News story

Hyster-Yale, Terex report 2013 gains

Wednesday, 26 February 2014 ( #656 ) - United States
Terex reports continued strength of the aerial work platforms segment.
Terex reports continued strength of the aerial work platforms segment.
Hyster-Yale Materials Handling Inc and Genie parent firm Terex Corp have delivered positive reports on the performance of their materials handling equipment businesses. Hyster-Yale Hyster-Yale reports profit of USD110.2 million on 2013 sales of USD2.67 billion in comparison with profit of USD98.1 million on 2012 sales of USD2.47 billion. Hyster-Yale sales in the Americas and Europe increased by 12.7% to USD1.76 billion and by 2.5% to USD695.4 million, respectively. Sales in the Asia Pacific region declined by 8.3% to USD208.6 million. Hyster-Yale is building a new manufacturing facility in Brazil, plans on the construction increasing its 2014 capital expenditures and anticipates a financial gain on receipt of the final cash payment for the sale of its current Brazil plant. Hyster-Yale envisions 2014 cash flow before financing activities decreasing from 2013, primarily due to the increase in capital expenditures. "I indicated in the earnings release that the operating profits for the full year are expected to increase - excluding the gain on sale of the Brazil plant," says Alfred M Rankin Jr, chairman, president and CEO of publicly traded Mayfield Heights-based Hyster-Yale Materials Handling Inc. "We do see a decrease in the first half of the year compared with 2013 that's more than offset by improvements in the second half." He elaborates: "Generally speaking, our gross profits are moving in the right direction in the first half overall, although we would expect there to be better improvement in the second half." During the fourth quarter, on a global basis, Hyster-Yale shipped approximately 22,700 units - compared with shipments of 20,100 units in the corresponding 2012 quarter. Worldwide backlog was approximately 28,200 units at 31 December 2013, compared with 27,300 units one year earlier and 28,400 units at 30 September. "Excluding China, the company gained marketshare in 2013 in all major global regions," Hyster-Yale says. In China, the company's share of the foreign brand market - the portion of that market segment where Hyster-Yale effectively competes ? also increased in 2013 compared with 2012. Terex Westport-based Terex reports success in its segment for portable material lifts, portable aerial work platforms, trailer-mounted articulating booms, self-propelled articulating and telescopic booms, scissor lifts, telehandlers, trailer-mounted light towers and bridge inspection equipment. "Our performance in the second half was fueled by the continued strength of our aerial work platforms (AWP) segment and a turnaround in our materials handling and port solutions segment," says Ronald M DeFeo, chairman and CEO. "Operationally, our AWP segment is continuing to benefit from strong North American rental channel demand plus a noticeable pickup in Latin America and European performance." Companywide, Terex reports profit of USD220.9 million on 2013 sales of USD7.08 billion versus profit of USD103.6 million on 2012 sales of USD6.98 billion. Sales for the aerial work platforms business - the company's largest segment - climbed 22.3% to USD2.13 billion, Terex says. Backlog for the aerial work platform segment, primarily under the Genie brand, was USD294.4 million as of 31 December, down 42.3% from one year earlier and down 5.6% from 30 September. In a February development, Genie says it has a licensing agreement with Lavendon Group plc of Lutterworth, England for an electronic secondary guarding solution that works through Lavendon's SkySiren-brand technology. This system can alert ground personnel when an operator makes contact with the platform control panel. The system interrupts boom movement, sounds an alarm and causes a light to flash. The Genie operator protective alarm system can be retrofitted to any Genie articulating or telescopic boom lift manufactured after 2002. Separately, Genie introduced a telematics-ready connector to enable corresponding devices to be plugged into Genie boom lifts. The connector enables working with multiple telematics systems, providing an option to "plug and play" as needed.