Equibles

8-K

HYSTER-YALE, INC. (HY)

8-K 2023-02-27 For: 2023-02-27
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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, 2023
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, 2023, 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 2022 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, 2023.
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, 2023 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, except percentage data)
Backlog (in thousands)
Q1 Q2 Q3 Q4 FY
2021 60.7 84.9 98.8 105.3 105.3
2022 114.1 112.0 108.2 102.1 102.1
Unit Shipments (in thousands)
Q1 Q2 Q3 Q4 FY
2021 22.3 22.7 23.2 26.7 94.9
2022 23.9 25.3 24.5 27.1 100.8
Revenues - Americas Revenues - Americas - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 459.7 479.1 494.3 551.5 1,984.6 2021 -16.5 % 5.3 % 15.8 % 20.2 % 4.9 %
2022 557.7 596.6 571.3 679.8 2,405.4 2022 21.3 % 24.5 % 15.6 % 23.3 % 21.2 %
Revenues - EMEA Revenues - EMEA - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 170.7 175.1 153.4 179.7 678.9 2021 12.2 % 45.8 % 6.7 % 4.1 % 15.3 %
2022 169.7 184.8 159.4 190.3 704.2 2022 -0.6 % 5.5 % 3.9 % 5.9 % 3.7 %
Revenues - JAPIC Revenues - JAPIC - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 60.5 65.0 56.1 52.3 233.9 2021 35.7 % 35.4 % 16.9 % -0.4 % 21.1 %
2022 51.7 64.9 65.5 67.9 250.0 2022 -14.5 % -0.2 % 16.8 % 29.8 % 6.9 %
Revenues - Bolzoni Revenues - Bolzoni - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 79.5 84.8 90.0 93.5 347.8 2021 -9.6 % 32.1 % 42.2 % 36.9 % 22.6 %
2022 95.1 86.4 82.2 92.0 355.7 2022 19.6 % 1.9 % -8.7 % -1.6 % 2.3 %
Revenues - Nuvera Revenues - Nuvera - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 — 0.3 0.2 0.2 0.7 2021 n.m. n.m. n.m. n.m. n.m.
2022 0.6 0.3 1.2 1.3 3.4 2022 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
2021 732.2 765.6 748.2 829.7 3,075.7 2021 -6.8 % 17.0 % 14.7 % 15.3 % 9.4 %
2022 827.6 895.4 840.1 985.2 3,548.3 2022 13.0 % 17.0 % 12.3 % 18.7 % 15.4 %
Gross Profit (1) Gross Profit % (1)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 118.4 116.4 65.1 63.5 363.4 2021 16.2 % 15.2 % 8.7 % 7.7 % 11.8 %
2022 101.2 99.1 86.9 146.7 433.9 2022 12.2 % 11.1 % 10.3 % 14.9 % 12.2 %
Hyster-Yale Materials Handling, Inc.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions, except percentage data)
Operating Expenses (2)(3) Operating Expenses as a % of Revenue (2)(3)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 115.3 110.5 119.4 170.5 515.7 2021 15.7 % 14.4 % 16.0 % 20.5 % 16.8 %
2022 119.5 114.8 111.8 126.9 473.0 2022 14.4 % 12.8 % 13.3 % 12.9 % 13.3 %
Operating Profit (Loss) (1)(2)(3) Operating Profit (Loss) % (1)(2)(3)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 3.1 5.9 (54.3) (107.0) (152.3) 2021 0.4 % 0.8 % -7.3 % -12.9 % -5.0 %
2022 (18.3) (15.7) (24.9) 19.8 (39.1) 2022 -2.2 % -1.8 % -3.0 % 2.0 % -1.1 %
Interest (Income) Expense
Q1 Q2 Q3 Q4 FY
2021 2.7 3.7 4.0 4.5 14.9
2022 4.9 5.9 7.3 9.2 27.3
Other (Income) Expense
Q1 Q2 Q3 Q4 FY
2021 (8.1) 2.3 (2.0) (4.5) (12.3)
2022 (1.9) 0.2 0.2 (2.5) (4.0)
Income (Loss) Before Taxes Effective Income Tax Rate (4)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 8.5 (0.1) (56.3) (107.0) (154.9) 2021 28.2 % n.m. -36.4 % -7.3 % -18.3 %
2022 (21.3) (21.8) (32.4) 13.1 (62.4) 2022 -13.6 % 14.2% -13.0 % 39.7 % -14.7 %
Net Income (Loss) Attributable to Stockholders (4)
Q1 Q2 Q3 Q4 FY
2021 5.6 1.9 (77.2) (103.3) (173.0)
2022 (25.0) (19.4) (37.3) 7.6 (74.1)
Depreciation and Amortization Expense
Q1 Q2 Q3 Q4 FY
2021 11.7 11.6 11.4 11.5 46.2
2022 11.1 11.0 10.9 10.4 43.4
Net Working Capital (5)
Q1 Q2 Q3 Q4 FY
2021 539.7 645.9 692.4 697.0 697.0
2022 704.7 751.9 686.2 715.7 715.7
Capital Expenditures
Q1 Q2 Q3 Q4 FY
2021 7.7 10.4 11.4 14.8 44.3
2022 9.7 5.6 4.4 9.1 28.8
Hyster-Yale Materials Handling, Inc.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions, except percentage data)
Net Cash Provided By (Used For) Operating Activities
Q1 Q3 Q4 FY
2021 (47.1) (91.1) (61.7) (253.5)
2022 59.1 34.1 6.3 40.6
Net Cash Provided By (Used For) Investing Activities
Q1 Q3 Q4 FY
2021 9.5 (10.9) (14.4) (24.5)
2022 (9.3) (4.3) (8.2) (35.4)
Cash Flow Before Financing Activities (6)
Q1 Q3 Q4 FY
2021 (37.6) (102.0) (76.1) (278.0)
2022 49.8 29.8 (1.9) 5.2
Net Cash Provided By (Used For) Financing Activities
Q1 Q3 Q4 FY
2021 (8.0) 77.2 78.9 193.6
2022 (50.9) (35.4) (9.0) (10.9)
Dividends Paid to Stockholders
Q1 Q3 Q4 FY
2021 5.3 5.5 5.4 21.6
2022 5.4 5.5 5.4 21.8
Total Debt
Q1 Q3 Q4 FY
2021 285.4 428.0 518.5 518.5
2022 479.0 545.0 552.9 552.9
Permanent Equity Return on Equity (7)
Q1 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 615.8 510.2 382.9 382.9 2021 4.6 % 4.2 % -9.4 % -31.0 % -31.0 %
2022 351.5 121.5 210.9 210.9 2022 -40.9 % -54.0 % -58.8 % -29.1 % -29.1 %
(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 38.4 million and 20.2 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
2021 60.7 84.9 98.8 105.3 105.3
2022 114.1 112.0 108.2 102.1 102.1
Unit Shipments (in thousands)
Q1 Q2 Q3 Q4 FY
2021 22.3 22.7 23.2 26.7 94.9
2022 23.9 25.3 24.5 27.1 100.8
Revenues - Americas Revenues - Americas - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 459.7 479.1 494.3 551.5 1,984.6 2021 -16.5 % 5.3 % 15.8 % 20.2 % 4.9 %
2022 557.7 596.6 571.3 679.8 2,405.4 2022 21.3 % 24.5 % 15.6 % 23.3 % 21.2 %
Revenues - EMEA Revenues - EMEA - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 170.7 175.1 153.4 179.7 678.9 2021 12.2 % 45.8 % 6.7 % 4.1 % 15.3 %
2022 169.7 184.8 159.4 190.3 704.2 2022 -0.6 % 5.5 % 3.9 % 5.9 % 3.7 %
Revenues - JAPIC Revenues - JAPIC - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 60.5 65.0 56.1 52.3 233.9 2021 35.7 % 35.4 % 16.9 % -0.4 % 21.1 %
2022 51.7 64.9 65.5 67.9 250.0 2022 -14.5 % -0.2 % 16.8 % 29.8 % 6.9 %
Revenues - Lift Truck Business Revenues - Lift Truck Business - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 690.9 719.2 703.8 783.5 2,897.4 2021 -7.6 % 15.5 % 13.8 % 14.6 % 8.4 %
2021 779.1 846.3 796.2 938.0 3,359.6 2022 12.8 % 17.7 % 13.1 % 19.7 % 16.0 %
Gross Profit Gross Profit %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 105.4 103.2 66.9 54.4 329.9 2021 15.3 % 14.3 % 9.5 % 6.9 % 11.4 %
2022 85.9 81.3 74.6 129.2 371.0 2022 11.0 % 9.6 % 9.4 % 13.8 % 11.0 %
Operating Expenses(1) Operating Expenses as a % of revenues(1)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 93.2 87.8 88.2 147.6 416.8 2021 13.5 % 12.2 % 12.5 % 18.8 % 14.4 %
2022 96.6 93.0 89.8 102.0 381.4 2022 12.4 % 11.0 % 11.3 % 10.9 % 11.4 %
Operating Profit (Loss)(1) Operating Profit (Loss) %(1)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 12.2 15.4 (21.3) (93.2) (86.9) 2021 1.8 % 2.1 % -3.0 % -11.9 % -3.0 %
2022 (10.7) (11.7) (15.2) 27.2 (10.4) 2022 -1.4 % -1.4 % -1.9 % 2.9 % -0.3 % (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.
--- ---
Bolzoni
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions, except percentage data)
Revenues Revenues - Bolzoni - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 79.5 84.8 90.0 93.5 347.8 2021 -9.6 % 32.1 % 42.2 % 36.9 % 22.6 %
2022 95.1 86.4 82.2 92.0 355.7 2022 19.6 % 1.9 % -8.7 % -1.6 % 2.3 %
Gross Profit (Loss) Gross Profit %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 16.4 15.8 15.2 14.1 61.5 2021 20.6 % 18.6 % 16.9 % 15.1 % 17.7 %
2022 18.8 18.9 13.7 19.3 70.7 2022 19.8 % 21.9 % 16.7 % 21.0 % 19.9 %
Operating Expenses Operating Expenses as a % of revenues
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 15.6 16.2 15.2 16.3 63.3 2021 19.6 % 19.1 % 16.9 % 17.4 % 18.2 %
2022 16.7 15.5 15.0 17.3 64.5 2022 17.6 % 17.9 % 18.2 % 18.8 % 18.1 %
Operating Profit (Loss) Operating Profit (Loss) %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 0.8 (0.4) — (2.2) (1.8) 2021 1.0 % -0.5 % — % -2.4 % -0.5 %
2022 2.1 3.4 (1.3) 2.0 6.2 2022 2.2 % 3.9 % -1.6 % 2.2 % 1.7 %
Nuvera
--- --- --- --- ---
(in millions, except percentage data)
Revenues
Q1 Q3 Q4 FY
2021 — 0.2 0.2 0.7
2022 0.6 1.2 1.3 3.4
Gross Profit (Loss) (1)
Q1 Q3 Q4 FY
2021 (3.3) (16.5) (4.4) (26.7)
2022 (1.9) (2.0) (1.7) (7.2)
Operating Expenses (2)
Q1 Q3 Q4 FY
2021 6.5 16.0 6.6 35.6
2022 6.2 7.0 7.6 27.1
Operating Profit (Loss) (1)(2)
Q1 Q3 Q4 FY
2021 (9.8) (32.5) (11.0) (62.3)
2022 (8.1) (9.0) (9.3) (34.3)
(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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