 Hyster-Yale Materials Handling Inc, Oshkosh Corp's access equipment segment and Terex Corp show improvements. PHOTO: DREAMSTIME.COM |
Reports for the 30 June financial quarters showed strength for operations of Hyster-Yale Materials Handling Inc, Oshkosh Corp's access equipment segment and Terex Corp's aerial work platforms segment.
Hyster-Yale profits climbMayfield Heights, Ohio-based Hyster-Yale reported profit of USD36.2 million on sales of USD659.6 million for the second quarter. Those results compare to profit of USD19.5 million on sales of USD602.0 million for the comparable 2012 period.
In the second quarter of 2013, Hyster-Yale new shipments increased worldwide, primarily in the Americas, to approximately 20,900 units from approximately 18,700 units in the second quarter of 2012. Worldwide backlog was approximately 29,300 units at 30 June 2013 compared with approximately 24,200 units at 30 June 2012.
During the recent quarter, Hyster-Yale subsidiary Nacco Materials Handling Group Brasil Ltda entered into an agreement with Synergy Empreendimentos E Participacoes Ltda, to sell real estate, and a NMHG Brasil operating facility for an aggregate purchase price of BRL42.5 million (USD19.5 million) including payments received and expected future payments, subject to certain conditions.
NMHG Brasil plans to use the anticipated proceeds for a new facility in Brazil.
As of 30 June 2013, the net book value of the land and current operating facility of NMHG Brasil was approximately USD3,00,000.
A Hyster-Yale stock program permits the repurchase of up to USD50 million of the company's outstanding class A common stock. Since the inception of the program in November, Hyster-Yale has purchased approximately 100,000 shares for an aggregate purchase price of USD5.2 million, including USD3.0 million purchased during the six months ended 30 June.
Hyster-Yale forecasts moderate growth for the global market in 2013 with Brazil, Latin America and North America leading the way. Modest growth is projected in Asia-Pacific, the Middle East and Africa. However, Hyster-Yale anticipates the European scenario may worsen due to volatility in macroeconomic conditions.
Positive results for Oshkosh access equipment"Our access equipment segment, in particular, stood out with higher sales and operating income margins reaching more than 16% for the quarter," says Charles L Szews, Oshkosh Corp chief executive officer.
The Oshkosh access equipment segment had sales of USD941.5 million for the quarter ended 30 June in comparison to USD813.9 million for the year-earlier period. The segment's operating income was USD154.5 million versus USD88.2 million.
Oshkosh says about the segment: "The increase was principally the result of higher replacement-driven demand in North America, the realisation of previously announced price increases and higher aftermarket parts and service sales, which more than offset lower sales volume in Australia."
As of 30 June, the segment's period-end backlog was USD631.4 million versus USD729.7 million one year earlier. Those backlog figures for the respective quarters include USD17.4 million and USD93.8 million for the US Department of Defence.
Within the segment, aerial work platforms accounted for sales of USD485.4 million, telehandlers for USD317.3 million and other products for USD138.8 million. Those results compared with comparable 2012 quarterly sales of USD426.1 million for aerial work platforms, USD260.8 million for telehandlers and USD127.7 million for other products.
Companywide, Oshkosh reports third quarter profit of USD148.4 million, compared to USD77.1 million for the comparable fiscal-2012 period.
The quarter's consolidated sales were USD2.20 billion, an increase of 2.1% compared to the prior year third quarter at USD2.16 billion. Higher sales in the company's access equipment segment were largely offset by an expected decline in defence segment sales.
"As a result of its strong third fiscal quarter results, an expected lower tax rate and the benefit of share repurchases completed in the third quarter, the company is increasing its outlook for full-year fiscal 2013 adjusted earnings from continuing operations to a range of $3.60 - $3.70 per share," the company says.
The Oshkosh, Wisconsin-based corporation designs, manufactures and markets JLG-branded specialty access equipment, commercial, fire and emergency, and military vehicles and vehicle bodies.
Terex aerial work platforms perform strongly"Aerial work platforms had a strong quarter, delivering both excellent growth, up 17% versus the prior year, as well as a solid operating margin of 17%," says Ronald DeFeo, Terex chairman and chief executive officer, in an analysts' conference call.
The platforms segment reports sales of USD606.6 million versus USD516.6 million for last year's comparable second quarter. Income from aerial work platform operations increased to USD101.2 million in comparison to USD78.1 million for the year-earlier quarter.
Backlog for the segment was up 38% to USD497.3 million from USD361.5 million as of 30 June for 2013 and 2012.
Companywide, Terex had second quarter profit of USD21.3 million on sales of USD1.91 billion versus the comparable 2012 period's profit of USD83.6 million on sales of USD2.01 billion.
"As we communicated in mid-June, the marketplace overall has softened compared to what we originally anticipated for 2013," DeFeo says. "The second quarter results reflect this lighter order environment overall, as our cranes, construction and material handling/port solutions segments all experienced lower revenues than originally expected. However, we do continue to see strong performance from our aerial work platforms business and good operational execution by our materials processing business in a challenging environment."
Westport, Connecticut-based Terex manufactures heavy equipment for construction, infrastructure, quarrying, recycling, surface mining, shipping, transportation, refining, utility and maintenance applications.