0001173514-18-000071.txt : 20180731 0001173514-18-000071.hdr.sgml : 20180731 20180731171529 ACCESSION NUMBER: 0001173514-18-000071 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180731 DATE AS OF CHANGE: 20180731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HYSTER-YALE MATERIALS HANDLING, INC. CENTRAL INDEX KEY: 0001173514 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL TRUCKS TRACTORS TRAILERS & STACKERS [3537] IRS NUMBER: 311637659 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-54799 FILM NUMBER: 18982030 BUSINESS ADDRESS: STREET 1: 5875 LANDERBROOK DRIVE STREET 2: SUITE 300 CITY: CLEVELAND STATE: OH ZIP: 44124 BUSINESS PHONE: 4404499600 MAIL ADDRESS: STREET 1: 5875 LANDERBROOK DRIVE STREET 2: SUITE 300 CITY: CLEVELAND STATE: OH ZIP: 44124 FORMER COMPANY: FORMER CONFORMED NAME: HYSTER YALE MATERIALS HANDLING INC. DATE OF NAME CHANGE: 20120628 FORMER COMPANY: FORMER CONFORMED NAME: NMHG HOLDING CO DATE OF NAME CHANGE: 20020515 8-K 1 hy63018dataschedule8k.htm 8-K Document



 
 
 
 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

 _______________________________________________________________________________________________________________________________________________________________________________________________________
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 

Date of Report (Date of earliest event reported):
July 31, 2018
 
 
 
HYSTER-YALE MATERIALS HANDLING, INC.
(Exact name of registrant as specified in its charter)
 
 
 
DELAWARE
000-54799
31-1637659
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
 
 
5875 LANDERBROOK DRIVE, SUITE 300, CLEVELAND, OHIO
44124-4069
(Address of principal executive offices)
(Zip code)
 
 
 
(440) 449-9600
(Registrant's telephone number, including area code)
 
 
 
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
 
 
 
 
 




Item 2.02 Results of Operations and Financial Condition and
Item 7.01 Regulation FD Disclosure.
    
On July 31, 2018, Hyster-Yale Materials Handling, Inc. (the “Company”) will post on its website at www.hyster-yale.com additional historical quarterly financial data and update the schedules that were previously posted to the website for the second quarter 2018 results. A copy of the data is attached as Exhibit 99 to this Current Report on Form 8-K.

This Current Report on Form 8-K and the information attached hereto are being furnished by the Company pursuant to Item 2.02 of Form 8-K, insofar as they disclose historical information regarding the Company's results of operations.

The information in this Current Report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

As described in Item 2.02 and 7.01 of this Current Report on Form 8-K, the following Exhibit is furnished as part of this Current Report on Form 8-K.
    







SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
 
 
 
Date:
July 31, 2018
 
HYSTER-YALE MATERIALS HANDLING, INC.
 
 
 
 
 
 
By:
/s/ Kenneth C. Schilling
 
 
 
Name: Kenneth C. Schilling
 
 
 
Title: Senior Vice President and Chief Financial Officer
 
 
 
 

                            

                            


 EX-99 2 hydataschedule63018ex99.htm EXHIBIT 99 Exhibit


 
 
 
 
 
 
 
 
 
 
 
EXHIBIT 99
 
Hyster-Yale Materials Handling, Inc.
(in millions, except percentage data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Backlog (in thousands)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
30.0

35.3

35.1

33.8

33.8

 
 
 
 
 
 
 
 
2018
36.1

41.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unit Shipments (in thousands)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
23.3

22.2

22.0

25.9

93.4

 
 
 
 
 
 
 
 
2018
24.8

23.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues - Americas
 
 
Revenues - Americas - % change yr. over yr.
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
466.0

432.9

447.8

487.4

1,834.1

 
2017
11.7
%
4.6
%
9.0
 %
12.4
%
9.5
%
 
2018
495.9

471.6

 
 
 
 
2018
6.4
%
8.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues - EMEA
 
 
Revenues - EMEA - % change yr. over yr.
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
162.4

172.6

165.6

215.2

715.8

 
2017
10.5
%
10.3
%
20.0
 %
23.5
%
16.3
%
 
2018
197.9

191.0

 
 
 
 
2018
21.9
%
10.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues - JAPIC(1)
 
 
Revenues - JAPIC - % change yr. over yr.
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
43.8

42.2

38.9

49.0

173.9

 
2017
10.3
%
7.9
%
-15.8
 %
10.1
%
2.6
%
 
2018
49.5

57.5

 
 
 
 
2018
13.0
%
36.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues - Bolzoni
 
 
Revenues - Bolzoni - % change yr. over yr.
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
41.6

41.9

44.3

49.4

177.2

 
2017
n.m.
7.7%
22.4%
22.0%
53.3%
 
2018
51.2

52.5

 
 
 
 
2018
23.1
%
25.3%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues - Nuvera
 
 
Revenues - Nuvera - % change yr. over yr.
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
2.6

0.4

0.3

0.4

3.7

 
2017
n.m.
n.m.
n.m.
n.m.
n.m.
 
2018
0.3

0.4

 
 
 
 
2018
n.m.
n.m.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues - Consolidated
 
 
Revenues - Consolidated - % change yr. over yr.
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
713.1

685.5

691.1

795.5

2,885.2

 
2017
18.0
%
6.2
%
9.8
 %
15.2
%
12.3
%
 
2018
788.2

765.6

 
 
 
 
2018
10.5
%
11.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Profit
 
 
Gross Profit %
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
126.1

121.7

121.4

133.4

502.6

 
2017
17.7
%
17.8
%
17.6
 %
16.8
%
17.4
%
 
2018
132.1

126.2

 
 
 
 
2018
16.8
%
16.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Expenses
 
 
Operating Expenses as a % of revenues
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
103.5

104.2

103.3

117.7

428.7

 
2017
14.5
%
15.2
%
14.9
 %
14.8
%
14.9
%
 
2018
112.9

115.4

 
 
 
 
2018
14.3
%
15.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Profit (Loss)
 
 
Operating Profit (Loss) %
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
22.6

17.5

18.1

15.7

73.9

 
2017
3.2
%
2.6
%
2.6
 %
2.0
%
2.6
%
 
2018
19.2

10.8

 
 
 
 
2018
2.4
%
1.4
%
 
 
 
 




Hyster-Yale Materials Handling, Inc.
(in millions, except percentage data)
 
 
 
 
 
 
 
Interest (Income) Expense
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
1.5

2.1

4.2

3.2

11.0

 
 
 
 
 
 
 
 
2018
3.2

3.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other (Income) Expense
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017 (4)
(2.4
)
(2.1
)
(2.2
)
(22.1
)
(28.8
)
 
 
 
 
 
 
 
 
2018
(3.8
)
(1.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) Before Taxes
 
 
Effective Income Tax Rate
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017 (4)
24.3

18.3

15.9

35.3

93.8

 
2017 (4)
25.5
%
10.4
%
n.m.
n.m.
47.9
%
 
2018
19.8

9.5

 
 
 
 
2018
24.7
%
40.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Stockholders
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017 (4)
18.1

16.4

16.5

(2.4
)
48.6

 
 
 
 
 
 
 
 
2018
14.9

5.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and Amortization Expense
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
10.5

10.8

10.4

11.1

42.8

 
 
 
 
 
 
 
 
2018
11.4

9.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Working Capital (2)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
387.6

394.4

422.5

461.0

461.0

 
 
 
 
 
 
 
 
2018
463.1

441.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
6.4

10.5

8.2

15.9

41.0

 
 
 
 
 
 
 
 
2018
7.4

8.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Cash Provided By (Used For) Operating Activities
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
102.0

38.3

17.0

7.4

164.7

 
 
 
 
 
 
 
 
2018
28.5

23.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Cash Provided By (Used For) Investing Activities
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
(7.1
)
(15.6
)
(7.9
)
(16.7
)
(47.3
)
 
 
 
 
 
 
 
 
2018
(7.0
)
(82.5
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





Hyster-Yale Materials Handling, Inc.
(in millions, except percentage data)
 
 
 
 
 
 
 
 
 
 
 
Cash Flow Before Financing Activities (3)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017

94.9

22.7

9.1

(9.3
)
117.4

 
 
 
 
 
 
 
 
2018

21.5

(59.0
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Cash Provided By (Used For) Financing Activities
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017

(73.6
)
149.6

(13.1
)
(9.8
)
53.1

 
 
 
 
 
 
 
 
2018

(14.3
)
(11.8
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends Paid to Stockholders
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017

4.9

5.0

4.9

5.0

19.8

 
 
 
 
 
 
 
 
2018

5.0

5.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 


 
 
 
 
2017

143.1

300.4

294.1

290.7

290.7

 
 
 
 
 
 
 
 
2018

283.4

273.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity
 
 
Return on Equity (4)
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017

498.3

530.2

557.7

572.4

572.4

 
2017
10.3
%
11.7
%
12.3
%
9.2
%
9.2
%
 
2018

608.0

589.9

 
 
 
 
2018
8.2
%
6.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
On June 1, 2018, the Company completed the acquisition of the majority interest in Maximal, which is included in the JAPIC segment from the date of acquisition.
(2
)
Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable.
(3
)
Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
(4
)
Return on equity is equal to the sum of the previous 4 quarters net income divided by average equity calculated over the last 5 quarters.
(5
)
During the fourth quarter of 2017, the Company recognized $19.8 million of equity income from HYGFS and $38.2 million of income tax expense as a result of the Tax Cuts and Jobs Act, which was signed into law on December 22, 2017.







 
 
 
 
 
 
 
 
 
 
 
 
 
Lift Truck Business
(in millions, except percentage data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Backlog (in thousands)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
30.0

35.3

35.1

33.8

33.8

 
 
 
 
 
 
 
 
2018
36.1

41.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unit Shipments (in thousands)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
23.3

22.2

22.0

25.9

93.4

 
 
 
 
 
 
 
 
2018
24.8

23.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues - Americas
 
 
Revenues - Americas - % change yr. over yr.
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
466.0

432.9

447.8

487.4

1,834.1

 
2017
11.7
%
4.6
%
9.0
 %
12.4
%
9.5
%
 
2018
495.9

471.6

 
 
 
 
2018
6.4
%
8.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues - EMEA
 
 
Revenues - EMEA - % change yr. over yr.
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
162.4

172.6

165.6

215.2

715.8

 
2017
10.5
%
10.3
%
20.0
 %
23.5
%
16.3
%
 
2018
197.9

191.0

 
 
 
 
2018
21.9
%
10.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues - JAPIC(1)
 
 
Revenues - JAPIC - % change yr. over yr.
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
43.8

42.2

38.9

49.0

173.9

 
2017
10.3
%
7.9
%
-15.8
 %
10.1
%
2.6
%
 
2018
49.5

57.5

 
 
 
 
2018
13.0
%
36.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues - Lift Truck Business
 
 
Revenues - Lift Truck Business - % change yr. over yr.
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
672.2

647.7

652.3

751.6

2,723.8

 
2017
11.3
%
6.3
%
9.6
 %
15.2
%
10.7
%
 
2018
743.3

720.1

 
 
 
 
2018
10.6
%
11.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Profit
 
 
Gross Profit %
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
112.9

110.5

108.5

118.6

450.5

 
2017
16.8
%
17.1
%
16.6
 %
15.8
%
16.5
%
 
2018
116.1

110.3

 
 
 
 
2018
15.6
%
15.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Expenses
 
 
Operating Expenses as a % of revenues
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
83.1

82.7

84.2

90.4

340.4

 
2017
12.4
%
12.8
%
12.9
 %
12.0
%
12.5
%
 
2018
89.5

93.0

 
 
 
 
2018
12.0
%
12.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Profit (Loss)
 
 
Operating Profit (Loss) %
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
29.8

27.8

24.3

28.2

110.1

 
2017
4.4
%
4.3
%
3.7
 %
3.8
%
4.0
%
 
2018
26.6

17.3

 
 
 
 
2018
3.6
%
2.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Lift Truck Business
(in millions, except percentage data)
 
 
 
 
 
 
 
Interest (Income) Expense
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
1.3

1.9

4.0

3.0

10.2

 
 
 
 
 
 
 
 
2018
3.0

2.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other (Income) Expense
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
(2.3
)
(2.0
)
(2.2
)
(22.3
)
(28.8
)
 
 
 
 
 
 
 
 
2018
(3.8
)
(1.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) Before Taxes
 
 
Effective Income Tax Rate
 
 
Q1
Q2
Q3
Q4
FY
 
 
Q1
Q2
Q3
Q4
FY
 
2017
31.6

28.7

22.3

48.2

130.8

 
2017
29.7
%
17.8
%
11.7
%
n.m.
45.4
%
 
2018
27.4

16.2

 
 
 
 
2018
24.8
%
32.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Stockholders
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
22.3

23.8

19.7

6.0

71.8

 
 
 
 
 
 
 
 
2018
20.7

11.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and Amortization Expense
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
7.2

7.6

7.3

7.5

29.6

 
 
 
 
 
 
 
 
2018
7.6

7.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Working Capital (2)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
321.6

330.4

353.4

391.2

391.2

 
 
 
 
 
 
 
 
2018
388.3

365.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
4.9

8.0

7.0

15.4

35.3

 
 
 
 
 
 
 
 
2018
5.3

8.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Cash Provided By (Used For) Operating Activities
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
109.7

35.5

22.4

9.1

176.7

 
 
 
 
 
 
 
 
2018
29.5

26.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Cash Provided By (Used For) Investing Activities
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
(5.8
)
(17.4
)
(6.9
)
(16.5
)
(46.6
)
 
 
 
 
 
 
 
 
2018
(5.2
)
(82.9
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 







Lift Truck Business
(in millions, except percentage data)
 
 
 
 
 
 
 
Cash Flow Before Financing Activities (3)
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017

103.9

18.1

15.5

(7.4
)
130.1

 
 
 
 
 
 
 
 
2018

24.3

(56.6
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Cash Provided By (Used For) Financing Activities
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017

(81.9
)
151.6

(17.4
)
(9.6
)
42.7

 
 
 
 
 
 
 
 
2018

(17.2
)
(15.2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
On June 1, 2018, the Company completed the acquisition of the majority interest in Maximal, which is included in the JAPIC segment from the date of acquisition.
(2
)
Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable.
(3
)
Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.






 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bolzoni
(in millions, except percentage data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
41.6

41.9

44.3

49.4

177.2

 
 
 
 
 
 
 
 
2018
51.2

52.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Profit (Loss)
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
13.8

12.4

13.5

15.1

54.8

 
 
 
 
 
 
 
 
2018
17.0

16.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
11.5

11.9

11.4

13.6

48.4

 
 
 
 
 
 
 
 
2018
14.3

13.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Profit (Loss)
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
2.3

0.5

2.1

1.5

6.4

 
 
 
 
 
 
 
 
2018
2.7

3.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) Before Taxes
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
2.2

0.4

1.9

1.1

5.6

 
 
 
 
 
 
 
 
2018
2.5

3.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective Income Tax Rate
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
27.3
%
n.m.
n.m.
27.3
%
17.9
%
 
 
 
 
 
 
 
 
2018
20.0
%
26.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Stockholders
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017
1.5

(0.1
)
1.9

0.6

3.9

 
 
 
 
 
 
 
 
2018
1.9

2.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





 
 
 
 
 
 
 
 
 
 
 
 
 
Nuvera
(in millions, except percentage data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017

2.6

0.4

0.3

0.4

3.7

 
 
 
 
 
 
 
 
2018

0.3

0.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Profit (Loss)
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017

(0.6
)
(0.9
)
(0.4
)
(0.2
)
(2.1
)
 
 
 
 
 
 
 
 
2018

(0.9
)
(0.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017 (1)

8.9

9.6

7.7

13.7

39.9

 
 
 
 
 
 
 
 
2018

9.1

8.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Profit (Loss)
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017

(9.5
)
(10.5
)
(8.1
)
(13.9
)
(42.0
)
 
 
 
 
 
 
 
 
2018

(10.0
)
(9.5
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) Before Taxes
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017

(9.5
)
(10.5
)
(8.1
)
(13.9
)
(42.0
)
 
 
 
 
 
 
 
 
2018

(10.0
)
(9.5
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective Income Tax Rate
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017

40.0
%
40.0
%
39.5
%
29.5
%
36.4
%
 
 
 
 
 
 
 
 
2018

27.0
%
27.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Stockholders
 
 
 
 
 
 
 
 
 
Q1
Q2
Q3
Q4
FY
 
 
 
 
 
 
 
 
2017

(5.7
)
(6.3
)
(4.9
)
(9.8
)
(26.7
)
 
 
 
 
 
 
 
 
2018

(7.3
)
(6.9
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
During the fourth quarter of 2017, the Nuvera recognized a $4.9 million impairment charge of long-lived assets, included property, plant and equipment and intangible assets.