Hyster-Yale sales, profits slump

News Story
- 11 Aug 2016 ( #782 ) - Cleveland, OH, United States
3 min read
Hyster-Yale remains focused on gaining marketshare in its forklift business
Hyster-Yale remains focused on gaining marketshare in its forklift business
Hyster-Yale has announced falls in revenues, net income and profit in the second quarter of 2016. The manufacturer achieved revenues of USD645.6 million and net income of USD8.3 million for the second quarter of 2016, down from revenues of USD658.7 million and net income of USD22.7 million for the second quarter of 2015.  Consolidated operating profit fell from USD27.3 million to USD11.4 million for the period.

The figures reflect the acquisition of the majority stake in Bolzoni S.p.A by Hyster-Yale's indirect wholly owned subsidiary, Hyster-Yale Capital Holding Italy. EUR102.1 million (USD115.5 million).  The company has since picked up the remaining stock in Bolzoni, which has been delisted from the Italian stock exchange.

The 2016 second quarter consolidated net income includes acquisition costs totaling USD2.9 million pre-tax as well as an additional tax expense of USD1.6 million related to the accumulated non-deductible acquisition costs. 
Hyster-Yale's worldwide new unit shipments decreased to approximately 21,100 units in the second quarter of 2016 from approximately 22,400 units in the second quarter of 2015.

Total shipments in the Americas segment, which includes the North America, Latin America and Brazil markets, decreased by approximately 1,300 units in the second quarter of 2016 compared with 2015. 

Total shipments in Europe, Middle East and Africa (EMEA), meanwhile, increased by approximately 300 units in the 2016 second quarter compared with 2015.  As a result of the increase in unit volumes and favourable foreign currency movements, EMEA's revenues increased 6% to USD155.6 million in the second quarter of 2016 from USD146.2 million in the second quarter of 2015.

The company notes that the United Kingdom's recent decision to leave the European Union has created concern and uncertainty in many of its EMEA markets.

Revenues for the JAPIC segment, which includes operations in the Asia and Pacific markets including China, as well as the equity earnings of the Sumitomo-NACCO operations, decreased in the second quarter of 2016 compared with the second quarter of 2015. The decline in revenues was primarily the result of fewer unit shipments, a shift in sales from higher-priced lift trucks, including big trucks in certain markets, to lower-priced lift trucks, and the impact of deal-specific pricing.

Looking ahead, Hyster-Yale is expecting the overall global market in the second half of 2016 to be comparable to the second half of 2015. Market growth in EMEA is expected to be offset by declines in the Americas market. Despite these market conditions, unit shipments and parts sales are expected to increase, but a shift in mix to lower-priced products is expected to mostly offset this increase, resulting in revenues for the second half of 2016 comparable with the second half of 2015. 

Hyster-Yale says it remains focused on gaining marketshare in its forklift business over time by enhancing its understanding of customer needs at the product and aftermarket levels, driving for the lowest cost of ownership, strengthening independent distribution, improving its warehouse market position, focusing on increased success in the Asia markets by offering products aimed at the needs of these markets, enhancing Asia distribution and focusing on strategic alliances with local partners, enhancing its big truck market position, and strengthening its sales and marketing organisation in all geographic regions.

The company is also developing new products in many segments that are expected to support its marketshare growth.  The new standard 2.0-3.0 T Class 5 internal combustion engine forklift line was introduced to the market in early April 2016 and is expected to be in production late in the third quarter of 2016
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