Hyster-Yale Materials Handling Announces Second Quarter 2020 Results
Hyster-Yale Materials Handling reported a 23.6% decline in consolidated revenues for Q2 2020, totaling $654.4 million, significantly impacted by COVID-19. Operating profit decreased to $8.7 million from $22.9 million in Q2 2019. Net income fell to $3.6 million or $0.21 per share, down from $16.2 million or $0.97 per share year-over-year. Despite a reduction in operating expenses by 18.5%, the company's performance reflected broader economic challenges, with reduced unit shipments and bookings across all segments.
- Operating expenses reduced by $21.6 million in Q2 2020 due to cost containment measures.
- Net debt improved to $277.2 million from $289.7 million at the end of Q1 2020.
- Sequential improvements in bookings were noted in May and June as demand increased.
- Consolidated revenues dropped by 23.6% compared to Q2 2019.
- Operating profit decreased significantly to $8.7 million from $22.9 million year-over-year.
- Net income fell to $3.6 million, down 77.8% from the previous year.
CLEVELAND, Aug. 4, 2020 /PRNewswire/ --
Quarter Highlights:
- Q2 2020 market levels down significantly from prior periods in Company's primary markets
- Q2 2020 consolidated revenues decreased
23.6% from Q2 2019 due to the impact of the global COVID-19 shutdowns, lower bookings and resulting lower shipments - Q2 2020 consolidated operating profit decreased to
$8.7 million from$22.9 million in Q2 2019 - Q2 2020 operating expense decreased
18.5% from both Q1 2020 and Q2 2019, primarily due to cost containment actions taken to mitigate the impact of the COVID-19 pandemic - Q2 2020 net income of
$3.6 million , or$0.21 per share, decreased from$16.2 million , or$0.97 per share, in Q2 2019 - Net debt at June 30, 2020 improved to
$277.2 million from$289.7 million at March 31, 2020
Hyster-Yale Materials Handling, Inc. (NYSE: HY) today announced consolidated revenues of
For the six months ended June 30, 2020, the Company reported consolidated revenues of
During the second quarter of 2020, broad measures taken by governments, businesses and others around the world to limit the spread of COVID-19 adversely affected the Company. Production was significantly reduced or suspended at the Company's European, and to a lesser extent Americas, facilities during the first half of the second quarter. The significant decline in global economic activity has also reduced demand for the Company's products from customers and limited availability of components from suppliers. In this context, several cost reduction measures, which were also designed to ease liquidity pressure, were phased in starting late in the first quarter and are expected to fully mature at the beginning of the third quarter. Benefits from these cost containment actions resulted in a decrease in operating expenses of
Segment Financial Results
Summary results for the Company's three business segments were as follows for the second quarter of 2020 and 2019:
(in millions) | *Hyster-Yale Group | *Bolzoni | *Nuvera | ||||||||||||||||||||
Q2 2020 | Q2 2019 | Q2 2020 | Q2 2019 | Q2 2020 | Q2 2019 | ||||||||||||||||||
Revenues | $ | 622.9 | $ | 812.7 | $ | 64.2 | $ | 90.8 | $ | 0.7 | $ | 2.2 | |||||||||||
Operating Profit (Loss) | $ | 17.0 | $ | 29.1 | $ | (0.5) | $ | 2.3 | $ | (8.3) | $ | (8.2) | |||||||||||
Net Income (Loss) | $ | 10.9 | $ | 20.3 | $ | (0.6) | $ | 1.6 | $ | (5.8) | $ | (6.0) | |||||||||||
*For purposes of this release, Hyster-Yale Group refers to the Company's Lift Truck business, Bolzoni is the Attachment business and Nuvera is the Fuel Cell business. |
Hyster-Yale Group Results
Hyster-Yale Group unit shipments, bookings and backlog were as follows:
($ in millions) | Quarter Ended | Quarter Ended | Quarter Ended | ||
Unit Shipments | 20,100 | 23,300 | 26,300 | ||
Unit Bookings | 14,300 | 19,400 | 30,200 | ||
Unit Bookings $ Value | |||||
Unit Backlog | 31,500 | 37,300 | 44,100 | ||
Unit Backlog $ Value |
Unit shipments, bookings and backlog all decreased compared with the 2020 first quarter and 2019 second quarter. A combination of lower shipments due to the reduction or suspension of production in several of the Company's European and, to a lesser extent, Americas facilities in the first half of the 2020 second quarter due to COVID-19-related shutdowns, material shortages from suppliers who closed their manufacturing plants or could not deliver components as a result of increased controls at borders and border closures, and substantially lower market levels, particularly in the Company's primary markets of Americas and EMEA, as a result of the slow economic recovery from the pandemic-related shutdowns, contributed to the decrease in bookings and shipments.
Bookings and shipment levels were at their lowest point in April 2020, trended upward sequentially in both May and June as global demand steadily improved throughout the quarter, but are still at significantly reduced levels. The Company is carefully managing its shipments, backlog and lead times during this period of uncertainty so that its production rates match market conditions. As a result, monthly backlog levels trended down over the three-month period. The Company ended the quarter with a backlog level that supports its production plans and appropriate lead times.
Geographic Results
(in millions, except units) | Americas** | EMEA** | JAPIC** | ||||||||||||||||||||
Q2 2020 | Q2 2019 | Q2 2020 | Q2 2019 | Q2 2020 | Q2 2019 | ||||||||||||||||||
Unit Shipments | 13,100 | 14,500 | 4,400 | 8,000 | 2,600 | 3,800 | |||||||||||||||||
Revenues | $ | 454.8 | $ | 537.7 | $ | 120.1 | $ | 202.1 | $ | 48.0 | $ | 72.9 | |||||||||||
Operating Profit (Loss) | $ | 23.3 | $ | 26.2 | $ | (2.8) | $ | 4.7 | $ | (3.5) | $ | (1.8) | |||||||||||
**The Americas geographic segment includes the North America, Latin America and Brazil markets, EMEA includes operations in the Europe, Middle East and Africa markets, and JAPIC includes operations in the Asia and Pacific markets, including China. |
Revenues
Second-quarter 2020 revenues in the Lift Truck business decreased
Operating profit
Second-quarter 2020 operating profit in the Lift Truck business decreased
EMEA had an operating loss of
Bolzoni Results
During the second quarter of 2020, Bolzoni's revenue decreased to
Bolzoni had an operating loss of
Nuvera Results
Nuvera's revenues decreased to
Business Prospects
The effects of the COVID-19 pandemic continue to create much uncertainty as to the duration as well as the severity of the impact of the economic downturn on different industries that is occurring as a result of the COVID-19 pandemic.
The global lift truck market, excluding China which was affected mainly during the 2020 first quarter, decreased
The Company's bookings levels were at their lowest point in April 2020. As global demand increased, these levels trended up in both May and June, but at significantly lower levels than in the same prior year periods. The Company's June bookings were approximately
While the Company is encouraged by recent market and bookings activity, the level of future bookings is still very uncertain, as is when demand and market conditions will return to pre-pandemic conditions. Generally, the Company believes bookings are unlikely to get worse than the current rate, but the trajectory cannot yet be forecasted with confidence. The third quarter is generally soft as a result of seasonal vacations, plant shutdowns and costs associated with customary lower third-quarter production schedules at the Company's manufacturing plants. As a result, Hyster-Yale expects a modest loss in the third quarter of 2020. More broadly, pandemic-related uncertainty continues to limit the Company's ability to forecast bookings over the remainder of 2020 and 2021 and, as a result, expected shipment levels for the fourth quarter of 2020 and full-year 2021.
As market conditions improve, the Company expects that increased bookings and the strategic programs the Company continues to pursue will position each of its businesses to recover to sound long-term financial returns. In the meantime, the Company continues to focus on aggressive actions to moderate the near-term financial impact of the COVID-19 pandemic.
The Company continues to maintain procedures designed to limit the exposure of employees to the spread of COVID-19, including adjusting shift schedules to promote social distancing, enhancing cleaning and sanitation, promoting recommended hygiene practices, limiting workplace access and maintaining remote working where possible. At the same time, the Company and its employees remain committed to meeting the needs of dealers and end customers by ensuring they receive equipment, parts and services in a timely manner to the degree reasonably possible.
Hyster-Yale continues to operate on the assumption that the economic and market environment, although improving, will remain difficult throughout the remainder of 2020 and 2021, until an effective COVID-19 vaccination is readily available. Beginning late in the first quarter, the Company moved aggressively to put plans in place to mitigate the impact of lower markets and bookings, and the consequential impact of reduced manufacturing activity, by initiating cost reduction measures which were designed to lower cost and ease liquidity pressure. The implementation of these company-wide cost reduction actions are now targeted to achieve
In combination with these actions, the Company has been focused on actions that will enhance cash flow before financing, including reducing working capital and reducing or deferring capital expenditures. Enhancing liquidity also continues to be a priority. At June 30, 2020, the Company's cash position was
Despite the considerable uncertainty regarding near-term economic activity, the Company continues to be committed to its long-term strategy. As the Company entered this COVID-19 crisis, it was in the midst of undertaking the largest set of strategic programs in its history with the expectation that they would collectively have a transformational impact on the Company's competitiveness, market position and economic performance. The projects required to execute these strategies continue to move forward, but in light of the COVID-19 pandemic, the pace of certain projects is being prioritized over other projects and some have been delayed to reduce operating expenses and capital expenditures. Capital expenditures are expected to be approximately
At Hyster-Yale Group, product programs are expected to lay the groundwork for enhanced market position by providing lower cost of ownership and enhanced productivity for the Company's customers. While the Company continues to introduce a number of new products during this period, Hyster-Yale Group's primary focus is on a new set of modular and scalable product families covering both internal combustion engine and electric trucks which will provide customers with enhanced flexibility for meeting their application needs combined with the benefit of lowest total cost of ownership. The Company has been focused on maintaining the timing of the introduction of the first of these products, which is expected in the second half of 2020 with the launch of a new range of counterbalanced trucks.
The introduction of these new products will lead to significant changes in supply chain sourcing and in the Company's various manufacturing facilities around the world as certain products are moved between plants. Consolidated component volume sourced globally from reliable partners is expected to reduce costs and improve quality as these new products are brought to market over time. Hyster-Yale Group's largest manufacturing facilities in Berea, Craigavon and Greenville are undergoing significant changes and investments continue to be made to these plants. In the current environment, the Company has accelerated plans to move certain products that will provide more permanent structural changes and reduce costs while creating "Centers of Excellence" for other products at the Company's three largest plants.
The Company believes the modular nature of the new products being introduced will enhance its ability to meet customer needs at lowest cost and in more detail, both at the industry level and at the individual customer level. In this rapidly changing environment, the Company has accelerated its focus on finalizing and implementing its industry strategies, and its investments in industry-focused sales capabilities to support its dealers, while also focusing on enhancing its remote selling capabilities through technology and IT enhancements.
Bolzoni continues to focus on its Americas growth strategy, including strengthening its ability to serve the North America market through the supply of cylinders and various other components at its Sulligent, Alabama plant, and introducing a broader range of locally produced attachments with shorter lead times to serve its customer base. Bolzoni is also implementing its "One Company - 3 brands" structural approach, which will help streamline back office operations and strengthen its North America and JAPIC commercial operations.
Nuvera continues to focus on serving heavy-duty applications, such as buses and trucks and applications in the automotive sector, with its 45kW engine, which was released for sale during the 2020 second quarter, as well as the forklift truck market. During the second quarter of 2020, Nuvera, which had successfully certified its first 45kW engine for China in 2019, received its first integration certification which allows the engines to operate in buses. Endurance testing of the engines in buses is currently in process in China and expected to conclude during the third quarter for one company, with certifications for other bus companies expected late in the second half of 2020 and in the first half of 2021. As a result of these milestones, Nuvera has accelerated the 45kW engine commercialization operations for the global market and is focused on ramping up sales of this product late in 2020 and in 2021.
In summary, since Hyster-Yale believes it is at an inflection point in its business, the Company plans to maintain the momentum of its strategic programs by fully implementing those projects, but on a prioritized basis given the current environment. These initiatives may reduce the Company's near-term financial results, but should position Hyster-Yale to improve its market position as market conditions return to more normal levels. The Company recognizes that the timing and shape of the market recovery is highly uncertain, and will remain agile and have contingency plans in place to appropriately respond to conditions as they unfold. Once the COVID-19 pandemic has abated and markets have returned to normal, the Company believes the full impact of these programs can lead to profitability improvements for a number of years to come.
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Conference Call
In conjunction with this news release, the management of Hyster-Yale Materials Handling, Inc. will host a conference call on Wednesday, August 5, 2020 at 11:00 a.m. Eastern Time. To participate in the live call, please register more than 15 minutes in advance at http://www.directeventreg.com/registration/event/8996564 to obtain the dial-in information and conference call access codes. For those not planning to ask a question of management, the Company recommends listening to the call via the online webcast, which can be accessed through Hyster-Yale's website at https://www.hyster-yale.com/investors. Please allow 15 minutes to register, download and install any necessary audio software required to listen to the webcast. A replay of the conference call will be available shortly after the call ends through August 12, 2020. An archive of the webcast will also be available on the Company's website two hours after the live call ends.
Non-GAAP and Other Measures
This release contains non-GAAP financial measures. Included in this release are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). EBITDA in this press release is provided solely as a supplemental non-GAAP disclosure of operating results. Management believes that EBITDA assists investors in understanding the results of operations of the Company. In addition, management evaluates results using EBITDA.
For purposes of this news release, discussions about net income (loss) refer to net income (loss) attributable to stockholders.
Forward-looking Statements Disclaimer
The statements contained in this news release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) the duration and severity of the COVID-19 pandemic, any preventive or protective actions taken by governmental authorities, the effectiveness of actions taken globally to contain or mitigate its effects, and any unfavorable effects of the COVID-19 pandemic on either the Company's or its suppliers plants' capabilities to produce and ship products if COVID-19 continues to spread or quarantines are re-established, (2) reduction in demand for lift trucks, attachments and related aftermarket parts and service on a global basis, including any reduction in demand as a result of a COVID-19 triggered economic recession, (3) the ability of Hyster-Yale and its dealers, suppliers and end-users to access credit in the current economic environment, or obtain financing at reasonable rates, or at all, as a result of current economic and market conditions, (4) delays in delivery or increases in costs, including transportation costs, the imposition of tariffs, or the renewal of tariff exclusions, of raw materials or sourced products and labor or changes in or unavailability of quality suppliers, (5) delays in manufacturing and delivery schedules, (6) the successful commercialization of Nuvera's technology, (7) customer acceptance of pricing, (8) the political and economic uncertainties in the countries where the Company does business, (9) exchange rate fluctuations and monetary policies and other changes in the regulatory climate in the countries in which the Company operates and/or sells products, (10) bankruptcy of or loss of major dealers, retail customers or suppliers, (11) customer acceptance of, changes in the costs of, or delays in the development of new products, (12) introduction of new products by, or more favorable product pricing offered by, competitors, (13) product liability or other litigation, warranty claims or returns of products, (14) the effectiveness of the cost reduction programs implemented globally, including the successful implementation of procurement and sourcing initiatives, (15) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation, and (16) unfavorable effects of geopolitical and legislative developments on global operations, including without limitation, the United Kingdom's exit from the European Union, the entry into new trade agreements and the imposition of tariffs and/or economic sanctions.
About Hyster-Yale Materials Handling, Inc.
Hyster-Yale Materials Handling, Inc., headquartered in Cleveland, Ohio, offers a broad array of solutions to meet the specific materials handling needs of customers' applications. The Company's wholly owned operating subsidiary, Hyster-Yale Group, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names. Subsidiaries of Hyster-Yale include Nuvera Fuel Cells, LLC, an alternative-power technology company focused on fuel cell stacks and engines, and Bolzoni S.p.A., a leading worldwide producer of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names. Hyster-Yale also has significant joint ventures in Japan (Sumitomo NACCO) and in China (Hyster-Yale Maximal). For more information about Hyster-Yale and its subsidiaries, visit the Company's website at www.hyster-yale.com.
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HYSTER-YALE MATERIALS HANDLING, INC. | |||||||||||||||
FINANCIAL HIGHLIGHTS | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30 | June 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions, except per share data) | |||||||||||||||
Revenues | $ | 654.4 | $ | 856.2 | $ | 1,440.1 | $ | 1,691.0 | |||||||
Cost of sales | 550.8 | 716.8 | 1,199.8 | 1,425.4 | |||||||||||
Gross Profit | 103.6 | 139.4 | 240.3 | 265.6 | |||||||||||
Selling, general and administrative expenses | 94.9 | 116.5 | 211.4 | 239.3 | |||||||||||
Operating Profit | 8.7 | 22.9 | 28.9 | 26.3 | |||||||||||
Other (income) expense | |||||||||||||||
Interest expense | 3.3 | 5.1 | 7.6 | 9.6 | |||||||||||
Income from unconsolidated affiliates | (0.8) | (3.1) | (2.4) | (5.8) | |||||||||||
Other, net | 4.5 | (0.4) | 2.3 | (3.5) | |||||||||||
Income before Income Taxes | 1.7 | 21.3 | 21.4 | 26.0 | |||||||||||
Income tax provision (benefit) | (2.3) | 4.4 | 1.8 | 5.9 | |||||||||||
Net income attributable to noncontrolling interest | (0.4) | (0.7) | (0.7) | (0.5) | |||||||||||
Net Income Attributable to Stockholders | $ | 3.6 | $ | 16.2 | $ | 18.9 | $ | 19.6 | |||||||
Basic earnings per share | $ | 0.21 | $ | 0.97 | $ | 1.13 | $ | 1.18 | |||||||
Diluted earnings per share | $ | 0.21 | $ | 0.97 | $ | 1.13 | $ | 1.17 | |||||||
Basic weighted average shares outstanding | 16.787 | 16.655 | 16.753 | 16.628 | |||||||||||
Diluted weighted average shares outstanding | 16.795 | 16.709 | 16.791 | 16.695 | |||||||||||
EBITDA RECONCILIATION | |||||||||||||||||||
Quarter Ended | |||||||||||||||||||
9/30/2019 | 12/31/2019 | 3/31/2020 | 6/30/2020 | LTM | |||||||||||||||
(In millions) | |||||||||||||||||||
Net Income Attributable to Stockholders | $ | 12.8 | $ | 3.4 | $ | 15.3 | $ | 3.6 | $ | 35.1 | |||||||||
Noncontrolling interest income | 0.3 | — | 0.3 | 0.4 | 1.0 | ||||||||||||||
Income tax provision (benefit) | 4.9 | 0.5 | 4.1 | (2.3) | 7.2 | ||||||||||||||
Interest expense | 5.3 | 4.9 | 4.3 | 3.3 | 17.8 | ||||||||||||||
Interest income | (0.2) | (0.8) | (0.5) | (0.3) | (1.8) | ||||||||||||||
Depreciation and amortization expense | 10.3 | 11.0 | 10.4 | 10.4 | 42.1 | ||||||||||||||
EBITDA* | $ | 33.4 | $ | 19.0 | $ | 33.9 | $ | 15.1 | $ | 101.4 | |||||||||
*EBITDA in this press release is provided solely as a supplemental disclosure. EBITDA does not represent net income (loss), as defined by U.S. GAAP, and should not be considered as a substitute for net income or net loss, or as an indicator of operating performance. Hyster-Yale defines EBITDA as income (loss) before income taxes and noncontrolling interest income (loss) plus net interest expense and depreciation and amortization expense. EBITDA is not a measurement under U.S. GAAP and is not necessarily comparable with similarly titled measures of other companies. | |||||||||||||||||||
HYSTER-YALE MATERIALS HANDLING, INC. | |||||||||||||||
FINANCIAL HIGHLIGHTS | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30 | June 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions) | |||||||||||||||
Revenues | |||||||||||||||
Americas | $ | 454.8 | $ | 537.7 | $ | 1,005.5 | $ | 1,072.2 | |||||||
EMEA | 120.1 | 202.1 | 272.2 | 392.2 | |||||||||||
JAPIC | 48.0 | 72.9 | 92.6 | 136.3 | |||||||||||
Hyster-Yale Group | $ | 622.9 | $ | 812.7 | $ | 1,370.3 | $ | 1,600.7 | |||||||
Bolzoni | 64.2 | 90.8 | 152.1 | 182.6 | |||||||||||
Nuvera | 0.7 | 2.2 | 2.1 | 6.7 | |||||||||||
Eliminations | (33.4) | (49.5) | (84.4) | (99.0) | |||||||||||
Total | $ | 654.4 | $ | 856.2 | $ | 1,440.1 | $ | 1,691.0 | |||||||
Gross profit (loss) | |||||||||||||||
Americas | $ | 74.9 | $ | 90.1 | $ | 174.6 | $ | 171.5 | |||||||
EMEA | 15.7 | 28.4 | 35.0 | 53.5 | |||||||||||
JAPIC | 4.2 | 8.4 | 8.7 | 14.5 | |||||||||||
Hyster-Yale Group | $ | 94.8 | $ | 126.9 | $ | 218.3 | $ | 239.5 | |||||||
Bolzoni | 11.5 | 15.5 | 28.4 | 31.1 | |||||||||||
Nuvera | (3.2) | (2.7) | (5.8) | (4.5) | |||||||||||
Eliminations | 0.5 | (0.3) | (0.6) | (0.5) | |||||||||||
Total | $ | 103.6 | $ | 139.4 | $ | 240.3 | $ | 265.6 | |||||||
Operating profit (loss) | |||||||||||||||
Americas | $ | 23.3 | $ | 26.2 | $ | 61.8 | $ | 41.5 | |||||||
EMEA | (2.8) | 4.7 | (7.3) | 4.7 | |||||||||||
JAPIC | (3.5) | (1.8) | (9.5) | (6.3) | |||||||||||
Hyster-Yale Group | $ | 17.0 | $ | 29.1 | $ | 45.0 | $ | 39.9 | |||||||
Bolzoni | (0.5) | 2.3 | 2.2 | 3.5 | |||||||||||
Nuvera | (8.3) | (8.2) | (17.7) | (16.6) | |||||||||||
Eliminations | 0.5 | (0.3) | (0.6) | (0.5) | |||||||||||
Total | $ | 8.7 | $ | 22.9 | $ | 28.9 | $ | 26.3 | |||||||
Net income (loss) attributable to stockholders | |||||||||||||||
Americas | $ | 13.5 | $ | 17.7 | $ | 41.3 | $ | 29.8 | |||||||
EMEA | (1.5) | 4.1 | (4.6) | 4.0 | |||||||||||
JAPIC | (1.1) | (1.5) | (5.7) | (3.9) | |||||||||||
Hyster-Yale Group | $ | 10.9 | $ | 20.3 | $ | 31.0 | $ | 29.9 | |||||||
Bolzoni | (0.6) | 1.6 | 2.1 | 1.9 | |||||||||||
Nuvera | (5.8) | (6.0) | (12.5) | (12.1) | |||||||||||
Eliminations | (0.9) | 0.3 | (1.7) | (0.1) | |||||||||||
Total | $ | 3.6 | $ | 16.2 | $ | 18.9 | $ | 19.6 | |||||||
HYSTER-YALE MATERIALS HANDLING, INC. | |||||||
FINANCIAL HIGHLIGHTS | |||||||
CASH FLOW AND CAPITAL STRUCTURE | |||||||
Six Months Ended | |||||||
June 30 | |||||||
2020 | 2019 | ||||||
(In millions) | |||||||
Net cash used for operating activities | $ | (12.0) | $ | (70.9) | |||
Net cash used for investing activities | (23.3) | (17.6) | |||||
Cash Flow Before Financing Activities | $ | (35.3) | $ | (88.5) | |||
June 30, 2020 | December 31, 2019 | ||||||
(In millions) | |||||||
Debt | $ | 337.7 | $ | 287.0 | |||
Cash | 60.5 | 64.6 | |||||
Net Debt | $ | 277.2 | $ | 222.4 | |||
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SOURCE Hyster-Yale Materials Handling, Inc.
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