Hyster-Yale Materials (HY) Tops Q1 EPS by $1.23
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HYSTER-YALE MATERIALS HANDLING ANNOUNCES FIRST QUARTER 2022 RESULTS
May 3, 2022 4:56 PM EDTHighlights:Â
Q1 2022 revenues increased 13.0% over Q1 2021 due to a 7.2% increase in consolidated shipments primarily as a result of an 18.7% increase in Americas lift truck shipmentsComparable revenues, favorable sales mix and the reinstatement of tariff exclusions led to improved Q1 2022 gross margins compared with Q4 2021Q1 2022 results were better than expected in the Q4 2021 earnings release, but remained unprofitable with a consolidated operating loss of $18.3 million and a consolidated net loss of $25.0 million due to the following:Material and freight cost inflation, unfavorable manufacturing variances... More