Hyster-Yale Materials Handling, Inc. (NYSE:HY) Q4 2022 Earnings Conference Call February 28, 2023 11:00 AM ET

Company Participants

Christina Kmetko – Investor Relations

Al Rankin – Chairman and Chief Executive Officer

Rajiv Prasad – President

Scott Minder – Senior Vice President, Chief Financial Officer and Treasurer

Conference Call Participants

Chip Moore – EF Hutton

Steve Ferazani – Sidoti

Brett Kearney – Gabelli & Company

Operator

Hello everyone, and welcome to the Hyster-Yale Fourth Quarter 2022 and Full Year Earnings Conference Call. My name is Bruno and I'll be operating your call today. [Operator Instructions]

I will now hand over to your host, Christina Kmetko. Please go ahead.

Christina Kmetko

Thank you. Good morning, everyone, and thanks for joining us today. Welcome to our 2022 fourth quarter and full year 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 2022 fourth quarter and full year results and filed our 10-K, 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 have described in our earnings release issued last night and in our 10-Q and other filings with the SEC. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings conference call, if at all.

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

Rajiv Prasad

Thank you, Christie, and good morning, everyone. I'll start by giving you the operational perspective and I'll also provide some color commentary on our markets. As you'll hear, we've made significant progress in the past quarter and we expect this positive trend to continue in 2023. Scott will provide you with the detailed financial results and Al will close the call with his strategic perspective and take us into the Q&A.

While Scott will give you the financial pluses and minuses, I'd like to point out that for the first time since 2021 second quarter reported both quarterly operating profit and quarterly net income at the consolidated level. Our fourth quarter profits exceeded the expectations we laid out at our call are largely due to higher volume, ongoing cost discipline, and improved product margins driven by higher pricing. Those efforts more than offset the negative impact from supply chain shortages and the effect of unfavorable currency movement.