Hyster-Yale Materials Handling, Inc. (NYSE:HY) Q2 2023 Earnings Conference Call August 2, 2023 11:00 AM ET

Company Participants

Christina Kmetko - IR

Al Rankin - Executive Chairman

Rajiv Prasad - President and CEO

Scott Minder - SVP and CFO

Conference Call Participants

Operator

Hello and thank you for standing by. My name is Regina and I will your conference operator today. At this time, I would like to welcome everyone to the Hyster-Yale Second Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over Christina Kmetko, Investor Relations. Please go ahead.

Christina Kmetko

Thank you. Good morning everyone and thanks for joining us today. Welcome to our 2023 second quarter earnings call. I'm Christina Kmetko, and I'm responsible for Investor Relations at Hyster-Yale. Joining me on today's call are Al Rankin, Chairman and Chief Executive Officer; Rajiv Prasad, President; and Scott Minder, our Senior Vice President, Chief Financial Officer and Treasurer.

Yesterday evening, we published our second quarter 2023 results and filed our 10-Q, both of which are available on our website. Today's call is being recorded and webcast. The webcast will be on our website later this afternoon and available for approximately 12 months.

Our remarks that follow, including answers to your questions, contain forward-looking statements. These statements are subject to several risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements made here today.

These risks include, among others, matters that we've described in our earnings release and in our 10-Q and other filings with the SEC. We may not be update these forward-looking statements until our next quarterly earnings conference call.

With the formalities out of the way, I'll turn the call over to Rajiv.

Rajiv Prasad

Thanks Christi and good morning, everyone. I'll start today by providing the operational perspective and some high level observations on our robust second quarter results and why they exceeded our expectations. I'll conclude with some color commentary on our markets. Scott will follow with our detailed financial results and outlook, and then Al will conclude our prepared remarks with his strategic perspective and open the call for any question.

Second quarter consolidated revenue increased by 22%, or $195 million year-over-year, while operating profit advanced by almost $75 million from a prior year loss. This large profit improvement was driven by product margin increases above our initial estimates.