Brief: Hyster-Yale Materials Handling Reports Q1 Earnings Per Share Of $0.91

Hyster-Yale

05/05/2020 22:33

May 5 (Reuters) - Hyster-Yale Materials Handling Inc  HY.N :
    * HYSTER-YALE MATERIALS HANDLING ANNOUNCES FIRST QUARTER
2020
RESULTS
    * Q1 EARNINGS PER SHARE $0.91
    * Q1 REVENUE $785.7 MILLION
    * PRODUCTION WAS REDUCED OR SUSPENDED IN SEVERAL OF
COMPANY'S
ASIAN AND EUROPEAN FACILITIES DURING Q1
    * COMPANY'S Q1 2020 RESULTS WERE ONLY MODERATELY AFFECTED BY
COVID-19 PANDEMIC
    * COST CUTTING ACTIONS INCLUDE SUSPENSION OF INCENTIVE
PAYMENTS
FOR COMPANY'S 2020 INCENTIVE PLANS
    * COST CUTTING ACTIONS INCLUDE HIRING FREEZES AT ALL
BUSINESSES
    * COST CUTTING ACTIONS INCLUDE MINIMIZATION OR ELIMINATION
OF
SUBSTANTIALLY ALL CONTRACT AND TEMPORARY WORKERS
    * HYSTER-YALE MATERIALS HANDLING - COST CONTAINMENT ACTIONS
AT
NORTH AMERICAN LOCATIONS INCLUDE 10% REDUCTION IN BASE SALARIES
FOR SALARIED EMPLOYEES
    * HYSTER-YALE MATERIALS HANDLING - IMPLEMENTATION OF COST
REDUCTION ACTIONS TARGETED TO ACHIEVE $80 MILLION TO $110
MILLION IN OPERATING EXPENSE SAVINGS IN 2020
    * CAPITAL EXPENDITURES FOR 2020 ARE NOW EXPECTED TO BE
APPROXIMATELY $55 MILLION
    * HYSTER-YALE MATERIALS HANDLING - AS OF MARCH 31, HAD
UNUSED
BORROWING CAPACITY OF APPROXIMATELY $194 MILLION UNDER EXISTING
REVOLVING CREDIT FACILITIES

Source text for Eikon:  ID:nPn1Zl9Spa 
Further company coverage:  HY.N 

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