8-K
HYSTER-YALE, INC. (HY)
8-K
2023-10-31
For: 2023-10-31
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): | October 31, 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 October 31, 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 third 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 October 31, 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: | October 31, 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) | ||||||||||||||||
| Revenues - Consolidated | Revenues - Consolidated - % change yr. over yr. | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||
| 2019 | 834.8 | 856.2 | 766.0 | 834.8 | 3,291.8 | 2019 | 5.9 | % | 11.8 | % | -2.3 | % | -0.7 | % | 3.5 | % |
| 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 | % |
| 2022 | 827.6 | 895.4 | 840.1 | 985.2 | 3,548.3 | 2022 | 13.0 | % | 17.0 | % | 12.3 | % | 18.7 | % | 15.4 | % |
| 2023 | 999.3 | 1,090.6 | 1,001.2 | 2023 | 20.7 | % | 21.8 | % | 19.2 | % | ||||||
| Gross Profit (4) | Gross Profit % (4) | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||
| 2019 | 126.2 | 139.4 | 135.0 | 141.2 | 541.8 | 2019 | 15.1 | % | 16.3 | % | 17.6 | % | 16.9 | % | 16.5 | % |
| 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 | % |
| 2022 | 101.2 | 99.1 | 86.9 | 146.7 | 433.9 | 2022 | 12.2 | % | 11.1 | % | 10.3 | % | 14.9 | % | 12.2 | % |
| 2023 | 174.4 | 197.9 | 203.6 | 2023 | 17.5 | % | 18.1 | % | 20.3 | % | ||||||
| Operating Expenses (4)(5)(6) | Operating Expenses as a % of Revenue (4)(5)(6) | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||
| 2019 | 122.8 | 116.5 | 115.5 | 133.1 | 487.9 | 2019 | 14.7 | % | 13.6 | % | 15.1 | % | 15.9 | % | 14.8 | % |
| 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 | % |
| 2022 | 119.5 | 114.8 | 111.8 | 126.9 | 473.0 | 2022 | 14.4 | % | 12.8 | % | 13.3 | % | 12.9 | % | 13.3 | % |
| 2023 | 131.8 | 139.1 | 145.0 | 2023 | 13.2 | % | 12.8 | % | 14.5 | % | ||||||
| Operating Profit (Loss) (4)(5)(6) | Operating Profit (Loss) % | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||
| 2019 | 3.4 | 22.9 | 19.5 | 8.1 | 53.9 | 2019 | 0.4 | % | 2.7 | % | 2.5 | % | 1.0 | % | 1.6 | % |
| 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 | % |
| 2022 | (18.3) | (15.7) | (24.9) | 19.8 | (39.1) | 2022 | -2.2 | % | -1.8 | % | -3.0 | % | 2.0 | % | -1.1 | % |
| 2023 | 42.6 | 58.8 | 58.6 | 2023 | 4.3 | % | 5.4 | % | 5.9 | % | ||||||
| Interest (Income) Expense | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||
| 2019 | 4.1 | 4.7 | 5.1 | 4.1 | 18.0 | |||||||||||
| 2020 | 3.8 | 3.0 | 2.7 | 2.8 | 12.3 | |||||||||||
| 2021 | 2.7 | 3.7 | 4.0 | 4.5 | 14.9 | |||||||||||
| 2022 | 4.9 | 5.9 | 7.3 | 9.2 | 27.3 | |||||||||||
| 2023 | 9.6 | 7.8 | 8.9 | |||||||||||||
| Income (Loss) Before Taxes | Effective Income Tax Rate (7) | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||
| 2019 | 4.7 | 21.3 | 18.0 | 3.9 | 47.9 | 2019 | 31.9 | % | 20.7% | 27.2 | % | 12.8 | % | 23.6 | % | |
| 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 | % | |
| 2022 | (21.3) | (21.8) | (32.4) | 13.1 | (62.4) | 2022 | -13.6 | % | 14.2% | -13.0 | % | 39.7 | % | -14.7 | % | |
| 2023 | 35.9 | 50.8 | 52.6 | 2023 | 24.2 | % | 23.6% | 30.8 | % | |||||||
| Hyster-Yale Materials Handling, Inc. | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | |||||||||||
| (in millions, except percentage data) | ||||||||||||||||
| Net Income (Loss) Attributable to Stockholders (7) | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||
| 2019 | 3.4 | 16.2 | 12.8 | 3.4 | 35.8 | |||||||||||
| 2020 | 15.3 | 3.6 | 5.1 | 13.1 | 37.1 | |||||||||||
| 2021 | 5.6 | 1.9 | (77.2) | (103.3) | (173.0) | |||||||||||
| 2022 | (25.0) | (19.4) | (37.3) | 7.6 | (74.1) | |||||||||||
| 2023 | 26.6 | 38.3 | 35.8 | |||||||||||||
| Depreciation and Amortization Expense | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||
| 2019 | 11.2 | 10.8 | 10.3 | 11.0 | 43.3 | |||||||||||
| 2020 | 10.4 | 10.4 | 11.0 | 11.1 | 42.9 | |||||||||||
| 2021 | 11.7 | 11.6 | 11.4 | 11.5 | 46.2 | |||||||||||
| 2022 | 11.1 | 11.0 | 10.9 | 10.4 | 43.4 | |||||||||||
| 2023 | 11.2 | 11.3 | 11.3 | |||||||||||||
| Net Working Capital (1) | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||
| 2019 | 594.3 | 679.7 | 643.0 | 611.1 | 611.1 | |||||||||||
| 2020 | 595.7 | 577.4 | 517.5 | 493.4 | 493.4 | |||||||||||
| 2021 | 539.7 | 645.9 | 692.4 | 697.0 | 697.0 | |||||||||||
| 2022 | 704.7 | 751.9 | 686.2 | 715.7 | 715.7 | |||||||||||
| 2023 | 763.0 | 809.0 | 777.8 | |||||||||||||
| Capital Expenditures | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||
| 2019 | 8.6 | 9.8 | 13.0 | 18.3 | 49.7 | |||||||||||
| 2020 | 17.6 | 12.3 | 7.3 | 14.5 | 51.7 | |||||||||||
| 2021 | 7.7 | 10.4 | 11.4 | 14.8 | 44.3 | |||||||||||
| 2022 | 9.7 | 5.6 | 4.4 | 9.1 | 28.8 | |||||||||||
| 2023 | 3.3 | 7.3 | 8.3 | |||||||||||||
| Net Cash Provided By (Used For) Operating Activities | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||
| 2019 | (22.4) | (48.5) | 53.6 | 94.0 | 76.7 | |||||||||||
| 2020 | (45.7) | 33.7 | 88.1 | 90.8 | 166.9 | |||||||||||
| 2021 | (47.1) | (53.6) | (91.1) | (61.7) | (253.5) | |||||||||||
| 2022 | 59.1 | (58.9) | 34.1 | 6.3 | 40.6 | |||||||||||
| 2023 | 9.0 | 35.8 | 60.3 | |||||||||||||
| Net Cash Provided By (Used For) Investing Activities | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||
| 2019 | (8.0) | (9.6) | (6.9) | (17.5) | (42.0) | |||||||||||
| 2020 | (17.4) | (5.9) | (6.5) | (13.9) | (43.7) | |||||||||||
| 2021 | 9.5 | (8.7) | (10.9) | (14.4) | (24.5) | |||||||||||
| 2022 | (9.3) | (13.6) | (4.3) | (8.2) | (35.4) | |||||||||||
| 2023 | (5.0) | (6.9) | (7.9) | |||||||||||||
| Hyster-Yale Materials Handling, Inc. | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| (in millions, except percentage data) | ||||||||||||||||
| Cash Flow Before Financing Activities (2) | ||||||||||||||||
| Q1 | Q3 | Q4 | FY | |||||||||||||
| 2019 | (30.4) | 46.7 | 76.5 | 34.7 | ||||||||||||
| 2020 | (63.1) | 81.6 | 76.9 | 123.2 | ||||||||||||
| 2021 | (37.6) | (102.0) | (76.1) | (278.0) | ||||||||||||
| 2022 | 49.8 | 29.8 | (1.9) | 5.2 | ||||||||||||
| 2023 | 4.0 | 52.4 | ||||||||||||||
| Net Cash Provided By (Used For) Financing Activities | ||||||||||||||||
| Q1 | Q3 | Q4 | FY | |||||||||||||
| 2019 | 3.6 | (31.1) | (76.6) | (51.6) | ||||||||||||
| 2020 | 53.1 | (53.5) | (21.5) | (40.6) | ||||||||||||
| 2021 | (8.0) | 77.2 | 78.9 | 193.6 | ||||||||||||
| 2022 | (50.9) | (35.4) | (9.0) | (10.9) | ||||||||||||
| 2023 | (2.5) | (40.2) | ||||||||||||||
| Dividends Paid to Stockholders | ||||||||||||||||
| Q1 | Q3 | Q4 | FY | |||||||||||||
| 2019 | 5.2 | 5.3 | 5.3 | 21.0 | ||||||||||||
| 2020 | 5.3 | 5.4 | 5.3 | 21.3 | ||||||||||||
| 2021 | 5.3 | 5.5 | 5.4 | 21.6 | ||||||||||||
| 2022 | 5.4 | 5.5 | 5.4 | 21.8 | ||||||||||||
| 2023 | 5.6 | 5.6 | ||||||||||||||
| Total Debt | ||||||||||||||||
| Q1 | Q3 | Q4 | FY | |||||||||||||
| 2019 | 309.4 | 351.1 | 287.0 | 287.0 | ||||||||||||
| 2020 | 340.1 | 297.7 | 289.2 | 289.2 | ||||||||||||
| 2021 | 285.4 | 428.0 | 518.5 | 518.5 | ||||||||||||
| 2022 | 479.0 | 545.0 | 552.9 | 552.9 | ||||||||||||
| 2023 | 560.6 | 510.6 | ||||||||||||||
| Permanent Equity | Return on Equity (3) | |||||||||||||||
| Q1 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||||
| 2019 | 551.4 | 542.5 | 577.0 | 577.0 | 2019 | 4.0 | % | 5.9 | % | 5.5 | % | 6.4 | % | 6.4 | % | |
| 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 | % | |
| 2022 | 351.5 | 121.5 | 210.9 | 210.9 | 2022 | -40.9 | % | -54.0 | % | -58.8 | % | -29.1 | % | -29.1 | % | |
| 2023 | 257.6 | 304.4 | 2023 | -9.8 | % | 16.1 | % | 45.6 | % | |||||||
| (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. | |||||||||||||||
| (4) | 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. | |||||||||||||||
| (5) | During the third quarter of 2021, Nuvera recognized a 10.0 million impairment charge of property, plant and equipment. | |||||||||||||||
| (6) | 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. | |||||||||||||||
| (7) | 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. |
All values are in US Dollars.
| Lift Truck Business | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions, except percentage data) | ||||||||||||||||
| Backlog (in thousands) | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||
| 2019 | 40.2 | 44.1 | 43.4 | 41.2 | 41.2 | |||||||||||
| 2020 | 37.3 | 31.5 | 33.6 | 40.6 | 40.6 | |||||||||||
| 2021 | 60.7 | 84.9 | 98.8 | 105.3 | 105.3 | |||||||||||
| 2022 | 114.1 | 112.0 | 108.2 | 102.1 | 102.1 | |||||||||||
| 2023 | 99.2 | 92.8 | 85.3 | |||||||||||||
| Unit Shipments (in thousands) | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | ||||||||||||
| 2019 | 25.7 | 26.3 | 23.5 | 24.8 | 100.3 | |||||||||||
| 2020 | 23.3 | 20.1 | 20.6 | 21.5 | 85.5 | |||||||||||
| 2021 | 22.3 | 22.7 | 23.2 | 26.7 | 94.9 | |||||||||||
| 2022 | 23.9 | 25.3 | 24.5 | 27.1 | 100.8 | |||||||||||
| 2023 | 25.2 | 27.7 | 25.7 | |||||||||||||
| Revenues - Americas | Revenues - Americas - % change yr. over yr. | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||
| 2019 | 534.5 | 537.7 | 505.8 | 545.3 | 2,123.3 | 2019 | 7.8 | % | 14.0 | % | 0.4 | % | 5.7 | % | 6.8 | % |
| 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 | % |
| 2022 | 557.7 | 596.6 | 571.3 | 679.8 | 2,405.4 | 2022 | 21.3 | % | 24.5 | % | 15.6 | % | 23.3 | % | 21.2 | % |
| 2023 | 685.9 | 788.5 | 716.5 | 2023 | 23.0 | % | 32.2 | % | 25.4 | % | ||||||
| Revenues - EMEA | Revenues - EMEA - % change yr. over yr. | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||
| 2019 | 190.1 | 202.1 | 161.7 | 197.3 | 751.2 | 2019 | -3.9 | % | 5.8 | % | -6.1 | % | -5.0 | % | -2.3 | % |
| 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 | % |
| 2022 | 169.7 | 184.8 | 159.4 | 190.3 | 704.2 | 2022 | -0.6 | % | 5.5 | % | 3.9 | % | 5.9 | % | 3.7 | % |
| 2023 | 214.9 | 200.6 | 183.9 | 2022 | 26.6 | % | 8.5 | % | 15.4 | % | ||||||
| Revenues - JAPIC | Revenues - JAPIC - % change yr. over yr. | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||
| 2019 | 63.4 | 72.9 | 57.8 | 55.6 | 249.7 | 2019 | 28.1 | % | 26.8 | % | -10.7 | % | -21.0 | % | 3.1 | % |
| 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 | % |
| 2022 | 51.7 | 64.9 | 65.5 | 67.9 | 250.0 | 2022 | -14.5 | % | -0.2 | % | 16.8 | % | 29.8 | % | 6.9 | % |
| 2023 | 47.9 | 49.6 | 51.6 | 2023 | -7.4 | % | -23.6 | % | -21.2 | % | ||||||
| Revenues - Lift Truck Business | Revenues - Lift Truck Business - % change yr. over yr. | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||
| 2019 | 788.0 | 812.7 | 725.3 | 798.2 | 3,124.2 | 2019 | 6.0 | % | 12.9 | % | -2.1 | % | 0.5 | % | 4.2 | % |
| 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 | % |
| 2022 | 779.1 | 846.3 | 796.2 | 938.0 | 3,359.6 | 2022 | 12.8 | % | 17.7 | % | 13.1 | % | 19.7 | % | 16.0 | % |
| 2023 | 948.7 | 1,038.7 | 952.0 | 2022 | 21.8 | % | 22.7 | % | 19.6 | % | ||||||
| Gross Profit | Gross Profit % | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||
| 2019 | 112.6 | 126.9 | 125.0 | 130.5 | 495.0 | 2019 | 14.3 | % | 15.6 | % | 17.2 | % | 16.3 | % | 15.8 | % |
| 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 | % |
| 2022 | 85.9 | 81.3 | 74.6 | 129.2 | 371.0 | 2022 | 11.0 | % | 9.6 | % | 9.4 | % | 13.8 | % | 11.0 | % |
| 2023 | 155.6 | 177.0 | 186.0 | 2023 | 16.4 | % | 17.0 | % | 19.5 | % | ||||||
| Operating Expenses(1) | Operating Expenses as a % of revenues(1) | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| Q1 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||||
| 2019 | 101.8 | 97.0 | 112.8 | 409.4 | 2019 | 12.9 | % | 12.0 | % | 13.4 | % | 14.1 | % | 13.1 | % | |
| 2020 | 95.5 | 78.1 | 87.8 | 339.2 | 2020 | 12.8 | % | 12.5 | % | 12.6 | % | 12.8 | % | 12.7 | % | |
| 2021 | 93.2 | 88.2 | 147.6 | 416.8 | 2021 | 13.5 | % | 12.2 | % | 12.5 | % | 18.8 | % | 14.4 | % | |
| 2022 | 96.6 | 89.8 | 102.0 | 381.4 | 2022 | 12.4 | % | 11.0 | % | 11.3 | % | 10.9 | % | 11.4 | % | |
| 2023 | 107.8 | 120.9 | 2023 | 11.4 | % | 11.0 | % | 12.7 | % | |||||||
| Operating Profit (Loss)(1) | Operating Profit (Loss) %(1) | |||||||||||||||
| Q1 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||||
| 2019 | 10.8 | 28.0 | 17.7 | 85.6 | 2019 | 1.4 | % | 3.6 | % | 3.9 | % | 2.2 | % | 2.7 | % | |
| 2020 | 28.0 | 16.2 | 24.4 | 85.6 | 2020 | 3.7 | % | 2.7 | % | 2.6 | % | 3.6 | % | 3.2 | % | |
| 2021 | 12.2 | (21.3) | (93.2) | (86.9) | 2021 | 1.8 | % | 2.1 | % | -3.0 | % | -11.9 | % | -3.0 | % | |
| 2022 | (10.7) | (15.2) | 27.2 | (10.4) | 2022 | -1.4 | % | -1.4 | % | -1.9 | % | 2.9 | % | -0.3 | % | |
| 2023 | 47.8 | 65.1 | 2023 | 5.0 | % | 6.0 | % | 6.8 | % | |||||||
| (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. |
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 | |||||||
| 2019 | 91.8 | 90.8 | 75.8 | 87.0 | 345.4 | 2019 | 2.6 | % | 3.2 | % | -10.2 | % | -0.1 | % | -1.0 | % |
| 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 | % |
| 2022 | 95.1 | 86.4 | 82.2 | 92.0 | 355.7 | 2022 | 19.6 | % | 1.9 | % | -8.7 | % | -1.6 | % | 2.3 | % |
| 2023 | 98.6 | 96.6 | 92.8 | 2023 | 3.7 | % | 11.8 | % | 12.9 | % | ||||||
| Gross Profit (Loss) | Gross Profit % | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||
| 2019 | 15.6 | 15.5 | 13.0 | 14.0 | 58.1 | 2019 | 17.0 | % | 17.1 | % | 17.2 | % | 16.1 | % | 16.8 | % |
| 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 | % |
| 2022 | 18.8 | 18.9 | 13.7 | 19.3 | 70.7 | 2022 | 19.8 | % | 21.9 | % | 16.7 | % | 21.0 | % | 19.9 | % |
| 2023 | 20.7 | 22.6 | 19.5 | 2023 | 21.0 | % | 23.4 | % | 21.0 | % | ||||||
| Operating Expenses | Operating Expenses as a % of revenues | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||
| 2019 | 14.4 | 13.2 | 12.3 | 13.5 | 53.4 | 2019 | 15.7 | % | 14.5 | % | 16.2 | % | 15.5 | % | 15.5 | % |
| 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 | % |
| 2022 | 16.7 | 15.5 | 15.0 | 17.3 | 64.5 | 2022 | 17.6 | % | 17.9 | % | 18.2 | % | 18.8 | % | 18.1 | % |
| 2023 | 16.3 | 17.2 | 16.6 | 2023 | 16.5 | % | 17.8 | % | 17.9 | % | ||||||
| Operating Profit (Loss) | Operating Profit (Loss) % | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||
| 2019 | 1.2 | 2.3 | 0.7 | 0.5 | 4.7 | 2019 | 1.3 | % | 2.5 | % | 0.9 | % | 0.6 | % | 1.4 | % |
| 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 | % |
| 2022 | 2.1 | 3.4 | (1.3) | 2.0 | 6.2 | 2022 | 2.2 | % | 3.9 | % | -1.6 | % | 2.2 | % | 1.7 | % |
| 2023 | 4.4 | 5.4 | 2.9 | 2023 | 4.5 | % | 5.6 | % | 3.1 | % | ||||||
| Nuvera | ||||||||||||||||
| --- | --- | --- | --- | --- | ||||||||||||
| (in millions, except percentage data) | ||||||||||||||||
| Revenues | ||||||||||||||||
| Q1 | Q3 | Q4 | FY | |||||||||||||
| 2019 | 4.5 | 2.4 | 1.0 | 10.1 | ||||||||||||
| 2020 | 1.4 | 0.7 | 1.1 | 3.9 | ||||||||||||
| 2021 | — | 0.2 | 0.2 | 0.7 | ||||||||||||
| 2022 | 0.6 | 1.2 | 1.3 | 3.4 | ||||||||||||
| 2023 | 1.6 | 1.5 | ||||||||||||||
| Gross Profit (Loss) (1) | ||||||||||||||||
| Q1 | Q3 | Q4 | FY | |||||||||||||
| 2019 | (1.8) | (3.1) | (3.6) | (11.2) | ||||||||||||
| 2020 | (2.6) | (2.7) | (3.7) | (12.2) | ||||||||||||
| 2021 | (3.3) | (16.5) | (4.4) | (26.7) | ||||||||||||
| 2022 | (1.9) | (2.0) | (1.7) | (7.2) | ||||||||||||
| 2023 | (2.1) | (1.9) | ||||||||||||||
| Operating Expenses (2) | ||||||||||||||||
| Q1 | Q3 | Q4 | FY | |||||||||||||
| 2019 | 6.6 | 6.2 | 6.8 | 25.1 | ||||||||||||
| 2020 | 6.8 | 6.0 | 6.0 | 23.9 | ||||||||||||
| 2021 | 6.5 | 16.0 | 6.6 | 35.6 | ||||||||||||
| 2022 | 6.2 | 7.0 | 7.6 | 27.1 | ||||||||||||
| 2023 | 7.7 | 7.5 | ||||||||||||||
| Operating Profit (Loss) (1)(2) | ||||||||||||||||
| Q1 | Q3 | Q4 | FY | |||||||||||||
| 2019 | (8.4) | (9.3) | (10.4) | (36.3) | ||||||||||||
| 2020 | (9.4) | (8.7) | (9.7) | (36.1) | ||||||||||||
| 2021 | (9.8) | (32.5) | (11.0) | (62.3) | ||||||||||||
| 2022 | (8.1) | (9.0) | (9.3) | (34.3) | ||||||||||||
| 2023 | (9.8) | (9.4) | ||||||||||||||
| (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.