HY - Earnings call transcript Q3 2020 | Hyster-Yale Materials Handling, Inc.

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Operator

Thank you for standing by, and welcome to the Hyster-Yale Q3 2020 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Christie Kmetko. you. Thank

begin. may You

Christina Kmetko

this and am our responsible Christina Hyster-Yale. joining Relations everyone, earnings for third call. at us for you I Kmetko Thank welcome morning, XXXX to quarter Investor morning. Good and I'm

our Joining President and Hyster-Yale Executive President Rankin, Chief Schilling, Executive Chief today's Officer me Rajiv Group; Officer Prasad, our XXXX and XX-Q. Officer. call Yesterday of Ken evening, issued results on and and and President Handling; quarter Al Chairman, filed are Materials release on Chief and Financial earnings of Vice available our of Hyster-Yale Copies site. our our Senior we are second XX-Q Web

our who archived afternoon and website entire not is months. listen to available call, for anyone approximately version to webcast an this XX today's on later For of this able be will

Our call and opening The Rankin, first, cause today. if non-GAAP. answers all. certain let remarks contain Al? discuss uncertainties some by our These forward-looking considered your over amounts risks We Also, these results update our are the those earnings But risks forward-looking filings third forward-looking this forward-looking statements included or In reconciliations our statements, remarks. issued have earnings may and quarter Web actual a release that others, site. in in turn from which among in to statements. described questions, may Chairman amounts and not are for that be obligation results. be These CEO, any at the our include, quarterly to conference discussed matters earnings I'll on updated until available of subject Al materially our release we night expressed call, me moment, next call to including these during non-GAAP with SEC. XX-Q make that statements and could such to follow, our we and implied differ our other disclaim to last here made

Al Rankin

of lives. Thanks virus, and priority continues to for The this our to day-to-day our everyone. global The of to all of morning, as good and aspect safe joining spread be COVID-XX know, you global reduce today. the spread began help pandemic first challenges And workforce Difficulty] every [Technical Christie, Thanks in coronavirus. our January. us kept continues -

Christina Kmetko

sorry I'm Al. breaking you're I'm Al, sorry. up. Al?

You're Rajiv, you breaking to Al's We up. can't hear do you. want remarks? give

Rajiv Prasad

Sure.

Christina Kmetko

call, on technical those For we're difficulties. We're the some listening having sorry.

So to we're going pivot.

Rajiv Prasad

Yeah, just with Al's I'll so remarks. continue

So in the spread January. of back began this virus

of regarding all we we progress as As and depth you duration the the And with much all the recovery speed shape then, and the and since know the made months contemplating again rise especially the globally. still despite us, downturn. ago questions were cases very are see of

vaccines several pandemic, our The overall, these the COVID-XX our continued questions. taken measures the quarter workforce moderated provide next. agile evolving details realized second to to in effects in in But Christie quarter. the the the remained While results. is in third meet to significant the landscape the globally although, challenges, from promising financial during this impact focused, during remained and still third for spread has limit quarter. distribution of ongoing second process, mass specifically broad affect feeling activities the economic from the of result a the capabilities global of products the early have business Despite as and open will decline those virus, deliver demand timing, quarter effectively our there customers financial are solid availability period, global an needs navigating

higher expectations third initial As than continuing quarter third a shutdown pandemic important subsequent global investment third in cost market exceeded a of operating related result our XXXX and reduction of our impact than our program profit to consolidated future. for the significantly we're the and results pace prior as make the to significantly quarter. of result, net anticipated quarter growth, our was lower income Nevertheless, the

while a third resulted from first cost of down. included year-to-date, in the quarter $XX.X results The months third efforts quarter in impressive, the cost pandemic has year. the and reduction appreciate benefits their work we and compared periods. $XX.X implemented related six million been to respective actions measures these both million a full the prior also of safe environment a containment expenses and quarter's year with In greatly associated this keeping Benefits workforce several decrease productive for costs operating resiliency throughout of remain the with our

have workforce and a thus global to variety successfully management of Hyster-Yale challenges Our responded confidently and team far.

believe health As strategic program. well Everyone's the managing safety. the business and I'll has businesses how ensure After Christie of current and pandemic. Hyster-Yale the operations and to business our our evolving this remainder and a outlook about support disciplined then customers, will in work we uncertain time execution of to employees our through this and to Ken results environment. at environment diligently our talk discuss dealers positioned are our through we the reviews are the our the difficult quarter, result, and manage same enabled

the quarter. me turn for Christy results over call to Let the Christie? our to cover

Christina Kmetko

discuss individual Thank I'll highlights you, start the then segments. Rajiv. with quarter the and

down pace to pandemic second shipments mainly primarily the lower in and from subsequent Our truck due $XXX.X and year's by third market global decreased quarter of quarter, related the XX.X% resulting recovery. the last the quarter forklift effects bookings to consolidated caused lower revenues third million the

segments. all also results profit XX.X million of X.X to Our operating from our consolidated in million third year significantly to prior lower the due decreased in quarter,

third tariff However, retroactive XXXX adjustments. results I favorable exclusion of that million the included want $X.X point quarter to out

in production not period the from of the per also $X.XX profit million third previously third year business quarter implemented. containment due as adjustments in million is the prior schedules Net the summer and the results, low cost $X.X share operating quarter a operations or exclude result out operating you actions quarter shutdowns with lower I'd manufacturing plant decreased seasonally If at quarter. actual generally year decline as our that associated from because the or our primarily plants. those to of income substantial share to of expenses was customary normal $X.XX note prior $XX.X per lower to like

Turning provide EMEA counterbalanced due trucks Class bookings units JAPIC the trucks lift moment. XX.X% segments to Class XXXX Americas fewer third quarter and EMEA will X $XXX.X shipments detail in revenues about in million X all shipments truck electric group's shipments in our Rajiv, and Hyster-Yale a in and in specifically business, from more in decreased to JAPIC. and the by due warehouse and but million decreased to fewer to primarily shipments the XXXX, Americas proximately segments. Consolidated XXX.X

quarter a from of XXXX decreased partially action, and mainly $X.X in the lower lift $XXX,XXX, Third the favorable as At gross the activity in in result combined of profit cost global reported the in expenses, sales quarter, XX.X% to to retroactive operating the of EMEAs year revenues operating favorable partially the by because decline over I was due In of economic with well Bolzoni truck tariff also taken. the JAPIC third containment a the quarter. segments, of XX.X% was the operating Americas as was third previously primarily subsequent from profit resulting in actions implemented. previously XXXX. cost all revenues volumes. to segments, offset in in than was offset quarter related the decrease profit subsidies, profit the pandemic the sales cost lower lower in operating impact containment decline as actions with due The units decline $XXX,XXX But of of offset absence operating gross gross more million exclusion decrease government increase mentioned. by EMEA, in decreased because profit which profit mainly decrease prior by containment operating adjustments to and lower was the due segment, shutdowns. profit decrease lower The volumes, in for business parts compared operating resulted the profit expenses Bolzoni an the combined in of the XXXX In

to in was decrease the the $XXX,XXX XXXX, prior with fuel the actions. a year, The favorable in of services. in party development inventory compared Those for quarter improvement the as in containment the XXXX. effect million as from cell $X.X lower primarily by adjustments quarter results third well million modestly driven The Finally, of result results Nuvera's are million operating $X.X revenues the and at third year, decreased XXXX third decrease $X.X the cost down revenue quarter. Nuvera, prior loss the of was operating were in from in

over turn who me this on strategic program. let update operations our Now an our will provide Rajiv, and to

Rajiv Prasad

Thanks Christie.

work to we and work very company, our the As we of of and the on COVID-XX have I continue employees be as virus. maintaining preventing on hard Across the continue said, pandemic. the proud by global I focused to our execution challenges of brought workforce spread disciplined the through safety of the

We good that. in record have a track doing

and creating the important of as that and However, as is are in ever, resurgence the are cases is safety us uncertainties added strong as stress. despite experiencing. this And many important new procedures maintain - recent it we pandemic is diligent fatigue

I'm themselves ability times them uncertain protocols very we maintaining and proud reiterate, focused established around including to to and our those workforce their for keep of these effective Let have in me the safe. stay

faster a as XX.X% XXXX the a was driven bookings. economies as XX% China. X% the translated truck quarter lift our to Compared increase XX.X% quarter compared XXXX market improvements we market to increase prior quarter and quarter, market continue truck global over increased improved market a third the XXXX global quarter, third than EMEA markets which roughly third our operations, lift XXXX. with the truck in of over increase than China, anticipated. well in level, quarter XX.X% the in a excluding second With less into on pre-pandemic as increased XX.X% Moving in reopen the ending XXXX, in by quarter to of These third the down increase solid year quarter second at as the Americas lift activity mentioned, third in

During the quarter, our prior higher the decreased year's third were than quarter. from quarter, second third unit shipments but

we shipments substantially match due of of and market the quarter rate conditions. to to down place shutdown that lower because Third in lower the in put pandemic the XXXX quarter bookings were production second related

booking third XXXX market trend exceeded substantially but of quarter were month September in in the September each a quarter XXXX were the the in back EMEA. primary quarter, Bookings substantially steady upward from shipments While Also, quarter third XXXX up our throughout from to were the steadily our demand over second that improved increased the prior the as continued bookings. level quarter, the May. and began of reaching of year, Americas August, down global bookings that third third specifically comparable

and production during times the carefully match While lead in to quarter. to uncertainty, third of booking strong our manage market ending period we that continue the conditions backlog rates quarter increase and shipments backlog so over modest our our led second a this

begun Additionally, recover, in unit compared in both of and and is where to with products, have position experienced quarter. second third a quarter price mix higher as industries in strongest, the average the markets the for XXXX per have have resulted XXXX bookings backlogs change which the we

programs improve, As we pursue expect bookings strategic returns. to long-term sound each to we continue position market will increased conditions that our recover businesses to and of financial the

pace me activity, long-term near expense in forward. to term than Despite of light the regarding our greater execute strategies. continue term minutes talking program. COVID-XX required let just and our Now, spend of The our the certain economic be to But to committed near expenditures. projects projects given strategic few a capital pandemic about emphasis operating continue reduce have strategies others move to been we uncertainty to

a engine trucks. a electric families of introduce in period, this internal during products is combustion we both While set lift to of modular, number continuing covering scalable focus the on our new, new business primary are truck product and

EMEA second engine version launch have The continue will focused XXXX, first truck XXXX. the trucks of the three-ton expected half timing of Americas three-ton on the introduction version maintaining of in expected the of internal been which of new of counterbalanced line heart is to This market. launched be be for the the lift of two the market to to these combustion first trucks products, the for this XXXX. of launched is of the quarter range We in standard the to with two throughout

dealers. focused more and accelerated in new the of level lower support ability our the expect nature customer and at individual industry to In modular industry with to rapidly need these We changing level. sales both finalizing we our meet enhance at at the investment specificity, products customer and on cost application this strategies, environment and our to have capabilities our implementing focus industry

service company its heavy selling IT focused office streamline lift serving which have including capabilities Americas back which enhancements. second various lead focus times North to Given the during market. applications three its continues its was truck sale commercial and plant customer our introducing for its to applications, one and continues through through engine, its the base. focus to will duty is America from also implementing on structural help strengthening of strengthen and the Bolzoni remote also a particularly bus supply its to and also Bolzoni operations. locally on Nuvera released continues produced America's the strategy, and focus quarter. approach, on technology operations we on XXXX XX-kilowatt ability growth with truck market JAPIC brand It enhancing of Alabama with environment shorter range Sulligent, other broad serve to cylinders COVID-XX and attachments components

During its which Nuvera, had first certification, successfully China of for XXXX, buses. allows operate XX-kilowatt certification received which integration engine quarter second to in its of engine in achieved XXXX, the the

quarter quarter sales expected catalogue. and of quarter company that and has of engines in XXXX now of design first the other are the one its was completed testing certified the for XXXX. fourth the Certification During Chinese bus bus company in of these in buses included companies, late in third

the that milestones, emerge late quarter expected the a integration new Ken? Nuvera up operation quarter engine global As a expected during business is intention product these and be the early this in our regarding the ramping programs in in conditions has our for to of and on the that the or quarter to turn fourth XXXX for be received XXXX XXXX. quarter believe as result measures begin prioritized with that developing certification fourth certification, thrive position. sale of approximately to kilowatt focusing strategic in to vehicle first process an it from improve. XX-kilowatt engine is of certification expected during and for to of our pandemic to on and Overall, be enhance I'll completed XXXX. us update over thoughts commercialization call now this is future liquidity. taken market We The put is quarters for in is the Ken Chinese XX will the the will to quarter. market the also Nuvera accelerated fourth engine fourth this stronger

Ken Schilling

Rajiv. Thanks

is are and booking activity encouraging rate market is in areas recent at alternative therapy XXXX with the line the shutdowns Overall, future expected growth and effective COVID-XX the that vaccination occurring The remain for we and but continue to for widely cases has season XXXX environment well trend increase and XXXX as operate economic expected, and the assumption COVID-XX since throughout difficult level on market is a of an available. increasing. will remainder of COVID-XX quarter the are While cases until uncertain. bookings second the bookings in improving, winter improvements to been better than still decreasing the our is entering

were the to place by pandemic activity reduction in impact place shutdowns control related and COVID-XX plans continuing may cases consequential of term are economic are factors initiating improving from liquidity. the any bookings that globe, spike of XXXX. expect and While not we and we over to cost in moderating cost control near within impact to designed the put the impact our markets our market remain COVID-XX aggressively anticipate these put in the which financial measures, the lower drive for countries Despite from product, we reduced additional measures we improve, dissipates markets, be the late of mitigate we in and declining pandemic. keep in on to - on macro enhance many until which manufacturing results the currently course to that quarter, resulting able employees the actions first and uncertainty and demand once as of healthy, we executing the around plans economic occur again will Beginning our

achieve cost of end have the $XX third realized in $XX $XX We reduction of XXXX to quarter. approximately expense million operating savings been to million million the in XXXX, expect which to compared actions these through

Rajiv with quarter market plants our the second As at moderately levels levels have increase government the more in anticipate we we production demand levels, is improved and This manufacturing backlog. barring, backlog production the expected new the quarter levels. times third an during we lead anticipated year. production mentioned, targeted has closely to open quarter acceptable And for the any and to plant the to in over with them adjusted backlog course XXXX further on also adjust given align production component reduced us Throughout levels. fourth minimum the booking competitive and we both current and Based remainder position bookings supply slots shutdowns. production ongoing our of and expected adequate to of expect increased

market to close will match appropriate our supply and our - adjusting ensure as with to and booking We suppliers on closely on quickly focus production the working levels component levels changes production continue working to change. and

these higher third to profit fourth fourth prior Given XXXX both year we and expect quarter. income factors, quarter operating and be quarter XXXX significantly the than our net

to likely quarter could virus, impact of seen of to in for measures and Let develop or the environment on suppliers recent that Further, back some the headwind have our our expectations in have current fourth or to not other of markets. of our our shut a number most booking largest a for are were fourth taken take into down. mitigate already a plants explain our including cases this taken place quarter the significant a in suppliers. a COVID-XX by had step time, may established countries. countries and countries need spikes new At put me similar XXXX been we number spread measures experts. prior as be Renewed of actions the European This

However, closely areas including we a cases are monitoring the monitoring are spiking. based situation, in where number of evolving suppliers

take prepared further issues, the more address employees are and We safety chain broadly. to if health production may maintain develop which supply any to our to necessary, and global of actions and

the continue for booking our to uncertainties limit result, to a levels As forecast pandemic XXXX. ability related

capital including In expenditures cost for capital be expect our capital containment before actions, full financing, addition enhance actions now cash which also we've working to on expenditures, to focus $XX XXXX. focused reducing flow on we our approximately or our reducing to deferring year the and million

quarter cash third on our quarter. over At XXXX to Our over of a and liquidity be second XXX.X the generate third of continues hand $XX.X also end cash XXX.X XX, quarter, the end at priority. XXXX. cash ended $XXX.X before for and the the XX.X quarter. million Enhancing improved was significantly debt $XX.X million the hand flow cash on $XXX.X XX, second the flow before financing financing months million million September helping from our to to the nine million, September million potential prior quarter of Encouragingly, improved and year to debt of at net $XX.X was our compared million million debt at of XXXX second

million borrowing addition, credit under have September compared In second XXX XX, quarter. of approximately end as existing the capacity our of unused with the facilities, revolving at we million $XXX of

business. the growth plan in our you're trends now of the secure, support in to - if if you investment to the improving capital working you. Al, line forecasted you return context back I'll we booking our future to Looking call in the your increase an can is to

Al Rankin

Ken. Thanks,

who and since path production chain in is Hyster-Yale that the deliver me strong. us. have up and disruptions questions, I long-term. and with have the effectively the our would let pandemic the say reassured over We But managed group outstanding we And the on an supply call pandemic positive of leaders I'm of as can't and kept earnings believe a by let performance and Before over and we turn period solid the employees for Hyster-Yale resilience began. still is sales strength people very

any questions open me call may the that up have. let for you Now

Operator

from comes you. [Operator Thank with Infosys. Our Ramya Instructions] Sri first question

line Your open. is

Christina Kmetko

Hello.

Operator

line open. your is Sri, Rajesh

Christina Kmetko

hear sorry. We I'm can't questions. you're you if asking

Operator

Your from next question comes DWS. Sesser with Michael

is line Your open.

Michael Sesser

Hi, the the the of thanks. Can that - completing that remarked for engine you certification guys completing XX-kilowatt about. you you significance that comment on

Al Rankin

you want take that? Rajiv, to

Rajiv Prasad

Sure. Yeah.

to these is at engine two through the you vehicle called integrate is certification SMVIC certification. called whole then apply can certify engine you MMIT the in level cell other level to that's those system. start go approved, working once to and vehicle engines one a engines and that's So level. types certification. integrators and China is the have fuel at with with the The of And One vehicle

in stated, engine we as orders. China, XX-kilowatt one and So with is now available which for OEM we've that done

Now, the is to what's also some happening regulations. there's in China changes subsidy

customers for are the waiting to the part So developing engine, may a - going XX-kilowatt and the it reason that's right a now. large number now which into is power require why that stabilize. through of of process engine going higher What certification it we're right is

these we to now buses. solution right for of XX sized so meter buses, is kind the eight the in XX that feel XX, kilowatts medium So

So in we're other our about that that We're customers talking in the we customers starting And engines talk elsewhere. China. will with and Europe XX-kilowatt to continue to market Asia then about engine. to

Michael Sesser

way have the Analyst at year your changed things so or Day, since way all? last the outlook for long-term the on Nuvera changed how not - has over it the evolved guys based or did has So you

Rajiv Prasad

point for at for right acceleration. Nuvera We we're kind outlook Our the is of very good. feel

larger seen heavy medium in large for a be replacement OEMs with discussions platform. about short to some number vans, cells the term we're engines, you've trucks, vehicle internal there starting solution. marketplace, about is for having of combustion hydrogen duty of which in as particularly fuel the And talked are If vehicle, the the buses, to and primary the

primary we - And integrate we're in where that some up, as think we platforms we're fuel good in the I market the feel turns key we are. in will cells. - think So well participate positioned about to

Al Rankin

and of in tests to add emerging the I Americas, the our in markets into those can other engine in But engine segments high we of both programs China. variants - ensuring the and right be drive from markets, that certification gear, most think the at is that the revenue in the but that commercialization that is the couple is significance Nuvera, appear that commercialization focus beginning engine just XX-kilowatt America to go and have really that North immediate volume years. the passing to to beginning next - Europe, the real shift I right variances to are over

So we're moving into quite a different phase at certifications. Nuvera as a result of passing those

Michael Sesser

looking Great be look track and for be we should we ramp? so we should - what be investors, milestones the commercialization what what the this - to of should looking and as revenue progress

Al Rankin

of our be customers, the level we'll end is we Well, orders may to of kind careful our only users the in but sure by the how meetings do be fully of of we We'll that and by make that timing upon the shipments we very quarterly think agreed regular the us not seeing. and products. that be reporting on those

be for, the to want not we're through, forecast and going We're process orders let you'll make then what that's get the in watching but advance. way work shipments. So to the going to

Michael Sesser

Okay, best commercialization? to you is shifting focus are up now final are just entity you given about Hyster-Yale the thinking pursue or strategic where two the and commercialization, where the questions, follow to maybe partnerships

Al Rankin

alliances different out addressable of sales We're with that sort always And the segments as that there to are those some wouldn't in way. about segments customers to in move forward thinking point are market. We probably dedicated the in best we total except forward. potential in possible many arrangements, sales arrangements, comment move be including necessary, alternatives advance on

of figuring to I through process to to the way of market, the be lays most to had probably sort in how out So best and we're anything you attractive that add the participate them. segments orderly an think taking. approach Rajiv, there's best going out the to that?

Rajiv Prasad

think summary, that I good Al. that's Yeah, a

Michael Sesser

Okay, just final follow up.

to hydrogen the Nuvera cells fuel increased thoughts do on any within as landscape? competitive you Given fits the a attention technology, have where

Rajiv Prasad

this take I can maybe Al. Yeah, one

attributes fuel power has, attributes both cell, think one to about also a you the we critical power some density, there for the need have. about unit is weight volume. critical the you much feel can instance, Nuvera generate, unit how the So if are cell of one good and And that from fuel of that

volumes of both you and As can leading in we're our are imagine, we critical architecture. because feel open OEMs. very flow that weight for And area, field

is area robustness. The other

know, as the where appropriate number of which kind we our types competitors as based cell basic such less using is fuel stainless is you power. of is a on for The of graphite, of structure our area last substrates motive As to are have feel we've steel, Nuvera it robustness group the within significant manage working Hyster-Yale into amount and to And about trucks. applied that and the cells an fuel fuel engine as we've in how significantly increase forklift process, transitions learned the a cell the of different solution.

in integrators. to feel leading and which or either we critical both those amongst system parameters, parameters three leaders are were the those think I in So OEM

Al Rankin

different fuel good position us that just success, outlined, in very various from in but solution, backdrop that me And long-term to position we just very for in duty segments other let of Now, especially applications that is the everything also cell the a a add that market. a significant think motive is Rajiv gives competitors. heavier kinds, our for patent of which

Michael Sesser

Great, thank for you all answering questions. my

Operator

comes with Colliers next from Your Securities. Mike question Shlisky

is now line Your open.

Mike Shlisky

Nuvera. will lift the comments. of just the all, good of long a opening a the for a for a teamwork wanted any now, of Hey, question on have some great US bit I get first them do lift a engines guess on about the I applications to if That's you on kind that. And time on ask the systems. in I definition on of my few of fuel on question. guess wanted cell But own quite I I a have the come certification from Hyster-Yale of different highways? first more opportunity to - you the some your how true great my us morning. trucks. represented up for may with work to job That's say of of guys, questions

Rajiv Prasad

Yeah, Rajiv. so I'll this take it's one,

are So again, by certifications region.

requirements requirements different of but do North its set a of So America. Europe. set are requirement. you they into Japan, little different And A lot set kind of to integration And own of for each market. a in in trucks driven of are has Japan by need commercial is there drives consistency - certification, the in certify

Mike Shlisky

developing cell I fuel out there any to across feel long-distance companies Have you of of there and mostly a the base your machine truck how love are returned are the hear any route cell to infrastructure? that own their any - Okay, for a comments you on with along got would all would US. are fuel on the that adopters need be whether then to kind infrastructure fuel major to operations expecting equipment fuel

Rajiv Prasad

take look So sure of my and first, of I'm maybe then this comments. some From the stages. will number have we point is at should way view, Al I'll hydrogen a

in widely Firstly, it's material, abundant a field. of water, an hydrogen it's large in in it's is - number carbon a

So availability to hydrogen straightforward, it also of use an a out the issue. molecule methodologies hydrogen from is pretty dissociation The to separate like or atom electrolyte something is not of an reforming hydrogen.

understood. well So that's

an issue. hydrogen So not making is

field Again, hydrogen. distribution analogous to third The to distribution hydrogen of around could carbon is area very be the gasoline.

type stations of use it. same You distribute to the could

the economics it. So there's or a in nothing driving the I case physics, that's hydrogen a is chemistry demand the think of barrier of

cells North do forklift in have implementation can we example, the we you America North application take fuel as fueling. America biggest trucks, has of the an on because local been if Now, biggest of feel -

I've fueling out a We around talked vans, about we come to central to source. expect of source, trend to trucks, buses, some which so central come hydrogen, which back sort back delivery that as expect spin

term, the of of short the on it's come the to to it time, there's I like need that is drive of be hydrogen going regions in work will various said, And amount sort more the groups is back what just But huge over some of to do medium have a create it. in refueling vehicles in depot. with think we barriers center each a going So to aren't big, that it as infrastructure. to a to

Al Rankin

is hydrogen and once it. to that I'd only produced, put that ship add straightforward it's The relatively to it Yeah. thing under is pressure

suggested, adopted. refueling as it's plants in have to becomes own the be of refueling Rajiv And analogous expansion and more depots may further specialized systems. those going to be their sense, manufacturing gasoline hubs and are these hydrogen for as So there that that

going there's But So be be And flexibility, lot one technical real increase, of efficient way end be don't very it kinds. increase. to there're more going getting possible outlets It's practical volumes think matter the of most I solution. of any the to going as there's a volumes to user a different in to the the transported no as there're challenges.

much So an to evolutionary process. be it's going very a

Mike Shlisky

comments great that's Okay, at Thank I so that. for end. color. also much. you the Thanks some so turn there to to wanted much

kind some shut down. mentioned of the you've during had your You your suppliers down, October, any particular and pandemic that Can kind couple the seen from during you're then actually in just comment new or of over your as any have activity orders of fared fared shut last here? down any have in markets regions weeks areas on how - tracking particular shut how you orders during

Al Rankin

come on want that? Rajiv, to you in

Rajiv Prasad

Thanks Sure. the for question.

into So what continued in started we market where a impacts, as a continued some that to have we But in seen has in of have particularly is lockdowns pipeline see are is to is not seeing significant comment, make know, recently impact. deteriorating, some we're is our have made Europe, And you we've taken some that our October. that longer what decisions. happening what's of customers taking but the as

that's to we you the as good saw a have initial see - orders our were backlog, rise. We position. extent, when pushing certain this of But we we're can we So good out backlog In had from Europe did the a Europe. in in a that the some anticipate plans. in

increasing feel well we to So And can is China of some China. strong. as by driving, our this go that the is that drivers China aggressive then strong. we've we it's as America continues competitors is, which in as China, being in shape. said can, very, in good And the North very are driven volume economic very some government's be through

a Asia is little split.

Asia are parts of shut parts essentially are very Some doing Other well. down.

a that's mixed story. So

Al Rankin

In elements almost tended as was And, open. first well all other the embrace a not concept the backdrop disease of me round to lots that There relatively the of questions. add to a to answer left one of Let lockdown understood. just few obviously COVID-XX, the the result, economy, were were question. of

warehouses, is think we rules. in our measures, going result broader I to second and be is doing the oversight we're testing, protection on the adjust all way what it don't That's reasonable as of the activities was manufacturing have that round. think social operations, factories, But lockdown can focus we at in plants. They of can it, physical found what of look COVID to conditions. first round, in the strict health that very distancing, the we certainly the is good

encouragement And offs that a the if is any that going see the really type need the we real and Rajiv us opportunity the slowdowns of and things continue are of But we the that there. and increasingly think nature. next work that delays that as there sign year. gives communication likely that to mentioned, factories So is over be is most to processes

Mike Shlisky

are machines you're color used great got I the Or coming some the go parts adequately quarter? and you appropriately service field think to enough? well. fourth that's do your in you've the the in sense seeing in about that more you or parts also ask and parts that business? that enough and business think quarter on being in encouraged Okay, Can your You get as you're service

Rajiv Prasad

industry. can around a is we've September, trucks the since demand flat America, have because at make in in telemetry lift comments. mature another one to America, usage seen that seen customers. Yeah, on seeing we've would - We're and requirements continuing on our take parts maybe May, then productivity you but since did North steady what in trucks see in marketplace. some I - units least There forklift August, Al daily good XX,XXX see April for when improvement. to were day of we we've And then much lined way what we can be and the pretty in can now we're in we And North a could terms drop sense a we - good around in for is the we've usage - every consider have again, we every these for - to in

So and good much I in Again, Europe, that's home well. lockdown in where to ourselves. than Europe think as find as - we rather associated see Al work, continuing more and said, demand is is we're there the with

Mike Shlisky

One, draw going clarify how working. in on products, service with old I've seen whereas Can in I'll one how some I you if modular them? has time next to That's the capabilities? last versions? your your faster to these that COVID-XX? perhaps any you've had Okay, And so. changes been just then have this here. comments, more been If pulled to any mean, wasn't modular that mentioned sure meant the focus comments that them the or to I you you performance or these do while better than be you Rajiv a you're now, about are like to two things? or offering already able coming And seen introducing products thanks you in compared planned. over one project this are products of there fix year it's maybe forward had to it, that only any secondly, changes And competitors for

Rajiv Prasad

a impacted the that's COVID a, that's That's development. question. big Yeah,

throughout be testing of our pandemic. working home, development from had the centers large operating we've to marginally our engineers reconfigured. is think I which number center allowed A

that test. as plan distance that have platform. normal and people We they've along, development socially it. this for do issues So And resolved introduction a ramp complete come can

will in of versions, also terms it in start introduce the so models, progressively of but new both And it, terms of geography.

first years geography XXXX in the of then and launched be depending to types products next throughout these or three of and expect models. on part the two the we over So

So everything It the will replace will extensive over program. it's pretty next years, - do. five it a we

greatly very different will available customers' which to made it the what are other invariably So application, turn to of firstly, solution lowest types the in economics but of of sources power that brings significant designing it them configure the is I'll also is allows investment our the in Then we're is from ICE for kind ways, batteries. right on give The with an us optimal that. do fuel varied cells to to greatly of is two the the operator, side, modularity The the productivity side, cost for terms and it's so ownership. trucks very company it solution, improvement enhanced, a making, very, enhanced. customer the that centric the and

scalability. this a modular competitors design our the who us we who There we but come the the way and are that. across nature that we taken have modular have with competitors haven't it? it do do taken modularity approach, degree of to competitors any we to range. our applying and have to So complete scalable can some And product Do it have allows are

Mike Shlisky

my so questions. it. Appreciate for thanks well, Okay, much answering

Operator

Instructions] Ramya from next comes with [Operator Infosys. question Sri Your

Your is line open.

Christina Kmetko

Hello.

Operator

Ramya line open. your Sri, is

no questions time. have at this We further

Christina Kmetko

for have release. questions, do much. me a on number the everybody, please information you you, Thanks is Have call. your Okay, any day. phone joining My a if again, today. thank additional great And us give We do interest. earnings appreciate and so

Rajiv Prasad

Thank you.

Operator

time will standard Today's X conference XXXXXXX. by pass eastern using be replay listen code today's replay pm XXX-XXX-XXXX November concludes you. XX. This Wednesday, to Thank Participants or may the starting dialing call. available until XXX-XXX-XXXX

You may now disconnect.

Hyster-Yale Materials Handling (HY) 4 Nov 202020 Q3 Earnings call transcript