hy-20201103
0001173514false00011735142020-11-032020-11-03



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

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

Date of Report (Date of earliest event reported):November 3, 2020
HYSTER-YALE MATERIALS HANDLING, INC.
(Exact name of registrant as specified in its charter)
Delaware000-5479931-1637659
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
5875 Landerbrook Drive, Suite 300
Cleveland(440)
OH449-960044124-4069
(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 classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par value per shareHYNew 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 November 3, 2020, 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 third quarter 2020 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
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:November 3, 2020HYSTER-YALE MATERIALS HANDLING, INC.
By:/s/ Kenneth C. Schilling
Name: Kenneth C. Schilling
Title: Senior Vice President and Chief Financial Officer

                            

                            


EXHIBIT 99
Hyster-Yale Materials Handling, Inc.
(in millions, except percentage data)
Backlog (in thousands)
Q1Q2Q3Q4FY
201940.2 44.1 43.4 41.2 41.2 
202037.3 31.5 33.6 
Unit Shipments (in thousands)
Q1Q2Q3Q4FY
201925.7 26.3 23.5 24.8 100.3 
202023.3 20.1 20.6 
Revenues - AmericasRevenues - Americas - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019534.5 537.7 505.8 545.3 2,123.3 20197.8 %14.0 %0.4 %5.7 %6.8 %
2020550.7 454.8 426.9 20203.0 %-15.4 %-15.6 %
Revenues - EMEARevenues - EMEA - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019190.1 202.1 161.7 197.3 751.2 2019-3.9 %5.8 %-6.1 %-5.0 %-2.3 %
2020152.1 120.1 143.8 2020-20.0 %-40.6 %-11.1 %
Revenues - JAPICRevenues - JAPIC - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
201963.4 72.9 57.8 55.6 249.7 201928.1 %26.8 %-10.7 %-21.0 %3.1 %
202044.6 48.0 48.0 2020-29.7 %-34.2 %-17.0 %
Revenues - BolzoniRevenues - Bolzoni - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
201991.8 90.8 75.8 87.0 345.4 20192.6 %3.2 %-10.2 %-0.1 %-1.0 %
202087.9 64.2 63.3 2020-4.2 %-29.3 %-16.5 %
Revenues - NuveraRevenues - Nuvera - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
20194.5 2.2 2.4 1.0 10.1 2019n.m.n.m.n.m.n.m.n.m.
20201.4 0.7 0.7 2020n.m.n.m.n.m.
Revenues - ConsolidatedRevenues - Consolidated - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019834.8 856.2 766.0 834.8 3,291.8 20195.9 %11.8 %-2.3 %-0.7 %3.5 %
2020785.7 654.4 652.4 2020-5.9 %-23.6 %-14.8 %
Gross ProfitGross Profit %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019126.2 139.4 135.0 141.2 541.8 201915.1 %16.3 %17.6 %16.9 %16.5 %
2020136.7103.6103.4202017.4 %15.8 %15.8 %
Operating ExpensesOperating Expenses as a % of Revenue
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019122.8 116.5 115.5 133.1 487.9 201914.7 %13.6 %15.1 %15.9 %14.8 %
2020116.5 94.9 96.1 202014.8 %14.5 %14.7 %
Operating Profit (Loss)Operating Profit (Loss) %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
20193.4 22.9 19.5 8.1 53.9 20190.4 %2.7 %2.5 %1.0 %1.6 %
202020.2 8.7 7.3 20202.6 %1.3 %1.1 %


Hyster-Yale Materials Handling, Inc.
(in millions, except percentage data)
Interest (Income) Expense
Q1Q2Q3Q4FY
20194.1 4.7 5.1 4.1 18.0 
20203.8 3.0 2.7 
Other (Income) Expense
Q1Q2Q3Q4FY
2019(5.4)(3.1)(3.6)0.1 (12.0)
2020(3.3)4.0 (1.8)
Income (Loss) Before TaxesEffective Income Tax Rate
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
20194.7 21.3 18.0 3.9 47.9 201931.9 %20.7 %27.2 %12.8 %23.6 %
202019.7 1.7 6.4 202020.8 %n.m.10.9 %
Net Income (Loss) Attributable to Stockholders
Q1Q2Q3Q4FY
20193.4 16.2 12.8 3.4 35.8 
202015.3 3.6 5.1 
Depreciation and Amortization Expense
Q1Q2Q3Q4FY
201911.2 10.8 10.3 11.0 43.3 
202010.4 10.4 11.0 
Net Working Capital (1)
Q1Q2Q3Q4FY
2019594.3 679.7 643.0 611.1 611.1 
2020595.7 577.4 517.5 
Capital Expenditures
Q1Q2Q3Q4FY
20198.6 9.8 13.0 18.3 49.7 
202017.6 12.3 7.3 
Net Cash Provided By (Used For) Operating Activities
Q1Q2Q3Q4FY
2019(22.4)(48.5)53.6 94.0 76.7 
2020(45.7)33.7 88.1 
Net Cash Provided By (Used For) Investing Activities
Q1Q2Q3Q4FY
2019(8.0)(9.6)(6.9)(17.5)(42.0)
2020(17.4)(5.9)(6.5)
Cash Flow Before Financing Activities (2)
Q1Q2Q3Q4FY
2019(30.4)(58.1)46.7 76.5 34.7 
2020(63.1)27.8 81.6 


Hyster-Yale Materials Handling, Inc.
(in millions, except percentage data)
Net Cash Provided By (Used For) Financing Activities
Q1Q2Q3Q4FY
20193.6 52.5 (31.1)(76.6)(51.6)
202053.1 (18.7)(53.5)
Dividends Paid to Stockholders
Q1Q2Q3Q4FY
20195.2 5.2 5.3 5.3 21.0 
20205.3 5.3 5.4 
Total Debt
Q1Q2Q3Q4FY
2019309.4 370.9 351.1 287.0 287.0 
2020340.1 337.7 297.7 
Equity
Return on Equity (3)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019551.4 570.1 542.5 577.0 577.0 20194.0 %5.9 %5.5 %6.4 %6.4 %
2020542.7 563.7 602.6 20208.6 %6.3 %4.8 %
(1)Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable.
(2)Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
(3)Return on equity is equal to the sum of the previous 4 quarters net income divided by average equity calculated over the last 5 quarters.







Lift Truck Business
(in millions, except percentage data)
Backlog (in thousands)
Q1Q2Q3Q4FY
201940.2 44.1 43.4 41.2 41.2 
202037.3 31.5 33.6 
Unit Shipments (in thousands)
Q1Q2Q3Q4FY
201925.7 26.3 23.5 24.8 100.3 
202023.3 20.1 20.6 
Revenues - AmericasRevenues - Americas - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019534.5 537.7 505.8 545.3 2,123.3 20197.8 %14.0 %0.4 %5.7 %6.8 %
2020550.7 454.8 426.9 20203.0 %-15.4 %-15.6 %
Revenues - EMEARevenues - EMEA - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019190.1 202.1 161.7 197.3 751.2 2019-3.9 %5.8 %-6.1 %-5.0 %-2.3 %
2020152.1 120.1 143.8 2020-20.0 %-40.6 %-11.1 %
Revenues - JAPICRevenues - JAPIC - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
201963.4 72.9 57.8 55.6 249.7 201928.1 %26.8 %-10.7 %-21.0 %3.1 %
202044.6 48.0 48.0 2020-29.7 %-34.2 %-17.0 %
Revenues - Lift Truck BusinessRevenues - Lift Truck Business - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019788.0 812.7 725.3 798.2 3,124.2 20196.0 %12.9 %-2.1 %0.5 %4.2 %
2020747.4 622.9 618.7 2020-5.2 %-23.4 %-14.7 %
Gross ProfitGross Profit %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019112.6 126.9 125.0 130.5 495.0 201914.3 %15.6 %17.2 %16.3 %15.8 %
2020123.5 94.8 94.3 202016.5 %15.2 %15.2 %
Operating ExpensesOperating Expenses as a % of revenues
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019101.8 97.8 97.0 112.8 409.4 201912.9 %12.0 %13.4 %14.1 %13.1 %
202095.5 77.8 78.1 12.8 %12.5 %12.6 %
Operating Profit (Loss)Operating Profit (Loss) %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
201910.8 29.1 28.0 17.7 85.6 20191.4 %3.6 %3.9 %2.2 %2.7 %
202028.0 17.0 16.2 20203.7 %2.7 %2.6 %




Lift Truck Business
(in millions, except percentage data)
Interest (Income) Expense
Q1Q2Q3Q4FY
20193.9 4.5 5.0 4.0 17.4 
20203.7 2.9 2.6 
Other (Income) Expense
Q1Q2Q3Q4FY
2019(5.4)(2.9)(2.7)0.1 (10.9)
2020(3.0)4.5 (1.4)
Income (Loss) Before TaxesEffective Income Tax Rate
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
201912.3 27.5 25.7 13.6 79.1 201925.2 %24.7 %23.7 %35.3 %26.3 %
202027.3 9.6 15.0 202025.6 %n.m.18.7 %
Net Income (Loss) Attributable to Stockholders
Q1Q2Q3Q4FY
20199.6 20.3 19.5 8.9 58.3 
202020.1 10.9 11.6 
Depreciation and Amortization Expense
Q1Q2Q3Q4FY
20197.9 7.7 7.2 7.8 30.6 
20207.2 7.3 7.7 
Net Working Capital (1)
Q1Q2Q3Q4FY
2019497.4 584.2 554.0 525.4 525.4 
2020497.8 468.8 405.1 
Capital Expenditures
Q1Q2Q3Q4FY
20195.5 7.1 9.7 15.5 37.8 
202015.6 11.1 4.0 
Net Cash Provided By (Used For) Operating Activities
Q1Q2Q3Q4FY
2019(19.0)(66.2)42.8 95.6 53.2 
2020(45.4)63.4 88.2 
Net Cash Provided By (Used For) Investing Activities
Q1Q2Q3Q4FY
2019(5.4)(6.9)(4.2)(15.4)(31.9)
2020(15.6)(24.0)(4.9)






Lift Truck Business
(in millions, except percentage data)
Cash Flow Before Financing Activities (2)
Q1Q2Q3Q4FY
2019(24.4)(73.1)38.6 80.2 21.3 
2020(61.0)39.4 83.3 
Net Cash Provided By (Used For) Financing Activities
Q1Q2Q3Q4FY
20190.4 64.9 (25.8)(81.9)(42.4)
202055.6 (37.3)(55.1)
(1)Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable.
(2)Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.





Bolzoni
(in millions, except percentage data)
Revenues
Q1Q2Q3Q4FY
201991.8 90.8 75.8 87.0 345.4 
202087.9 64.2 63.3 
Gross Profit (Loss)
Q1Q2Q3Q4FY
201915.6 15.5 13.0 14.0 58.1 
202016.9 11.5 12.1 
Operating Expenses
Q1Q2Q3Q4FY
201914.4 13.2 12.3 13.5 53.4 
202014.2 12.0 12.0 
Operating Profit (Loss)
Q1Q2Q3Q4FY
20191.2 2.3 0.7 0.5 4.7 
20202.7 (0.5)0.1 
Income (Loss) Before Taxes
Q1Q2Q3Q4FY
20191.0 2.3 0.5 — 3.8 
20202.6 (0.5)0.1 
Effective Income Tax Rate
Q1Q2Q3Q4FY
2019n.m.17.4 %n.m.n.m.5.3%
2020n.m.20.0 %n.m.
Net Income (Loss) Attributable to Stockholders
Q1Q2Q3Q4FY
20190.3 1.6 0.7 0.2 2.8 
20202.7 (0.6)0.1 




Nuvera
(in millions, except percentage data)
Revenues
Q1Q2Q3Q4FY
20194.5 2.2 2.4 1.0 10.1 
20201.4 0.7 0.7 
Gross Profit (Loss)
Q1Q2Q3Q4FY
2019(1.8)(2.7)(3.1)(3.6)(11.2)
2020(2.6)(3.2)(2.7)
Operating Expenses
Q1Q2Q3Q4FY
20196.6 5.5 6.2 6.8 25.1 
20206.8 5.1 6.0 
Operating Profit (Loss)
Q1Q2Q3Q4FY
2019(8.4)(8.2)(9.3)(10.4)(36.3)
2020(9.4)(8.3)(8.7)
Income (Loss) Before Taxes
Q1Q2Q3Q4FY
2019(8.4)(8.2)(8.3)(10.0)(34.9)
2020(9.1)(7.9)(8.4)
Effective Income Tax Rate
Q1Q2Q3Q4FY
201927.4 %26.8 %30.1 %27.0 %27.8 %
202026.4 %26.6 %27.4 %
Net Income (Loss) Attributable to Stockholders
Q1Q2Q3Q4FY
2019(6.1)(6.0)(5.8)(7.3)(25.2)
2020(6.7)(5.8)(6.1)