Equibles

8-K

HYSTER-YALE, INC. (HY)

8-K 2022-02-28 For: 2022-02-28
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 28, 2022
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 28, 2022, 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 2021 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 28, 2022.
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 28, 2022 HYSTER-YALE MATERIALS HANDLING, INC.
By: /s/ Kenneth C. Schilling
Name: Kenneth C. Schilling
Title: Senior Vice President and Chief Financial Officer

Document

EXHIBIT 99

Hyster-Yale Materials Handling, Inc.
(in millions, except percentage data)
Backlog (in thousands)
Q1 Q2 Q3 Q4 FY
2020 37.3 31.5 33.6 40.6 40.6
2021 60.7 84.9 98.8 105.3 105.3
Unit Shipments (in thousands)
Q1 Q2 Q3 Q4 FY
2020 23.3 20.1 20.6 21.5 85.5
2021 22.3 22.7 23.2 26.7 94.9
Revenues - Americas Revenues - Americas - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 550.7 454.8 426.9 458.8 1,891.2 2020 3.0 % -15.4 % -15.6 % -15.9 % -10.9 %
2021 459.7 479.1 494.3 551.5 1,984.6 2021 -16.5 % 5.3 % 15.8 % 20.2 % 4.9 %
Revenues - EMEA Revenues - EMEA - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 152.1 120.1 143.8 172.6 588.6 2020 -20.0 % -14.6 % -11.1 % -12.5 % -21.6 %
2021 170.7 175.1 153.4 179.7 678.9 2021 12.2 % 45.8 % 6.7 % 4.1 % 15.3 %
Revenues - JAPIC Revenues - JAPIC - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 44.6 48.0 48.0 52.5 193.1 2020 -29.7 % -34.2 % -17.0 % -5.6 % -22.7 %
2021 60.5 65.0 56.1 52.3 233.9 2021 35.7 % 35.4 % 16.9 % -0.4 % 21.1 %
Revenues - Bolzoni Revenues - Bolzoni - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 87.9 64.2 63.3 68.3 283.7 2020 -4.2 % -29.3 % -16.5 % -21.5 % -17.9 %
2021 79.5 84.8 90.0 93.5 347.8 2021 -9.6 % 32.1 % 42.2 % 36.9 % 22.6 %
Revenues - Nuvera Revenues - Nuvera - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 1.4 0.7 0.7 1.1 3.9 2020 n.m. n.m. n.m. n.m. n.m.
2021 — 0.3 0.2 0.2 0.7 2021 n.m. n.m. n.m. n.m. n.m.
Revenues - Consolidated Revenues - Consolidated - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 785.7 654.4 652.4 719.6 2,812.1 2020 -5.9 % -23.6 % -14.8 % -13.8 % -14.6 %
2021 732.2 765.6 748.2 829.7 3,075.7 2021 -6.8 % 17.0 % 14.7 % 15.3 % 9.4 %
Gross Profit (1) Gross Profit % (1)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 136.7 103.6 103.4 121.7 465.4 2020 17.4 % 15.8 % 15.8 % 16.9 % 16.5 %
2021 118.4 116.4 65.1 63.5 363.4 2021 16.2 % 15.2 % 8.7 % 7.7 % 11.8 %
Operating Expenses (2)(3) Operating Expenses as a % of Revenue (2)(3)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 116.5 94.9 96.1 108.0 415.5 2020 14.8 % 14.5 % 14.7 % 15.0 % 14.8 %
2021 115.3 110.5 119.4 170.5 515.7 2021 15.7 % 14.4 % 16.0 % 20.5 % 16.8 %
Operating Profit (Loss) (1)(2)(3) Operating Profit (Loss) % (1)(2)(3)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 20.2 8.7 7.3 13.7 49.9 2020 2.6 % 1.3 % 1.1 % 1.9 % 1.8 %
2021 3.1 5.9 (54.3) (107.0) (152.3) 2021 0.4 % 0.8 % -7.3 % -12.9 % -5.0 %
Hyster-Yale Materials Handling, Inc.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions, except percentage data)
Interest (Income) Expense
Q1 Q2 Q3 Q4 FY
2020 3.8 3.0 2.7 2.8 12.3
2021 2.7 3.7 4.0 4.5 14.9
Other (Income) Expense
Q1 Q2 Q3 Q4 FY
2020 (3.3) 4.0 (1.8) (3.5) (4.6)
2021 (8.1) 2.3 (2.0) (4.5) (12.3)
Income (Loss) Before Taxes Effective Income Tax Rate (4)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 19.7 1.7 6.4 14.4 42.2 2020 20.8 % n.m. 10.9 % 8.3 % 8.8 %
2021 8.5 (0.1) (56.3) (107.0) (154.9) 2021 28.2 % n.m. -36.4 % -7.3 % -18.3 %
Net Income (Loss) Attributable to Stockholders (4)
Q1 Q2 Q3 Q4 FY
2020 15.3 3.6 5.1 13.1 37.1
2021 5.6 1.9 (77.2) (103.3) (173.0)
Depreciation and Amortization Expense
Q1 Q2 Q3 Q4 FY
2020 10.4 10.4 11.0 11.1 42.9
2021 11.7 11.6 11.4 11.5 46.2
Net Working Capital (5)
Q1 Q2 Q3 Q4 FY
2020 595.7 577.4 517.5 493.4 493.4
2021 539.7 645.9 692.4 697.0 697.0
Capital Expenditures
Q1 Q2 Q3 Q4 FY
2020 17.6 12.3 7.3 14.5 51.7
2021 7.7 10.4 11.4 14.8 44.3
Net Cash Provided By (Used For) Operating Activities
Q1 Q2 Q3 Q4 FY
2020 (45.7) 33.7 88.1 90.8 166.9
2021 (47.1) (53.6) (91.1) (61.7) (253.5)
Net Cash Provided By (Used For) Investing Activities
Q1 Q2 Q3 Q4 FY
2020 (17.4) (5.9) (6.5) (13.9) (43.7)
2021 9.5 (8.7) (10.9) (14.4) (24.5)
Cash Flow Before Financing Activities (6)
Q1 Q2 Q3 Q4 FY
2020 (63.1) 27.8 81.6 76.9 123.2
2021 (37.6) (62.3) (102.0) (76.1) (278.0)
Hyster-Yale Materials Handling, Inc.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions, except percentage data)
Net Cash Provided By (Used For) Financing Activities
Q1 Q3 Q4 FY
2020 53.1 (53.5) (21.5) (40.6)
2021 (8.0) 77.2 78.9 193.6
Dividends Paid to Stockholders
Q1 Q3 Q4 FY
2020 5.3 5.4 5.3 21.3
2021 5.3 5.5 5.4 21.6
Total Debt
Q1 Q3 Q4 FY
2020 340.1 297.7 289.2 289.2
2021 285.4 428.0 518.5 518.5
Equity Return on Equity (7)
Q1 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 542.7 602.6 651.1 651.1 2020 8.6 % 6.3 % 4.8 % 6.3 % 6.3 %
2021 615.8 510.2 382.9 382.9 2021 4.6 % 4.2 % -9.4 % -31.0 % -31.0 %
(1) During the third and fourth quarters of 2021, Nuvera reduced its inventory to its estimated net realizable value by 14.8 million and 1.3 million, respectively.
(2) During the third quarter of 2021, Nuvera recognized a 10.0 million impairment charge of property, plant and equipment.
(3) During the fourth quarter of 2021, JAPIC recognized a 55.6 million goodwill impairment charge, of which 11.7 million related to the non-controlling interest share.
(4) During the third and fourth quarters of 2021, the Company recognized a valuation allowance of 20.2 million and 38.4 million, respectively, provided against deferred tax assets.
(5) Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable.
(6) 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.
(7) 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.

All values are in US Dollars.

Lift Truck Business
(in millions, except percentage data)
Backlog (in thousands)
Q1 Q2 Q3 Q4 FY
2020 37.3 31.5 33.6 40.6 40.6
2021 60.7 84.9 98.8 105.3 105.3
Unit Shipments (in thousands)
Q1 Q2 Q3 Q4 FY
2020 23.3 20.1 20.6 21.5 85.5
2021 22.3 22.7 23.2 26.7 94.9
Revenues - Americas Revenues - Americas - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 550.7 454.8 426.9 458.8 1,891.2 2020 3.0 % -15.4 % -15.6 % -15.9 % -10.9 %
2021 459.7 479.1 494.3 551.5 1,984.6 2021 -16.5 % 5.3 % 15.8 % 20.2 % 4.9 %
Revenues - EMEA Revenues - EMEA - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 152.1 120.1 143.8 172.6 588.6 2020 -20.0 % -40.6 % -11.1 % -12.5 % -21.6 %
2021 170.7 175.1 153.4 179.7 678.9 2021 12.2 % 45.8 % 6.7 % 4.1 % 15.3 %
Revenues - JAPIC Revenues - JAPIC - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 44.6 48.0 48.0 52.5 193.1 2020 -29.7 % -34.2 % -17.0 % -5.6 % -22.7 %
2021 60.5 65.0 56.1 52.3 233.9 2021 35.7 % 35.4 % 16.9 % -0.4 % 21.1 %
Revenues - Lift Truck Business Revenues - Lift Truck Business - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 747.4 622.9 618.7 683.9 2,672.9 2020 -5.2 % -23.4 % -14.7 % -14.3 % -14.4 %
2021 690.9 719.2 703.8 783.5 2,897.4 2021 -7.6 % 15.5 % 13.8 % 14.6 % 8.4 %
Gross Profit Gross Profit %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 123.5 94.8 94.3 112.2 424.8 2020 16.5 % 15.2 % 15.2 % 16.4 % 15.9 %
2021 105.4 103.2 66.9 54.4 329.9 2021 15.3 % 14.3 % 9.5 % 6.9 % 11.4 %
Operating Expenses(1) Operating Expenses as a % of revenues(1)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 95.5 77.8 78.1 87.8 339.2 2020 12.8 % 12.5 % 12.6 % 12.8 % 12.7 %
2021 93.2 87.8 88.2 147.6 416.8 2021 13.5 % 12.2 % 12.5 % 18.8 % 14.4 %
Operating Profit (Loss)(1) Operating Profit (Loss) %(1)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 28.0 17.0 16.2 24.4 85.6 2020 3.7 % 2.7 % 2.6 % 3.6 % 3.2 %
2021 12.2 15.4 (21.3) (93.2) (86.9) 2021 1.8 % 2.1 % -3.0 % -11.9 % -3.0 %
Lift Truck Business
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions, except percentage data)
Interest (Income) Expense
Q1 Q2 Q3 Q4 FY
2020 3.7 2.9 2.6 2.6 11.8
2021 2.6 3.5 3.9 4.4 14.4
Other (Income) Expense
Q1 Q2 Q3 Q4 FY
2020 (3.0) 4.5 (1.4) (3.4) (3.3)
2021 (3.6) 2.2 (1.9) (4.0) (7.3)
Income (Loss) Before Taxes Effective Income Tax Rate (2)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 27.3 9.6 15.0 25.2 77.1 2020 25.6 % n.m. 18.7 % 19.0 % 17.0 %
2021 13.2 9.7 (23.3) (93.6) (94.0) 2021 34.8 % n.m. -48.9 % -13.6 % -30.6 %
Net Income (Loss) Attributable to Stockholders (2)
Q1 Q2 Q3 Q4 FY
2020 20.1 10.9 11.6 20.3 62.9
2021 8.2 9.3 (34.8) (94.6) (111.9)
Depreciation and Amortization Expense
Q1 Q2 Q3 Q4 FY
2020 7.2 7.3 7.7 7.9 30.1
2021 8.2 8.1 8.1 7.9 32.3
Net Working Capital (3)
Q1 Q2 Q3 Q4 FY
2020 497.8 468.8 405.1 391.2 391.2
2021 424.6 526.3 580.4 596.1 596.1
Capital Expenditures
Q1 Q2 Q3 Q4 FY
2020 15.6 12.6 4.0 12.0 44.2
2021 6.2 6.9 7.2 10.3 30.6
Net Cash Provided By (Used For) Operating Activities
Q1 Q2 Q3 Q4 FY
2020 (45.4) 63.4 88.2 80.4 186.6
2021 (24.6) (56.7) (85.4) (69.4) (236.1)
Net Cash Provided By (Used For) Investing Activities
Q1 Q2 Q3 Q4 FY
2020 (15.6) (24.0) (4.9) (12.0) (56.5)
2021 (5.3) (6.8) (7.0) (10.2) (29.3)
Lift Truck Business
--- --- --- --- ---
(in millions, except percentage data)
Cash Flow Before Financing Activities (4)
Q1 Q3 Q4 FY
2020 (61.0) 83.3 68.4 130.1
2021 (29.9) (92.4) (79.6) (265.4)
Net Cash Provided By (Used For) Financing Activities
Q1 Q3 Q4 FY
2020 55.6 (55.1) (12.2) (49.0)
2021 (10.6) 71.1 84.7 189.4
(1) During the fourth quarter of 2021, JAPIC recognized a 55.6 million goodwill impairment charge, of which 11.7 million related to the non-controlling interest share.
(2) During the third and fourth quarters of 2021, the Company recognized a valuation allowance of 20.2 million and 38.4 million, respectively, provided against deferred tax assets.
(3) Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable.
(4) 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.

All values are in US Dollars.

Bolzoni
(in millions, except percentage data)
Revenues Revenues - Bolzoni - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 87.9 64.2 63.3 68.3 283.7 2020 -4.2 % -29.3 % -16.5 % -21.5 % -17.9 %
2021 79.5 84.8 90.0 93.5 347.8 2021 -9.6 % 32.1 % 42.2 % 36.9 % 22.6 %
Gross Profit (Loss) Gross Profit %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 16.9 11.5 12.1 12.9 53.4 2020 19.2 % 17.9 % 19.1 % 18.9 % 18.8 %
2021 16.4 15.8 15.2 14.1 61.5 2021 20.6 % 18.6 % 16.9 % 15.1 % 17.7 %
Operating Expenses Operating Expenses as a % of revenues
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 14.2 12.0 12.0 14.2 52.4 2020 16.2 % 18.7 % 19.0 % 20.8 % 18.5 %
2021 15.6 16.2 15.2 16.3 63.3 2021 19.6 % 19.1 % 16.9 % 17.4 % 18.2 %
Operating Profit (Loss) Operating Profit (Loss) %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2020 2.7 (0.5) 0.1 (1.3) 1.0 2020 3.1 % -0.8 % 0.2 % -1.9 % 0.4 %
2021 0.8 (0.4) — (2.2) (1.8) 2021 1.0 % -0.5 % — % -2.4 % -0.5 %
Income (Loss) Before Taxes
Q1 Q2 Q3 Q4 FY
2020 2.6 (0.5) 0.1 (1.7) 0.5
2021 0.6 (0.6) — (1.8) (1.8)
Effective Income Tax Rate
Q1 Q2 Q3 Q4 FY
2020 n.m. 20.0 % n.m. n.m. n.m.
2021 n.m. 16.7 % n.m. n.m. n.m.
Net Income (Loss) Attributable to Stockholders
Q1 Q2 Q3 Q4 FY
2020 2.7 (0.6) 0.1 (2.0) 0.2
2021 0.6 (0.6) 2.2 (2.4) (0.2)
Nuvera
--- --- --- --- --- --- --- --- --- ---
(in millions, except percentage data)
Revenues
Q1 Q2 Q3 Q4 FY
2020 1.4 0.7 0.7 1.1 3.9
2021 — 0.3 0.2 0.2 0.7
Gross Profit (Loss) (1)
Q1 Q2 Q3 Q4 FY
2020 (2.6) (3.2) (2.7) (3.7) (12.2)
2021 (3.3) (2.5) (16.5) (4.4) (26.7)
Operating Expenses (2)
Q1 Q2 Q3 Q4 FY
2020 6.8 5.1 6.0 6.0 23.9
2021 6.5 6.5 16.0 6.6 35.6
Operating Profit (Loss) (1)(2)
Q1 Q2 Q3 Q4 FY
2020 (9.4) (8.3) (8.7) (9.7) (36.1)
2021(1) (9.8) (9.0) (32.5) (11.0) (62.3)
Income (Loss) Before Taxes
Q1 Q2 Q3 Q4 FY
2020 (9.1) (7.9) (8.4) (9.4) (34.8)
2021 (5.2) (9.1) (32.5) (11.0) (57.8)
Effective Income Tax Rate
Q1 Q2 Q3 Q4 FY
2020 26.4 26.6 % 27.4 % 25.5 % 26.4 %
2021 26.9 27.5 % -17.2 % 0.9 % -2.8 %
Net Income (Loss) Attributable to Stockholders
Q1 Q2 Q3 Q4 FY
2020 (6.7) (5.8) (6.1) (7.0) (25.6)
2021 (3.8) (6.6) (38.1) (10.9) (59.4)
(1) During the third and fourth quarters of 2021, Nuvera reduced its inventory to its estimated net realizable value by 14.8 million and 1.3 million, respectively.
(2) During the third quarter of 2021, Nuvera recognized a 10.0 million impairment charge of property, plant and equipment.

All values are in US Dollars.

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