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Hyster Yale Materials Handling : Announces Second Quarter 2021 Results
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Hyster-Yale Materials Handling Announces Second Quarter 2021 Results
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Hyster-Yale Materials Handling Announces Second Quarter 2021 Results
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Hyster-Yale Materials Handling Announces Second Quarter 2021 Results
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Quarter Highlights:
Significant increases in unit shipments in EMEA and JAPIC over Q1 2020 were more than offset by a substantial decrease in unit shipments in the Americas due to significant supply chain constraints resulting from the pace of the economic recovery
Q1 2021 consolidated revenues decreased 6.8% from very strong Q1 2020 revenues due to lower shipments in the Americas
Q1 2021 consolidated operating profit decreased to $3.1 million from $20.2 million in Q1 2020, driven by lower unit volumes, as well as higher manufacturing variances and material and freight costs of $5.2 million and $4.9 million, respectively, partly offset by lower operating expenses despite the add back of $9.0 million of incentive compensation that was suspended in 2020