Hyster-Yale Materials Handling, Inc. (NYSE:HY) Q2 2022 Earnings Conference Call August 3, 2022 11:00 AM ET

Company Participants

Christina Kmetko - Investment Relations

Alfred Rankin - Chairman & CEO

Rajiv Prasad - President

Kenneth Schilling - SVP, CFO & Treasurer

Conference Call Participants

Steve Ferazani - Sidoti & Company

Chip Moore - EF Hutton

Brett Kearney - GAMCO Investors

Benjamin Thelen - Arosa Capital

William Nicklin - Circle N Advisors

Operator

Hello, and welcome to the Hyster-Yale Q2 2022 Earnings Conference Call. My name is Alex. I'll be coordinating the call today. [Operator Instructions].

I will now hand over to your host, Christina Kmetko of Investor Relations. Christina, over to you.

Christina Kmetko

Good morning, everyone, and thanks for joining us today. Welcome to our 2022 second quarter earnings call. I am Christina Kmetko, and I am 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 Ken Schilling, our Senior Vice President, Chief Financial Officer and Treasurer.

Yesterday evening, we published our 2022 second quarter 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 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.

In a moment, I'll discuss our current quarter results. But first, let me turn the call over to our Chairman and CEO, Al Rankin, for some opening remarks. Al?

Alfred Rankin

Thanks, Christie, and good morning, everyone. Overall, our second quarter results are directionally where we expected them to be as we continue to face near-term supply chain constraints and inflation challenges as many other companies do.

Despite these headwinds and while still reporting a substantial consolidated operating and net loss, our results for the quarters were substantially better than we anticipated in our first quarter earnings release with all 3 segments, particularly the Lift Truck business reporting better-than-expected results. These more favorable results were due to higher-than-anticipated gross margins and lower operating expenses. Nevertheless, supply chain availability prevented our forklift truck business from achieving production levels we would have preferred in the second quarter.