Equibles

8-K

HYSTER-YALE, INC. (HY)

8-K 2020-02-25 For: 2020-02-25
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Added on April 11, 2026

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): February 25, 2020
--- --- ---
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 25, 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 fourth quarter 2019 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 25, 2020.
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 25, 2020 HYSTER-YALE MATERIALS HANDLING, INC.
By: /s/ Kenneth C. Schilling
Name: Kenneth C. Schilling
Title: Senior Vice President and Chief Financial Officer 
		Exhibit

EXHIBIT 99

Hyster-Yale Materials Handling, Inc.
(in millions, except percentage data)
Backlog (in thousands)
Q1 Q2 Q3 Q4 FY
2018 36.1 41.7 42.3 43.9 43.9
2019 40.2 44.1 43.4 41.2 41.2
Unit Shipments (in thousands)
Q1 Q2 Q3 Q4 FY
2018 24.8 23.9 25.6 27.6 101.9
2019 25.7 26.3 23.5 24.8 100.3
Revenues - Americas Revenues - Americas - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 495.9 471.6 503.9 516.1 1,987.5 2018 6.4 % 8.9 % 12.5 % 5.9 % 8.4 %
2019 534.5 537.7 505.8 545.3 2,123.3 2019 7.8 % 14.0 % 0.4 % 5.7 % 6.8 %
Revenues - EMEA Revenues - EMEA - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 197.9 191.0 172.2 207.7 768.8 2018 21.9 % 10.7 % 4.0 % -3.5 % 7.4 %
2019 190.1 202.1 161.7 197.3 751.2 2019 -3.9 % 5.8 % -6.1 % -5.0 % -2.3 %
Revenues - JAPIC^(1)^ Revenues - JAPIC - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 49.5 57.5 64.7 70.4 242.1 2018 13.0 % 36.3 % 66.3 % 43.7 % 39.2 %
2019 63.4 72.9 57.8 55.6 249.7 2019 28.1 % 26.8 % -10.7 % -21.0 % 3.1 %
Revenues - Bolzoni^(2)^ Revenues - Bolzoni - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 89.5 88.0 84.4 87.1 349.0 2018 14.2 % 16.9 % 10.5 % 5.7 % 11.7 %
2019 91.8 90.8 75.8 87.0 345.4 2019 2.6 % 3.2 % -10.2 % -0.1 % -1.0 %
Revenues - Nuvera^(3)^ Revenues - Nuvera - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 0.6 0.7 2.0 13.7 17.0 2018 n.m. n.m. n.m. n.m. n.m.
2019 4.5 2.2 2.4 1.0 10.1 2019 n.m. n.m. n.m. n.m. n.m.
Revenues - Consolidated^(3)^ Revenues - Consolidated - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 788.5 765.9 783.9 840.8 3,179.1 2018 10.6 % 11.7 % 13.4 % 5.7 % 10.2 %
2019 834.8 856.2 766.0 834.8 3,291.8 5.9 % 11.8 % -2.3 % -0.7 % 3.5 %
Gross Profit^(3)^ Gross Profit %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 132.1 125.3 117.7 121.9 497.0 2018 16.8 % 16.4 % 15.0 % 14.5 % 15.6 %
2019 126.2 139.4 135.0 141.2 541.8 2019 15.1 % 16.3 % 17.6 % 16.9 % 16.5 %
Operating Expenses^(3)^ Operating Expenses as a % of revenues
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 112.9 114.5 105.5 125.3 458.2 2018 14.3 % 14.9 % 13.5 % 14.9 % 14.4 %
2019 122.8 116.5 115.5 133.1 487.9 2019 14.7 % 13.6 % 15.1 % 15.9 % 14.8 %
Hyster-Yale Materials Handling, Inc.
(in millions, except percentage data)
Operating Profit (Loss) Operating Profit (Loss) %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 19.2 10.8 12.2 (3.4 ) 38.8 2018 2.4 % 1.4 % 1.6 % -0.4 % 1.2 %
2019 3.4 22.9 19.5 8.1 53.9 2019 0.4 % 2.7 % 2.5 % 1.0 % 1.6 %
Interest (Income) Expense
Q1 Q2 Q3 Q4 FY
2018 3.2 3.0 3.2 4.2 13.6
2019 4.1 4.7 5.1 4.1 18.0
Other (Income) Expense
Q1 Q2 Q3 Q4 FY
2018 (3.8 ) (1.7 ) (1.2 ) (4.7 ) (11.4 )
2019 (5.4 ) (3.1 ) (3.6 ) 0.1 (12.0 )
Income (Loss) Before Taxes Effective Income Tax Rate
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 19.8 9.5 10.2 (2.9 ) 36.6 2018 24.7 % 40.0 % n.m. n.m. 6.3 %
2019 4.7 21.3 18.0 3.9 47.9 2019 31.9 % 20.7 % 27.2 % 12.8 % 23.6 %
Net Income (Loss) Attributable to Stockholders
Q1 Q2 Q3 Q4 FY
2018 14.9 5.6 15.4 (1.2 ) 34.7
2019 3.4 16.2 12.8 3.4 35.8
Depreciation and Amortization Expense
Q1 Q2 Q3 Q4 FY
2018 11.4 9.4 11.6 11.6 44.0
2019 11.2 10.8 10.3 11.0 43.3
Net Working Capital ^(4)^
Q1 Q2 Q3 Q4 FY
2018 463.1 441.4 518.6 562.3 562.3
2019 594.3 679.7 643.0 611.1 611.1
Capital Expenditures
Q1 Q2 Q3 Q4 FY
2018 7.4 8.6 8.7 14.1 38.8
2019 8.6 9.8 13.0 18.3 49.7
Net Cash Provided By (Used For) Operating Activities
Q1 Q2 Q3 Q4 FY
2018 28.5 23.5 40.3 (24.7 ) 67.6
2019 (22.4 ) (48.5 ) 53.6 94.0 76.7
Net Cash Provided By (Used For) Investing Activities
Q1 Q2 Q3 Q4 FY
2018 (7.0 ) (82.5 ) (7.8 ) (13.6 ) (110.9 )
2019 (8.0 ) (9.6 ) (6.9 ) (17.5 ) (42.0 )
Hyster-Yale Materials Handling, Inc.
(in millions, except percentage data)
Cash Flow Before Financing Activities ^(5)^
Q1 Q2 Q3 Q4 FY
2018 21.5 (59.0 ) 32.5 (38.3 ) (43.3 )
2019 (30.4 ) (58.1 ) 46.7 76.5 34.7
Net Cash Provided By (Used For) Financing Activities
Q1 Q2 Q3 Q4 FY
2018 (14.3 ) (11.8 ) (62.2 ) 0.7 (87.6 )
2019 3.6 52.5 (31.1 ) (76.6 ) (51.6 )
Dividends Paid to Stockholders
Q1 Q2 Q3 Q4 FY
2018 5.0 5.1 5.2 5.1 20.4
2019 5.2 5.2 5.3 5.3 21.0
Total Debt
Q1 Q2 Q3 Q4 FY
2018 283.4 273.1 296.5 301.5 301.5
2019 309.4 370.9 351.1 287.0 287.0
Equity Return on Equity ^(6)^
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 608.0 589.9 589.7 559.5 559.5 2018 8.2 % 6.1 % 5.7 % 5.9 % 5.9 %
2019 551.4 570.1 542.5 577.0 577.0 2019 4.0 % 5.9 % 5.5 % 6.4 % 6.4 %
(1 ) On June 1, 2018, the Company completed the acquisition of the majority interest in Maximal, which is included in the JAPIC segment from the date of acquisition.
(2 ) The results of the Sulligent facility have been included in the Bolzoni segment.
(3 ) The results of Nuvera include product development funding from third-parties as revenue and related costs in cost of sales.
(4 ) Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable.
(5 ) 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.
(6 ) 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)
Q1 Q2 Q3 Q4 FY
2018 36.1 41.7 42.3 43.9 43.9
2019 40.2 44.1 43.4 41.2 41.2
Unit Shipments (in thousands)
Q1 Q2 Q3 Q4 FY
2018 24.8 23.9 25.6 27.6 101.9
2019 25.7 26.3 23.5 24.8 100.3
Revenues - Americas Revenues - Americas - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 495.9 471.6 503.9 516.1 1,987.5 2018 6.4 % 8.9 % 12.5 % 5.9 % 8.4 %
2019 534.5 537.7 505.8 545.3 2,123.3 2019 7.8 % 14.0 % 0.4 % 5.7 % 6.8 %
Revenues - EMEA Revenues - EMEA - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 197.9 191.0 172.2 207.7 768.8 2018 21.9 % 10.7 % 4.0 % -3.5 % 7.4 %
2019 190.1 202.1 161.7 197.3 751.2 2019 -3.9 % 5.8 % -6.1 % -5.0 % -2.3 %
Revenues - JAPIC^(1)^ Revenues - JAPIC - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 49.5 57.5 64.7 70.4 242.1 2018 13.0 % 36.3 % 66.3 % 43.7 % 39.2 %
2019 63.4 72.9 57.8 55.6 249.7 2019 28.1 % 26.8 % -10.7 % -21.0 % 3.1 %
Revenues - Lift Truck Business Revenues - Lift Truck Business - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 743.3 720.1 740.8 794.2 2,998.4 2018 10.6 % 11.2 % 13.6 % 5.7 % 10.1 %
2019 788.0 812.7 725.3 798.2 3,124.2 2019 6.0 % 12.9 % -2.1 % 0.5 % 4.2 %
Gross Profit Gross Profit %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 116.1 110.3 103.7 109.1 439.2 2018 15.6 % 15.3 % 14.0 % 13.7 % 14.6 %
2019 112.6 126.9 125.0 130.5 495.0 2019 14.3 % 15.6 % 17.2 % 16.3 % 15.8 %
Operating Expenses Operating Expenses as a % of revenues
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 89.5 93.0 84.3 104.9 371.7 2018 12.0 % 12.9 % 11.4 % 13.2 % 12.4 %
2019 101.8 97.8 97.0 112.8 409.4 2019 12.9 % 12.0 % 13.4 % 14.1 % 13.1 %
Operating Profit (Loss) Operating Profit (Loss) %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 26.6 17.3 19.4 4.2 67.5 2018 3.6 % 2.4 % 2.6 % 0.5 % 2.3 %
2019 10.8 29.1 28.0 17.7 85.6 2019 1.4 % 3.6 % 3.9 % 2.2 % 2.7 %
Lift Truck Business
(in millions, except percentage data)
Interest (Income) Expense
Q1 Q2 Q3 Q4 FY
2018 3.0 2.8 3.1 3.9 12.8
2019 3.9 4.5 5.0 4.0 17.4
Other (Income) Expense
Q1 Q2 Q3 Q4 FY
2018 (3.8 ) (1.7 ) (1.1 ) (5.1 ) (11.7 )
2019 (5.4 ) (2.9 ) (2.7 ) 0.1 (10.9 )
Income (Loss) Before Taxes Effective Income Tax Rate
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 27.4 16.2 17.4 5.4 66.4 2018 24.8 % 32.1 % n.m. n.m. 16.0 %
2019 12.3 27.5 25.7 13.6 79.1 2019 25.2 % 24.7 % 23.7 % 35.3 % 26.3 %
Net Income (Loss) Attributable to Stockholders
Q1 Q2 Q3 Q4 FY
2018 20.7 11.0 18.7 6.3 56.7
2019 9.6 20.3 19.5 8.9 58.3
Depreciation and Amortization Expense
Q1 Q2 Q3 Q4 FY
2018 7.6 7.7 9.2 9.0 33.5
2019 7.9 7.7 7.2 7.8 30.6
Net Working Capital ^(2)^
Q1 Q2 Q3 Q4 FY
2018 388.3 365.7 444.1 496.5 496.5
2019 497.4 584.2 554.0 525.4 525.4
Capital Expenditures
Q1 Q2 Q3 Q4 FY
2018 5.3 8.7 6.9 10.9 31.8
2019 5.5 7.1 9.7 15.5 37.8
Net Cash Provided By (Used For) Operating Activities
Q1 Q2 Q3 Q4 FY
2018 29.5 26.3 42.4 (20.2 ) 78.0
2019 (19.0 ) (66.2 ) 42.8 95.6 53.2
Net Cash Provided By (Used For) Investing Activities
Q1 Q2 Q3 Q4 FY
2018 (5.2 ) (82.9 ) (6.2 ) (10.6 ) (104.9 )
2019 (5.4 ) (6.9 ) (4.2 ) (15.4 ) (31.9 )
Lift Truck Business
(in millions, except percentage data)
Cash Flow Before Financing Activities ^(3)^
Q1 Q2 Q3 Q4 FY
2018 24.3 (56.6 ) 36.2 (30.8 ) (26.9 )
2019 (24.4 ) (73.1 ) 38.6 80.2 21.3
Net Cash Provided By (Used For) Financing Activities
Q1 Q2 Q3 Q4 FY
2018 (17.2 ) (15.2 ) (67.4 ) (8.9 ) (108.7 )
2019 0.4 64.9 (25.8 ) (81.9 ) (42.4 )
(1 ) On June 1, 2018, the Company completed the acquisition of the majority interest in Maximal, which is included in the JAPIC segment from the date of acquisition.
(2 ) Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable.
(3 ) 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^(1)^
Q1 Q2 Q3 Q4 FY
2018 89.5 88.0 84.4 87.1 349.0
2019 91.8 90.8 75.8 87.0 345.4
Gross Profit (Loss)
Q1 Q2 Q3 Q4 FY
2018 17.0 16.8 14.4 15.5 63.7
2019 15.6 15.5 13.0 14.0 58.1
Operating Expenses
Q1 Q2 Q3 Q4 FY
2018 14.3 13.6 12.7 13.6 54.2
2019 14.4 13.2 12.3 13.5 53.4
Operating Profit (Loss)
Q1 Q2 Q3 Q4 FY
2018 2.7 3.2 1.7 1.9 9.5
2019 1.2 2.3 0.7 0.5 4.7
Income (Loss) Before Taxes
Q1 Q2 Q3 Q4 FY
2018 2.5 3.0 1.7 1.2 8.4
2019 1.0 2.3 0.5 — 3.8
Effective Income Tax Rate
Q1 Q2 Q3 Q4 FY
2018 20.0 % 26.7 % 5.9 % n.m. 25.0%
2019 n.m. 17.4 % n.m. n.m. 5.3%
Net Income (Loss) Attributable to Stockholders
Q1 Q2 Q3 Q4 FY
2018 1.9 2.1 1.4 0.4 5.8
2019 0.3 1.6 0.7 0.2 2.8
(1) The results of the Sulligent facility have been included in the Bolzoni segment.
Nuvera
(in millions, except percentage data)
Revenues^(1)^
Q1 Q2 Q3 Q4 FY
2018 0.6 0.7 2.0 13.7 17.0
2019 4.5 2.2 2.4 1.0 10.1
Gross Profit (Loss)^(1)^
Q1 Q2 Q3 Q4 FY
2018 (0.9 ) (1.6 ) (0.5 ) (3.0 ) (6.0 )
2019 (1.8 ) (2.7 ) (3.1 ) (3.6 ) (11.2 )
Operating Expenses^(1)^
Q1 Q2 Q3 Q4 FY
2018 9.1 7.9 8.5 6.8 32.3
2019 6.6 5.5 6.2 6.8 25.1
Operating Profit (Loss)
Q1 Q2 Q3 Q4 FY
2018 (10.0 ) (9.5 ) (9.0 ) (9.8 ) (38.3 )
2019 (8.4 ) (8.2 ) (9.3 ) (10.4 ) (36.3 )
Income (Loss) Before Taxes
Q1 Q2 Q3 Q4 FY
2018 (10.0 ) (9.5 ) (9.0 ) (9.9 ) (38.4 )
2019 (8.4 ) (8.2 ) (8.3 ) (10.0 ) (34.9 )
Effective Income Tax Rate
Q1 Q2 Q3 Q4 FY
2018 27.0 % 27.4 % 28.9 % 26.3 % 27.3 %
2019 27.4 % 26.8 % 30.1 % 27.0 % 27.8 %
Net Income (Loss) Attributable to Stockholders
Q1 Q2 Q3 Q4 FY
2018 (7.3 ) (6.9 ) (6.4 ) (7.3 ) (27.9 )
2019 (6.1 ) (6.0 ) (5.8 ) (7.3 ) (25.2 )
(1 ) The results of Nuvera include product development funding from third-parties as revenue and related costs in cost of sales.

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