 5.5 5.4 21.6
2022 5.5 5.4 21.8
2023 5.6 5.6 22.3
Debt to Total Capitalization (4)
Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 351.1 287.0 287.0 2019 35.9 % 39.4 % 39.1 % 33.9 % 33.9 %
2020 297.7 289.2 289.2 2020 38.5 % 37.5 % 33.1 % 30.8 % 30.8 %
2021 428.0 518.5 518.5 2021 31.7 % 35.4 % 45.6 % 57.5 % 57.5 %
2022 545.0 552.9 552.9 2022 57.7 % 72.2 % 80.1 % 71.1 % 71.1 %
2023 510.6 494.0 494.0 2023 67.3 % 63.9 % 61.4 % 54.8 % 54.8 %
Return on Equity (5)
Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 542.5 577.0 577.0 2019 4.0 % 5.9 % 5.5 % 6.4 % 6.4 %
2020 602.6 651.1 651.1 2020 8.6 % 6.3 % 4.8 % 6.3 % 6.3 %
2021 510.2 382.9 382.9 2021 4.6 % 4.2 % -9.4 % -31.0 % -31.0 %
2022 121.5 210.9 210.9 2022 -40.9 % -54.0 % -58.8 % -29.1 % -29.1 %
2023 306.2 392.0 392.0 2023 -9.8 % 16.1 % 45.6 % 43.1 % 43.1 %
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)

All values are in US Dollars.

Hyster-Yale Materials Handling, Inc.
(in millions of , except percentage data)
Non-GAAP Reconciliation of ROTCE
2019 2020 2021 2022 2023
Average Stockholders' Equity (1) 527.8 554.5 525.5 241.9 288.9
Average Debt (1) 324.0 310.3 373.4 535.2 532.2
Average Cash (1) (63.4) (83.4) (93.8) (66.8) (69.3)
Average Capital Employed 788.4 781.4 805.1 710.3 751.8
Net Income (Loss) 35.8 37.1 (173.0) (74.1) 125.9
Plus: Interest Expense, Net 18.0 12.3 14.9 27.3 34.7
Less: Income Taxes on Interest Expense, Net (4.7) (3.2) (3.9) (6.8) (8.7)
Actual Return on Capital Employed (2) 49.1 46.2 (162.0) (53.6) 151.9
Actual Return on Capital Employed Percentage (3) 6.2% 5.9% (20.1)% (7.5)% 20.2%
(1)
(2)
(3)

All values are in US Dollars.

Lift Truck Business
(in millions of , except percentage data)
Q2 Q3 Q4 FY
2019 44.1 43.4 41.2 41.2
2020 31.5 33.6 40.6 40.6
2021 84.9 98.8 105.3 105.3
2022 112.0 108.2 102.1 102.1
2023 92.8 85.3 78.4 78.4
Q2 Q3 Q4 FY
2019 26.3 23.5 24.8 100.3
2020 20.1 20.6 21.5 85.5
2021 22.7 23.2 26.7 94.9
2022 25.3 24.5 27.1 100.8
2023 27.7 25.7 23.6 102.2
Revenues - Americas - % change yr. over yr.
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 537.7 505.8 545.3 2,123.3 2019 7.8 % 14.0 % 0.4 % 5.7 % 6.8 %
2020 454.8 426.9 458.8 1,891.2 2020 3.0 % -15.4 % -15.6 % -15.9 % -10.9 %
2021 479.1 494.3 551.5 1,984.6 2021 -16.5 % 5.3 % 15.8 % 20.2 % 4.9 %
2022 596.6 571.3 679.8 2,405.4 2022 21.3 % 24.5 % 15.6 % 23.3 % 21.2 %
2023 788.5 716.5 708.4 2,899.3 2023 23.0 % 32.2 % 25.4 % 4.2 % 20.5 %
Revenues - EMEA - % change yr. over yr.
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 202.1 161.7 197.3 751.2 2019 -3.9 % 5.8 % -6.1 % -5.0 % -2.3 %
2020 120.1 143.8 172.6 588.6 2020 -20.0 % -40.6 % -11.1 % -12.5 % -21.6 %
2021 175.1 153.4 179.7 678.9 2021 12.2 % 45.8 % 6.7 % 4.1 % 15.3 %
2022 184.8 159.4 190.3 704.2 2022 -0.6 % 5.5 % 3.9 % 5.9 % 3.7 %
2023 200.6 183.9 221.1 820.5 2023 26.6 % 8.5 % 15.4 % 16.2 % 16.5 %
Revenues - JAPIC - % change yr. over yr.
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 72.9 57.8 55.6 249.7 2019 28.1 % 26.8 % -10.7 % -21.0 % 3.1 %
2020 48.0 48.0 52.5 193.1 2020 -29.7 % -34.2 % -17.0 % -5.6 % -22.7 %
2021 65.0 56.1 52.3 233.9 2021 35.7 % 35.4 % 16.9 % -0.4 % 21.1 %
2022 64.9 65.5 67.9 250.0 2022 -14.5 % -0.2 % 16.8 % 29.8 % 6.9 %
2023 49.6 51.6 52.0 201.1 2023 -7.4 % -23.6 % -21.2 % -23.4 % -19.6 %
Revenues - Lift Truck Business - % change yr. over yr.
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 812.7 725.3 798.2 3,124.2 2019 6.0 % 12.9 % -2.1 % 0.5 % 4.2 %
2020 622.9 618.7 683.9 2,672.9 2020 -5.2 % -23.4 % -14.7 % -14.3 % -14.4 %
2021 719.2 703.8 783.5 2,897.4 2021 -7.6 % 15.5 % 13.8 % 14.6 % 8.4 %
2022 846.3 796.2 938.0 3,359.6 2022 12.8 % 17.7 % 13.1 % 19.7 % 16.0 %
2023 1,038.7 952.0 981.5 3,920.9 2023 21.8 % 22.7 % 19.6 % 4.6 % 16.7 %
Gross Profit %
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 126.9 125.0 130.5 495.0 2019 14.3 % 15.6 % 17.2 % 16.3 % 15.8 %
2020 94.8 94.3 112.2 424.8 2020 16.5 % 15.2 % 15.2 % 16.4 % 15.9 %
2021 103.2 66.9 54.4 329.9 2021 15.3 % 14.3 % 9.5 % 6.9 % 11.4 %
2022 81.3 74.6 129.2 371.0 2022 11.0 % 9.6 % 9.4 % 13.8 % 11.0 %
2023 177.0 186.0 192.8 711.4 2023 16.4 % 17.0 % 19.5 % 19.6 % 18.1 %

All values are in US Dollars.

Lift Truck Business
(in millions of , except percentage data)
Operating Expenses as a % of revenues(1)
Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 97.0 112.8 409.4 2019 12.9 % 12.0 % 13.4 % 14.1 % 13.1 %
2020 78.1 87.8 339.2 2020 12.8 % 12.5 % 12.6 % 12.8 % 12.7 %
2021 88.2 147.6 416.8 2021 13.5 % 12.2 % 12.5 % 18.8 % 14.4 %
2022 89.8 102.0 381.4 2022 12.4 % 11.0 % 11.3 % 10.9 % 11.4 %
2023 120.9 138.6 481.8 2023 11.4 % 11.0 % 12.7 % 14.1 % 12.3 %
Operating Profit (Loss) %(1)
Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 28.0 17.7 85.6 2019 1.4 % 3.6 % 3.9 % 2.2 % 2.7 %
2020 16.2 24.4 85.6 2020 3.7 % 2.7 % 2.6 % 3.6 % 3.2 %
2021 (21.3) (93.2) (86.9) 2021 1.8 % 2.1 % -3.0 % -11.9 % -3.0 %
2022 (15.2) 27.2 (10.4) 2022 -1.4 % -1.4 % -1.9 % 2.9 % -0.3 %
2023 65.1 54.2 229.6 2023 5.0 % 6.0 % 6.8 % 5.5 % 5.9 %
(1)

All values are in US Dollars.

Bolzoni
(in millions of , except percentage data)
Revenues - Bolzoni - % change yr. over yr.
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 90.8 75.8 87.0 345.4 2019 2.6 % 3.2 % -10.2 % -0.1 % -1.0 %
2020 64.2 63.3 68.3 283.7 2020 -4.2 % -29.3 % -16.5 % -21.5 % -17.9 %
2021 84.8 90.0 93.5 347.8 2021 -9.6 % 32.1 % 42.2 % 36.9 % 22.6 %
2022 86.4 82.2 92.0 355.7 2022 19.6 % 1.9 % -8.7 % -1.6 % 2.3 %
2023 96.6 92.8 87.3 375.3 2023 3.7 % 11.8 % 12.9 % -5.1 % 5.5 %
Gross Profit %
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 15.5 13.0 14.0 58.1 2019 17.0 % 17.1 % 17.2 % 16.1 % 16.8 %
2020 11.5 12.1 12.9 53.4 2020 19.2 % 17.9 % 19.1 % 18.9 % 18.8 %
2021 15.8 15.2 14.1 61.5 2021 20.6 % 18.6 % 16.9 % 15.1 % 17.7 %
2022 18.9 13.7 19.3 70.7 2022 19.8 % 21.9 % 16.7 % 21.0 % 19.9 %
2023 22.6 19.5 19.4 82.2 2023 21.0 % 23.4 % 21.0 % 22.2 % 21.9 %
Operating Expenses as a % of revenues
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 13.2 12.3 13.5 53.4 2019 15.7 % 14.5 % 16.2 % 15.5 % 15.5 %
2020 12.0 12.0 14.2 52.4 2020 16.2 % 18.7 % 19.0 % 20.8 % 18.5 %
2021 16.2 15.2 16.3 63.3 2021 19.6 % 19.1 % 16.9 % 17.4 % 18.2 %
2022 15.5 15.0 17.3 64.5 2022 17.6 % 17.9 % 18.2 % 18.8 % 18.1 %
2023 17.2 16.6 16.8 66.9 2023 16.5 % 17.8 % 17.9 % 19.2 % 17.8 %
Operating Profit (Loss) %
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2019 2.3 0.7 0.5 4.7 2019 1.3 % 2.5 % 0.9 % 0.6 % 1.4 %
2020 (0.5) 0.1 (1.3) 1.0 2020 3.1 % -0.8 % 0.2 % -1.9 % 0.4 %
2021 (0.4) — (2.2) (1.8) 2021 1.0 % -0.5 % — % -2.4 % -0.5 %
2022 3.4 (1.3) 2.0 6.2 2022 2.2 % 3.9 % -1.6 % 2.2 % 1.7 %
2023 5.4 2.9 2.6 15.3 2023 4.5 % 5.6 % 3.1 % 3.0 % 4.1 %

All values are in US Dollars.

Nuvera
(in millions of , except percentage data)
Q3 Q4 FY
2019 2.4 1.0 10.1
2020 0.7 1.1 3.9
2021 0.2 0.2 0.7
2022 1.2 1.3 3.4
2023 1.5 0.2 4.3
Q3 Q4 FY
2019 (3.1) (3.6) (11.2)
2020 (2.7) (3.7) (12.2)
2021 (16.5) (4.4) (26.7)
2022 (2.0) (1.7) (7.2)
2023 (1.9) (2.4) (8.2)
Q3 Q4 FY
2019 6.2 6.8 25.1
2020 6.0 6.0 23.9
2021 16.0 6.6 35.6
2022 7.0 7.6 27.1
2023 7.5 5.6 28.2
Q3 Q4 FY
2019 (9.3) (10.4) (36.3)
2020 (8.7) (9.7) (36.1)
2021 (32.5) (11.0) (62.3)
2022 (9.0) (9.3) (34.3)
2023 (9.4) (8.0) (36.4)
(1)
(2)

All values are in US Dollars.

Report a Problem

Category
Description
Email (optional, for follow-up)