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The Company has put significant effort into securing components through other channels including different shipping methods and other vendors. All of these factors have limited the Company's ability to receive parts at their originally scheduled times. ports as a result of a general lack of truck availability and labor shortages. ports and a shortage of trucks available to move the goods once they are received at U.S. These shortages, which worsened in the third quarter, arose due to shipping space availability in China, congestion at U.S. Throughout the first nine months of the year, the Company's ability to ship product was significantly constrained by parts shortages. The increase in prices also translated into a modest increase in the current average sales price per unit of backlog compared with the 2021 second quarter, but the average value decreased from the prior year third quarter because of a change in the mix of products due in part to a significant increase in orders for lower-priced trucks in the Americas over the past year. The average bookings sales price per unit increased compared with the 2021 second quarter and the prior-year quarter because the Company continued to increase prices to offset material and freight cost inflation. These factors led to a large increase in backlog compared with the 2021 second quarter, and to a new historically high backlog level, which has extended delivery lead times substantially. Despite continued high bookings levels, unit shipments were only modestly higher than the 2021 second quarter due to significant component shortages caused by ongoing global supply chain and logistics constraints. In the third quarter of 2021, bookings increased significantly compared with the prior year third quarter due to a higher market as a result of increased economic activity, share gains, long lead times and the pull forward of orders ahead of price increases, but were lower than the record levels experienced in the second quarter of 2021. Compared with the 2021 second quarter, the market decreased more than 14% due to downturns in all markets except Latin America. The lift truck market continued to grow in the 2021 third quarter, increasing approximately 23% over the prior year quarter but at a more moderate pace than in the first half of the year.
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Summary results for the Company's three business segments were as follows for the third quarter of 20: As of September 30, 2021, the Company had unused borrowing capacity of approximately $245.9 million under the Company's revolving credit facilities compared with $313.9 million at June 30, 2021. (NYSE: HY) today announced consolidated revenues of $748.2 million, an operating loss of $54.3 million and a net loss of $77.2 million, or a loss of $4.59 per share, for the third quarter of 2021 compared with consolidated revenues of $652.4 million, operating profit of $7.3 million and net income of $5.1 million, or $0.30 per share, for the third quarter of 2020.įor the nine months ended September 30, 2021, the Company reported consolidated revenues of $2.2 billion, an operating loss of $45.3 million and a net loss of $69.7 million, or a loss of $4.15 per share, compared with consolidated revenues of $2.1 billion, operating profit of $36.2 million and net income of $24.0 million, or $1.43 per share, for the first nine months of 2020.Īt September 30, 2021, the Company's cash on hand was $61.4 million and debt was $428.0 million compared with cash on hand of $87.5 million and debt of $345.7 million at June 30, 2021. deferred tax assets, as well as the after-tax impact of the Nuvera adjustments Q3 2021 consolidated net loss of $77.2 million includes a $38.4 million charge to establish a valuation allowance primarily on certain U.S.
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Q3 2021 consolidated operating loss of $54.3 million due to the following: Q3 2021 revenues increased 14.7% over Q3 2020 due to a 12.6% increase in shipmentsĭespite improved shipments and record backlog levels, Q3 2021 production and shipments continue to be severely disrupted by component availability Q3 2021 bookings increased 63.4% over Q3 2020 levels, but were down 20.9% from Q2 2021 record levels as the global lift truck market moderated