Hyster-Yale Materials reports Q4 EPS 44c vs. ($6.14) last year

Reports Q4 revenue $985.2M vs. $829.7M last year. The company states: "Fourth-quarter 2022 lift truck revenues increased by 19.7% versus 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 realized and revenues for fleet services increased. In all geographic regions, revenues increased as a result of favorable sales mix toward higher-priced units, primarily Class 5 trucks, including Big Trucks, and increased parts volumes. Fourth-quarter 2022 revenue growth was partially offset by $32.9 million of unfavorable currency movements, principally in EMEA, due to a strengthening U.S. dollar. Unit shipments increased nearly 11% over 2022 third-quarter shipments of 24,500 units and improved modestly versus 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."