Hyster-Yale Materials Handling has announced healthy increases in revenues, profits and unit prices for the last quarter of 2022.
Fourth-quarter 2022 forklift revenues increased by 19.7% from the prior year quarter while unit shipments increased more modestly, specifically in the Americas. Revenue growth outpaced shipment growth as previously enacted price increases, put in place to combat inflation, were realised and revenues for fleet services increased, according to the company announcement.
In all geographic regions, revenues increased as a result of favourable sales mix toward higher-priced units, primarily Class 5 trucks, including Big Trucks, and increased parts volumes. The revenue growth was, however, partially offset by USD32.9 million of unfavourable currency movements, principally in EMEA, due to a strengthening US dollar.
Unit shipments increased nearly 11% over 2022 third-quarter shipments of 24,500 units and improved modestly against the prior year fourth quarter. Both increases were mainly due to moderating component shortages and fewer overall supply chain constraints. Although supply challenges in the Americas moderated, wider-spread constraints in EMEA and continued difficulties sourcing certain critical components globally negatively affected fourth-quarter 2022 production rates and prevented further shipments.
For the full year, forklift shipments were approximately 100,800 units. This compares with approximately 94,900 units in 2021. Despite significant supply chain challenges throughout 2022, the company increased production by about 6,000 units year-over-year, achieving the second-highest annual shipment level in its history.
The group’s Bolzoni subsidiary returned to profitability in the fourth quarter after registering an operating loss in the prior year and third-quarter 2022.
The Nuvera division remained in the red, with a fourth-quarter 2022 operating loss.
Directors are cautious in their predictions for the year ahead, noting that the global forklift market is expected to decline for the full-year 2023 compared with 2022 in all regions except JAPIC, which is anticipated to increase modestly year-over-year.
“However, 2023's global market unit volumes are expected to remain relatively strong and above pre-pandemic levels in all regions except EMEA,” they add.
“Several years of extraordinary … market growth stretched supplier capacity to, and in some cases beyond, its limits. A moderate market slowdown could allow the (forklift) component supply base to meet their supply requirements more effectively and allow the company to work down its extended backlog.”