Hyster-Yale Material Handling Q2/18 New Shipments, Bookings Up



Hyster-Yale Materials Handling announced consolidated revenues of $765.6 million and consolidated net income of $5.6 million for Q2/18, compared with consolidated revenues of $685.5 million and consolidated net income of $16.4 million in Q2/17. Consolidated operating profit was $10.8 million for Q2/18 compared with $17.5 million for Q2/17.

HYMH worldwide new unit shipments increased to approximately 23,900 units in Q2/18 from approximately 22,200 units in Q2/17, but decreased from 24,800 units in Q1/18, primarily due to temporary supply issues. These issues have been resolved and are not expected to affect shipments in the remainder of 2018.

Q2/18 bookings were approximately 29,500 units, or approximately $720 million, compared with approximately 25,300 units, or approximately $575 million, in Q2/17. Worldwide backlog was approximately 41,700 units, or approximately $1.1 billion, as of June 30, 2018 compared with approximately 35,300 units, or approximately $820 million, as of June 30, 2017 and approximately 36,100 units, or approximately $930 million, as of March 31, 2018. Average unit backlog value increased due to the mix of products within the backlog as the company continued to sell more higher-priced units and fewer lower-priced Class 3 products.

For the six months ended June 30, 2018, the Lift Truck business reported revenues of $1.5 billion and net income of $31.7 million compared with revenues of $1.3 billion and net income of $46.1 million for the six months ended June 30, 2017. Lift truck shipments increased to approximately 48,700 units in the first half of 2018 from approximately 45,500 units in the first half of 2017.

Americas Results

Revenues in the Americas segment, which includes the North America, Latin America and Brazil markets, increased 8.9% to $471.6 million in Q2/18 from $432.9 million in Q2/17, mainly due to an increase in unit shipments of higher-priced trucks and an increase in parts sales. Unit shipments increased by approximately 700 units over Q2/17. Revenues increased primarily as a result of increased sales of Class 5 internal combustion engine lift trucks, including Big Trucks and the XT/MX standard truck, partially offset by reduced sales of lower-priced Class 1 electric trucks.

Americas – Outlook

The Americas market remained strong in Q2/18 but moderated from the double digit growth experienced in the first quarter. For the remainder of 2018, the company expects the overall Americas market to be at levels comparable to the second half of 2017. Despite this moderated market environment, the company expects unit shipments, revenues and parts sales to continue to increase over the remainder of 2018 compared with the second half of 2017 as share gain initiatives continue to mature.

 


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