H&E opens new branch in Monroe Louisiana
Effective May 25, 2023, H&E Equipment Services Inc. (H&E) announces the opening of its Monroe branch, its eighth rental location in the state of Louisiana. The branch is located at 900 Delta Drive, Monroe, Louisiana 71203-6012, phone 318 692-4800. It includes a fully fenced yard area, offices, and a separate repair shop and is capable of handling a variety of construction and general industrial equipment for customers in the northeastern part of the state. “H&E has centered its newest Louisiana facility directly between existing branches in Shreveport and Alexandria, Louisiana, to the west and south, respectively; Jackson, Mississippi, to the east; and El Dorado, Arkansas, to the north. This strategic placement allows us to better serve our existing customers in North Louisiana. With quick access to I-20, we can easily reach job sites from Ruston, Louisiana, to Vicksburg, Mississippi.” says Branch Manager Tyler Johnston. “Monroe is a strong market with many industrial projects, and our fleet contains a wide variety of equipment available to serve any application.” The Monroe branch specializes in the rental of aerial lifts, telescopic forklifts, earthmoving machinery, compaction equipment, generators, compressors, and more and represents the following manufacturers: Allmand, Atlas Copco, Bomag, Case, Club Car, Gehl, Generac Mobile, Genie, Hamm, JCB, JLG, John Deere, Kobelco, Kubota, LayMor, Ledwell, Lincoln Electric, Link-Belt Excavators, MEC, Miller, Multiquip, Nissan, Polaris, Sany, Skyjack, SkyTrak, Sullair, Sullivan-Palatek, Unicarriers, Wacker Neuson, Yanmar, and others.
MH Equipment Partners with OTTO Motors to provide Material Handling Automation Solutions
MH Equipment has announced its partnership with OTTO Motors, a provider of autonomous mobile robots (AMRs). MH Equipment was selected as an OTTO Certified Dealer to develop, sell, deploy, and service OTTO Motors’ solutions. MH Equipment focuses on partnerships that meet the needs of their customers and the partnership created with OTTO Motors will help meet the rising demand for AMRs. It will also assist in solving top manufacturing challenges by implementing material handling automation solutions at scale. MH Engineered Solutions, a division of MH Equipment, specializes in custom solutions for warehouse design and efficiency and will provide a specialized knowledge base for implementing OTTO Motors’ solutions throughout the industry. “Customers demand exceptional service. We’ve built our OTTO Certified Dealer program like we’ve built our products, with an unwavering emphasis on quality to ensure that our customers receive the exceptional service they expect,” said John Stikes, Director of Global Strategic Alliances and Partnerships at OTTO Motors. Dan Gill, Head of Dealer Relations at OTTO Motors, added: “We have hand-selected the top material handling equipment organizations in the continent to locally deliver the technical support and maintenance needed to deploy, maintain, and scale automation systems.” MH Equipment’s President of Sales and Marketing, Woody Hartwell added, “We focus on our customers’ needs and facilitating outstanding customer service. Our team is well-trained and highly competent at designing, installing, and maintaining AMR solutions for our customers. We are excited to add OTTO Motors to our supply partners and look forward to identifying ways we can help each other grow.”
Big Joe debuts new AMR Features & Capabilities at Automate 2023
Big Joe Pallet Mover automates workflows through a simple user-directed interface Big Joe Forklifts has seen a tremendous response to its recently launched Pallet Mover, a new user-directed autonomous mobile robot (AMR), and is showing off its newest features at Automate 2023. Developed in partnership with Thoro.ai, the Big Joe Pallet Mover is an easy-to-deploy autonomous solution for floor-to-floor pallet transportation and drop-off that companies can set up and begin operating in less than one hour after receipt. New Pallet Mover AMR features that will be introduced at Automate 2023 include dynamic mapping, map sharing, and zone drop functionality to further enhance the product’s capabilities and thereby increase potential use cases and return on investment for customers. Dynamic mapping allows the Big Joe Pallet Mover to update onboard facility maps on the fly to keep up with changing environments and thus reduces map depreciation and the need to frequently remap areas of operation. As multiple Pallet Movers working in the same facility adapt to changes, users can now utilize a new map-sharing feature via Wi-Fi to update all units and efficiently maintain performance across a fleet. “AMRs bring so many benefits to the modern warehouse, and The Pallet Mover from Big Joe offers functionality, dependability, and a point of entry to automation that doesn’t require any enterprise-wide software or extensive training to get up and running,” said Big Joe’s Chief Marketing Officer, Bill Pedriana. “With the new features being released this week and our simple implementation process, our focus remains on empowering workers and eliminating the need for complicated systems integration.” In addition to enhanced mapping capabilities, the new zone drop feature being introduced at Automate 2023 greatly enhances the Pallet Movers’ ability to do what it does best. That is to autonomously travel to a destination and deliver pallets to preset locations. When the zone drop feature is used, the Pallet Mover will take a load to a predefined area in a facility having multiple pallet delivery locations and will place a pallet in the first open spot based on sequential order – even if they are not in one continuous row or adjacent to one another. “Given my experience vetting manufacturers that have begun adopting autonomous technology, I can tell you first-hand that the new features we are introducing will eliminate a lot of severe headaches and costs for our customers,” said Big Joe’s Autonomous Division General Manager Nick Malewicki. “None of my suppliers, when I was a customer of automation, could deal with the high level of change in areas like receiving docks without the need for hard infrastructure or an industrial engineer being regularly involved. Our focus on making this machine as easy to deploy as it is to use and where we are at with these new features is such a huge step change from where the industry has been stuck for years.” The Big Joe Pallet Mover features an intuitive tablet interface, LiDAR, and a camera system to transport and drop pallets to locations autonomously once the operator initiates it and selects a mission. This collaborative approach uses self-driving technology as a productivity force multiplier by allowing workers to focus on higher-value tasks or direct multiple independent workflows concurrently. Initial pricing for the Pallet Mover is set at $65,000 plus tax and freight per unit inclusive of deployment, initial training, and a robust three-year autonomous software and support subscription.
Raymond introduces outdoor electric lift trucks
New models offer emissions-free electric performance and outdoor capability The Raymond Corporation, a global manufacturer of intralogistics solutions and a recognized innovator in material handling equipment introduces two products designed to provide exceptional performance while addressing the need for sustainable material handling solutions: the 4800 and 4810 80-volt sit-down counterbalanced trucks. The new pneumatic series offers all the needed capacities between 4,000 and 11,000 pounds. “Both of these machines are designed specifically for outdoor applications,” said Tim Rice, product manager, of The Raymond Corporation. “This makes them perfect for lumberyards, big-box stores, and building material suppliers, as well as for container yards, agricultural or commodity applications — any customer who’s interested in an emissions-free, low-maintenance all-electric lift truck but is unwilling to compromise on performance, indoor/outdoor capability and ease of operation.” The 4800 and 4810 models both feature the confidence-inspiring Raymond Performance Stability System™, which offers a high level of vehicle control for reduced damage to goods and facilities. Both models give users an ergonomically designed operator station featuring a full-suspension and fully adjustable seat with an attached armrest and fingertip hydraulic controls with factory side-shift. For optimum comfort in any environment, a variety of enclosed or partially enclosed cabin options are available. Well-placed controls — include a power select function that allows operators to optimize power output based on the specific application. To support various applications, customization is available to make the most of the machine, including forklift attachments. Out front, the open-view mast allows for exceptional visibility, increasing operator comfort and confidence. In addition to offering unmatched emissions-free performance, the 4800 and 4810 models help owners control operating costs and maximize uptime through features such as low-maintenance wet disc brakes and powerful rechargeable batteries that require no spark plugs, no tuneups, and no scheduled oil changes. The energy regeneration system, standard on both models, increases run-time by putting energy back into the battery during plugging, coasting, and braking. “In almost every industry we serve, there’s a growing interest in more sustainable operations,” Rice said. “We’re seeing an increasing number of users switching from conventionally powered lift trucks to electric trucks. For any lift truck user interested in converting to an all-electric fleet, the 4800 and 4810 models make perfect sense. These are fully capable indoor/outdoor machines, which have the features to not only help meet sustainability goals but also help optimize overall performance through integration with iWAREHOUSE and other Raymond telematics solutions.”
Techlift International has acquired Chariots élévateurs GCS
Techlift International has acquired Chariots élévateurs GCS, thus becoming its fourth branch. With branches in Drummondville, Victoriaville, Sherbrooke and now Montreal, Techlift is taking a big step towards its goal to cover the entire Quebec territory. Kevin Lecouffe joins the team as Branch Manager. “We are happy to welcome Kevin and the GCS employees to the Techlift family. This is a great day for us and I thank the team for their confidence. We are looking forward to the success we will have together” – Guillaume Joyal, President of Techlift. Techlift will now offer an even wider range of products designed to help our customers more efficiently manage their equipment fleet.
Marginal decline in Forklift Truck Sales in 2022 following historic 2021
The Industrial Truck Association (ITA) reports that forklift sales in the North American market remained robust for the second consecutive year during 2022 after reaching a record level in 2021. Despite headwinds from high levels of inflation and mixed economic indicators, retail orders decreased by only 1% year-over-year, closing out the year as the second highest on record. “The dedication and commitment by all of our associates is a powerful testament to the industry’s ability to meet the accelerated demand in 2022 and 2021,” said Chuck Pascarelli, ITA Chairman of the Board of Directors and President, Americas, Hyster Yale Group. Year-end 2022 forklift truck sales of 344,330, spanning all classes (1-5), trailed the previous year (347,677) by slightly more than 3,000 units. Industry performance varied among the classes including electric rider trucks (Class 1 and Class 2 combined) and motorized hand trucks (Class 3) declining (y/y). Class 3 showed the greatest decline of 11%. Class 1 declined by nearly 10% and Class 2 declined by 8.3%. The market for internal combustion trucks, Classes 4 and 5, grew significantly (y/y). Class 4 showed growth of over 39% whereas Class 5 grew at a rate of 13.7%. “Many economists are predicting stagnant levels of growth in GDP for 2023. To date through March 2023, the North American market is down 31.9% year-over-year. Ultimately, we will have to wait and see how the forklift market fares during the year given the predicted economic challenges facing the country,” said Brian Feehan, President of ITA. “It is important to recognize that in 2022 and 2021, more than 100,000 units sold above the traditional North American annual market volume.”
Papé Material Handling acquires Globe-Bay Area Forklift
Papé Material Handling recently acquired Globe-Bay Area Forklift, effective May 12, 2023. No details of the acquisition will be released. Former Globe-Bay Area Forklift customers will gain access to Papé’s extensive selection of forklifts and other material-handling equipment. In an announcement from Papé Material Handling President, Chris Metle said, “Our members look forward to earning your business with unparalleled customer service and a full line of equipment rentals including scissor lifts, boom lifts, telehandlers, and forklift models including 3-and 4-wheel electric, internal combustion, narrow aisle, reach trucks, and big-jumbo trucks. We are excited to meet you, build a strong relationship, earn your trust, exceed your expectations, and be a continued part of your success.” Both Papé and Globe-Area Forklift have a long history of serving their customers as family-owned businesses. Globe-Bay Area Forklift was founded in 1952 as Globe-Wally Forklift before being acquired by Bay Area Forklift in 1991. This history of serving customers made Globe-Bay Area Forklift a perfect fit for Papé Material Handling. With 85 years of experience, Papé is a fourth-generation family-owned and led business with a long tradition of success in the equipment business. Papé Material Handling prides itself on providing a wide selection of versatile equipment for warehousing, construction, and other material handling operations.
New Combilift product launch at Ligna
As forklift manufacturer Combilift continues its 25 years in business celebrations, this week saw the launch of another new model truck, this time at Ligna, the international timber and woodworking show, which runs from 15th – 18th May in Hanover, Germany. The new Combi-CB70E is a further addition to Combilift’s ever-growing range of electric models which offers powerful performance, extensive battery life, and unrivaled ergonomics. This model, in the vibrant Combi-green livery, first seen on the recently launched Combi-CUBE product, boasts the distinction of being the shortest 7t capacity counterbalance truck on the market whilst also benefitting from multidirectional ability, enabling the versatile space-saving handling of both long and bulky loads. Design features incorporated into the high-capacity Combi-CB70E such as its large super-elastic tires and compact wheelbase make it ideally suited for the operational demands of the timber industry. With a 7,000kg/15,500lb lift capacity, this model benefits from an impressively small footprint as well as exceptional maneuverability meaning that it can easily move bulky loads of timber around in confined spaces. Occupational health and safety requirements mean that the welfare of the workforce has become ever more important over the years. Drivers of industrial vehicles, who are often required to spend extensive periods in their workstations, quite rightly expect the highest levels of comfort and safety. Combilift’s designers have therefore gone to great lengths to ensure that the latest generation of models is kitted out with top quality components that ensure sophisticated ergonomics for a stress-free in-cab environment. Features in the spacious cab include generous glazing for excellent all-around visibility, the tilting steering column, hydraulic steering, and the Grammer MSG65 seat. What sets the Combi-CB70E apart from other forklifts is its gas strut suspension cab, which uses components such as those found in large-scale industrial machinery with cab suspension. Combined with the super-elastic tires this guarantees the smoothest of rides over uneven or less-than-perfect ground conditions such as those typically experienced in lumber yards. Combilift’s newly developed Auto Swivel Seat also premiered at the Ligna show. This optional feature automatically engages and swivels the seat and armrest 15° to the right or left to accord with the direction of travel selected by the operator – reducing driver strain, particularly when traveling in reverse. (Patent Pending Application No. 2305983.5) The truck also features Combilift’s internationally patented and Red Dot-awarded independent electric traction which provides all front and rear drive wheels with 100% traction control. This negates the need for a differential lock on slippery surfaces and significantly reduces long-load momentum twisting when traveling sideways. Each electric drive incorporates parking and regenerative dynamic braking for power efficiency. Roll-out access for major electrical components also simplifies maintenance tasks. This mix of next-gen performance, extensive battery life, and exceptional ergonomics combined with all the advantages of the Combi-CB range, makes this the most powerful compact electric multidirectional forklift to date. Combilift CEO and Co-Founder Martin McVicar said: “The increased capacities that we are offering in our electric range will answer the demand for ever more powerful products which at the same time help companies to achieve their aims for more sustainable operations. We chose Ligna as the platform for launching the Combi-CB70E due to its innate suitability for customers in the timber sector, but we are confident that this model will be a popular addition to our portfolio for many other industry applications.”
KION Group donates over half a million Euros to the German Red Cross for the Earthquake Victims in Türkiye and Syria
The Intralogistics group supports the German Red Cross’ efforts in the earthquake area Employees donate more than €280,000 to the German Red Cross, the KION Executive Board doubles the sum Paid time off for KION Group employees who wish to volunteer in humanitarian aid operations in Türkiye and Syria Following the devastating earthquake on the Turkish-Syrian border in February this year, the KION Group is donating almost 600,000 euros to support relief workers and thereby help earthquake victims. “We’re still deeply saddened by the tragedy that has struck Türkiye and Syria and want to play our part by supporting aid operations in the long term,” said Rob Smith, CEO of KION GROUP AG. “We’re immensely grateful to our employees who have generously donated to help victims of the earthquake in recent weeks, and we are more than happy to show our solidarity by doubling the amount donated by employees.” KION employees from all over the world donated as part of a Group-wide campaign to raise money for the German Red Cross. The aid organization has been actively helping to rescue, care for and house those in need in the earthquake zone in Türkiye and Syria since the disaster struck. In addition to this, colleagues in Germany were also able to convert their working time credits (overtime, etc.) into donations. All time credits (gross) have been donated to the Red Cross, as the KION Group has covered all the tax and social security contributions due in full. Furthermore, employees who have a personal connection to the crisis region and who wanted to assist with the humanitarian aid operations on the ground—independently from the German Red Cross—were able to do so with full pay. A total of around €285,550 was raised from February to April through monetary and time credit donations. The KION Executive Board will now double this amount, bringing it up to €571,100, as an additional contribution to the reconstruction efforts in the region. CEO Rob Smith continues: “We would like to extend our thanks to the professional and volunteer relief workers on the ground who continue with their tireless work to overcome the devastating effects of this natural disaster. It will take years for the region to be rebuilt.” The donations received by the German Red Cross are being used to provide those affected by the earthquake with the vital support they need, whether it be accommodation, food, water, medicine, or psychological support. Further information on how you can support those affected by the earthquake can be found on the German Red Cross website at https://www.drk.de/erdbeben-turkei-syrien/
Papé Material Handling named Combilift Dealer of the Year for 2022
Earlier this month, Combilift awarded Papè Material Handling with the Dealer of the Year award for 2022. The award was presented during the annual ProMat event, held this year at the Drake Hotel in Chicago, IL. Combilift’s line of heavy-duty forklifts, pedestrian stackers, sideloaders, and other warehousing and construction equipment offer solutions for a wide range of floor plans and applications. Papé was particularly honored to receive this year’s award during Combilift’s 25th-anniversary celebration and Papé’s 85th anniversary year. The award serves as a great celebration of the two companies’ combined knowledge and experience. “Congratulations to all at Papé Material Handling on your North America Dealer of the Year 2022 award,” said Anthony Rooney, Combilift Sales Director for Ireland, UK, and North America. “I would also like to extend a warm thank you for making our 25-year celebrations so special. We are extremely grateful for the continuous support from Papé Material Handling. We were delighted the Papé Material Handling team could join us to help celebrate 25 years of lifting innovation.” “We are thrilled and honored to receive the North America Dealer of the Year 2022 award from Combilift during our 85th anniversary year,” said Chris Wetle, President of Papé Material Handling. “This award is a testament to the hard work and dedication of our entire team, who consistently strive to provide our customers with the best solutions for their material handling needs. We are proud to partner with Combilift, whose innovative line of heavy-duty forklifts and other equipment perfectly complement our offerings. We look forward to continuing this successful partnership and providing our customers with the highest level of service and expertise for many years to come.” As a dedicated provider of material handling equipment to suit any operation, Papé prides itself on providing a wide selection of versatile equipment. For warehousing, construction, and other material handling operations, Papé is the source of equipment and machinery that meet a broad range of operational needs.
Toyota Material Handling donates $5,000 to Family Service, Inc. to support Mental Health Awareness
Toyota Material Handling has recently donated $5,000 to Family Service, Inc., a nonprofit based in Columbus, Indiana, in support of Mental Health Awareness Month. The donation comes as a result of Toyota’s Executive Giving Program, which started in 2012 as a way to encourage the company’s leaders to get involved with and give back to a local organization they’re passionate about. Each year, Toyota’s senior leaders are allotted between $2,500 and $10,000 to donate to a local nonprofit that’s making a difference in the community. But the Executive Giving Program is about more than just providing financial support. Before a Toyota executive receives funding for a cause, they are strongly encouraged to contribute to the organization in a meaningful way by donating their time. Toyota Material Handling’s latest contribution to Family Service, Inc. was spearheaded by Tracy Stachniak, the company’s Vice President of Human Resources. Stachniak, who serves on the board of the local chapter of the American Red Cross, is passionate about giving back to the community. She learned about Family Service, Inc. from several Toyota Associates who volunteer with the organization, including Michael Heyden, the President of Family Service and senior manager at Toyota. The donation will directly assist Family Service, Inc. in providing mental health therapy and abuse prevention education throughout Bartholomew County, Indiana. “At Toyota, we understand the importance of promoting mental health awareness to fight the stigma, and we are committed to supporting the mental health and wellness of all of our Associates and our fellow neighbors,” Stachniak said. “Our core purpose – the reason we exist – is to contribute to society, and the Executive Giving Program is a great opportunity to do that. We were proud to make this donation to Family Service, Inc. during Mental Health Awareness Month to help promote education and resources for those who may be struggling. Our hope is that this contribution will have a positive impact on many lives and inspire others us to join us in this important cause.” Family Service, Inc., founded in 1968, is a nonprofit dedicated to improving the mental wellness of the community through prevention, education, treatment, and advocacy. Family Service’s primary focus has always been family oriented with programs concentrating heavily on strengthening family functioning. In 2022, Family Service Inc. provided over 620 individuals with mental health services in the region, including approximately 1,833 free therapy sessions for youth and adults. Family Service, Inc. provides in-person prevention education, reaching over 25,000 individuals last year. The organization partners with multiple organizations in the area to provide holistic support for those with immediate and long-term needs. Mental Health Awareness Month has been observed in the U.S. since 1949, supported by the National Alliance on Mental Illness (NAMI) to raise awareness about mental health, educate the public and advocate for policies that support the millions of people in the U.S. affected by mental illness. To join the conversation on social media, use the #MoreThanEnough hashtag.
Alta Equipment Group announces strong First Quarter 2023 financial results and increases adjusted EBITDA guidance for 2023
First Quarter Financial Highlights: (comparisons are year over year) Total revenues increased 26.8% year over year to $420.7 million Construction and Material Handling revenue of $233.1 million and $164.8 million, respectively Introduced a separate reporting segment, Master Distribution, with revenue of $26.7 million New and Used Equipment sales grew 44.9% to $219.6 million Product Support revenue increased 26.6% year over year with Parts Sales increasing to $68.4 million and Service Revenue increasing to $60.2 million Net income of $0.2 million available to common stockholders compared to a loss of $(2.0) million in 2022 Basic and diluted net income per share of $0.01 for 2023 compared to $(0.06) loss in 2022 Adjusted basic and diluted net income per share* of $0.04 for 2023 compared to a loss of $(0.02) in 2022 Adjusted EBITDA* grew 36.0% to $40.8 million, compared to $30.0 million in 2022 Increase full year 2023 Adjusted EBITDA guidance to $180 million to $188 million from the previously announced $177 million to $185 million Alta Equipment Group Inc., a provider of premium material handling, construction, and environmental processing equipment and related services, today announced financial results for the first quarter ended March 31, 2023. CEO Comment: Ryan Greenawalt, Chief Executive Officer of Alta, said “Our business is off to a solid start this year, with revenues increasing $89.0 million, or 26.8%, to $420.7 million, which included strong organic growth as well as contributions from our recent acquisitions. All our lines of business performed well and the trends for this year are encouraging. New and used equipment sales increased 44.9%, or $68.0 million, to $219.6 million. Continued strong labor utilization drove product support revenue growth of 26.6%, or $27.0 million, to $128.6 million versus a year ago. Our product support revenue will continue to be a growing recurring revenue stream for our business.” Mr. Greenawalt continued, “Supply chain headwinds continued to abate during the first quarter as our product inventory increased to a more normalized level, and we were able to deliver more machines to customers as evidenced by the increase in new equipment sales. We are encouraged by the increase in product availability from our manufacturing partners. Backlogs remain high, and we are not experiencing order cancellations from our customers. As it relates to our Construction segment, market fundamentals remain favorable. As we have pointed out previously, we have benefitted from our presence in Florida and demand there remains strong as state DOT funding is forecast to increase nearly 20.0% in fiscal year 2024. As projected, a significant amount of federal and state funding across our footprint will be allocated for major infrastructure projects, aligning well with our product portfolio. Our Material Handling segment, in particular our warehouse systems integration business, also continues to see strong demand as customers seek to automate processes and leverage robotics in their operations.” In conclusion, Mr. Greenawalt commented, “We are truly excited about our opportunities this year. In 2008, our total revenues were just $61.0 million. When we went public in 2020, total revenues were $874.0 million. Total revenues are now $1.7 billion on a trailing twelve-month basis. We have now completed 14 acquisitions since going public with a total revenue value of $446 million and $53.3 million in adjusted EBITDA. The macro trends in our end user markets support continued growth with the continued investment in infrastructure projects, demand for automated material handling solutions, the increase in nearshoring, and the trend towards electrification of commercial equipment.” Increased Full Year 2023 Financial Guidance: The Company increased full-year 2023 Adjusted EBITDA guidance to $180 million to $188 million from the previously announced $177 million to $185 million. CONSOLIDATED RESULTS OF OPERATIONS (amounts in millions unless otherwise noted) Three Months Ended March 31, Increase (Decrease) 2023 2022 2023 versus 2022 Revenues: New and used equipment sales $ 219.6 $ 151.6 $ 68.0 44.9 % Parts sales 68.4 53.4 15.0 28.1 % Service revenue 60.2 48.2 12.0 24.9 % Rental revenue 43.5 37.7 5.8 15.4 % Rental equipment sales 29.0 40.8 (11.8 ) (28.9 )% Total revenues 420.7 331.7 89.0 26.8 % Cost of revenues: New and used equipment sales 179.0 123.9 55.1 44.5 % Parts sales 45.4 36.7 8.7 23.7 % Service revenue 25.1 20.1 5.0 24.9 % Rental revenue 6.1 5.4 0.7 13.0 % Rental depreciation 22.9 20.3 2.6 12.8 % Rental equipment sales 20.9 33.9 (13.0 ) (38.3 )% Cost of revenues 299.4 240.3 59.1 24.6 % Gross profit 121.3 91.4 29.9 32.7 % General and administrative expenses 104.0 82.9 21.1 25.5 % Depreciation and amortization expense 5.2 3.9 1.3 33.3 % Total general and administrative expenses 109.2 86.8 22.4 25.8 % Income from operations 12.1 4.6 7.5 163.0 % Other (expense) income: Interest expense, floor plan payable – new equipment (1.5 ) (0.3 ) (1.2 ) 400.0 % Interest expense – other (10.5 ) (5.8 ) (4.7 ) 81.0 % Other income 1.0 0.3 0.7 233.3 % Total other expense, net (11.0 ) (5.8 ) (5.2 ) 89.7 % Income (loss) before taxes 1.1 (1.2 ) 2.3 (191.7 )% Income tax provision 0.1 — 0.1 100.0 % Net income (loss) 1.0 (1.2 ) 2.2 (183.3 )% Preferred stock dividends (0.8 ) (0.8 ) — — Net income (loss) available to common stockholders $ 0.2 $ (2.0 ) $ 2.2 (110.0 )% Recent Business Highlights: The Company’s Board of Directors approved its regular quarterly cash dividend for each of the Company’s issued and outstanding shares of common stock. The common stock dividend was $0.057 per share, or approximately $0.23 per share on an annualized basis. The common stock dividend was paid on February 28, 2023, to shareholders of record as of February 15, 2023.
LiuGong North America awarded two Sourcewell contracts
LiuGong North America, a construction equipment manufacturer, has been awarded two contracts through Sourcewell in the “Heavy Construction Equipment” and “Medium and Compact Equipment” categories. These were awarded following a rigorous process to determine new contract purchasing solutions vendors. Sourcewell is a government organization with over 40 years of dedicated service helping government, education, and nonprofit agencies operate more efficiently through a variety of solutions. These multi-year contracts allow government and education entities in the United States and Canada to procure equipment and services. “We’re honored Sourcewell has selected LiuGong as one of the suppliers to fulfill these client needs,” said Andrew Ryan, President, LiuGong North America. “This is a new area of business for LiuGong. We look forward to serving customers and providing additional value to taxpayers that fund state, county, and municipal government agencies.”
Toyota Material Handling launches three new electric models
The new Side-Entry End Rider, Center Rider Stacker, and Industrial Tow Tractor maximize efficiency while improving operator comfort Toyota Material Handling has launched three new electric forklift models, adding to the company’s industry-leading lineup of material handling products and solutions. The new electric product launch features a Side-Entry End Rider, a Center Rider Stacker, and an Industrial Tow Tractor, offering customers access to next-level efficiency, versatility, and best-in-class performance that prioritizes operator comfort. “Toyota’s culture is built on the guiding principle of kaizen, or continuous improvement. The drive to continually improve permeates every facet of our company, from the broad range of products we manufacture to our unwavering commitment to provide our customers with the smartest and most reliable solutions available in the material handling industry,” said Jaksa Pejnovic, Toyota Material Handling Vice President of Sales & Marketing. “We believe these new Toyota electric products will help customers get even more efficiency and productivity out of their operation.” The new electric Side-Entry End Rider, available in both 6,000 and 8,000-pound models, is perfect for cross-warehouse transportation and order picking, increasing uptime while reducing energy costs with a host of features, including an automatic parking brake and standard power steering. This product offers operators a forward-facing position with a clear line of sight when picking and placing loads and features a unique multifunction ergonomic control handle. Operators will also experience best-in-class turning radius and speed reduction during turns, making it easier to transport loads when cornering, ideal for a combination of applications. The Side-Entry Rider features quick access to the operator compartment from either side of the truck to ensure smoother operation. The innovative three-in-one design of the new electric Center Rider Stacker offers optimal versatility, capable of performing the work of a center rider, order picker, and counterbalanced forklift all in one. With a lift capacity of up to 2,500 pounds and lift height up to 72 inches, the Center Rider Stacker delivers the ultimate utility and value, offering lower labor, operational and equipment costs with increased productivity. The equipped ergonomic multifunction control handle and optional additional controls integrated into the backrest simplify operation and prioritize operator comfort. The center rider chassis allows operation in narrow aisles, on trailers, and it excels at long runs, staging, and cross-dock work. With an impressive towing capacity of 15,000 pounds on flat surfaces, the new electric Industrial Tow Tractor is equipped with standard electric power steering to provide operators with effortless steering, improved ergonomics, and unmatched control. This tugger features an AC Drive Motor to provide the power needed to accomplish daily tasks and is designed to meet the needs of customers who are looking to get more done per trip. Additionally, the Industrial Tow Tractor includes regenerative plugging, which not only reduces energy costs but results in increased efficiency and productivity shift after shift. The ergonomic design of this power player features an operator compartment sensor to encourage the operator to stand in the proper place for maximum comfort. “Warehouses and distribution centers everywhere need material handling equipment that can help them keep pace with the speed of commerce,” said Tony Miller, Toyota Material Handling Senior Vice President of Engineering, Operations, and Strategic Planning. “Our customers have been asking for specific and sustainable solutions that get the job done. By adding these new models to Toyota’s expansive and growing lineup of electric products, we are in a position to lift up customers with the material handling solutions they need to be successful in today’s demanding market.” The Industrial Tow Tractor and Center Rider Stacker are compatible with Toyota Lithium-Ion Batteries. All three new Toyota electric models offer optional features, allowing customers to customize orders to meet their unique needs, such as cold storage conditioning or PIN code access for enhanced security.
Atlas Copco unveils its first battery-driven portable screw compressor
Unveiling its all-new battery-driven portable screw air compressor, Atlas Copco’s ‘B-Air’ marks a defining moment in the global industrial marketplace’s transformation towards a low-carbon future. In the latest sign of its progressive shift to more sustainable products, Atlas Copco has expanded its portable electric product portfolio to include an all-new battery-driven portable screw air compressor. The B-Air 185-12 is the first of its kind within the global industrial marketplace and represents a major milestone in Atlas Copco’s roadmap toward a sustainable future. “We are committed to accelerating the transition away from carbon-dependency and towards renewable energy sources,” explains Maarten Vermeiren, Product Marketing Manager of Sustainability and Digitalization at Atlas Copco, Portable Air Division. “By introducing the first battery portable screw compressor, we want to play our part in enabling a sustainable transformation and help build a better tomorrow – for society and the planet alike.” Clean power The B-Air 185-12 features a 5-12 bar of pressure, a stable flow rate of 5.4-3.7 m3/min, and a 55-kWh battery storage capacity. With power delivered from its onboard power pack, in operation a fully charged unit is independent of the need for fuel or a local power source to plug into, and has the capability to perform for up to a full typical work shift In turn, it provides both portability and productivity for those working on sites where regular access to electricity is not practical. Making the switch from an internal combustion engine (ICE) to an electric motor brings with it a host of benefits, including less downtime and maintenance requirements. Due to having far fewer moving (and therefore wearing) parts compared to a diesel-powered unit, the electric B-Air 185-12 only needs to be serviced every 2,000 hours, as opposed to 500 hours for a typical ICE-powered unit. The machine’s state-of-the-art Variable Speed Drive (VSD) and permanent magnet motor drive down the total cost of ownership, automatically adjusting the motor speed to match air demand in real-time and increasing energy efficiency by up to 70%. Through Atlas Copco’s rigorous testing process, which includes rapid aging testing under harsh conditions and climactic chamber testing, the B-Air 185-12 has been proven to perform optimally even in the most extreme of climatic conditions – ranging from +45°C (+113°F) to a glacial -25°C (-13°F); and 4,500 meters (14,764 ft) above sea level. The unit is also designed to excel in densely populated urban areas where emission and noise pollution are tightly restricted, thanks to it producing no local emissions and having low noise levels. The quiet nature of the compressor enables operators to work without noise distraction, enhancing both productivity and safety. Building a better tomorrow The B-Air 185-12 was first unveiled at the recent Atlas Copco’s ‘Journey to a Sustainable Future’ event in Antwerp, Belgium. Here, the company gathered senior business leaders from across the industry to discuss how best to tackle the transformation to a climate-friendly, low-carbon future. The new battery-powered unit marks a vital step in the electrification of Atlas Copco’s product offering and is just one of many developments the company currently has in store to deliver sustainable solutions to its customers. The unit came to life thanks to the long-term partnership with Perslucht Wilda, Atlas Copco’s distributor in The Netherlands for more than 40 years. During the event, it was also announced that Dutch infrastructure company Van Doorn made history by purchasing the first B-Air unit. Bert Derom, President of Atlas Copco Portable Air Division, comments: “Atlas Copco is proud to be committed to our industry’s fight against climate change by developing the first battery-driven screw compressor. The B-Air 185-12 is a tangible symbol of our commitment to delivering real-world solutions to help our customers and their customers adopt a more sustainable way of working and to turn the tide on climate change. We ultimately want to offer a sustainable alternative to every user and every application, and this new battery-powered unit is a leap closer to that goal.” The B-Air 185-12 is scheduled to go into production in September, using a compact and modular concept with multiple autonomy variants.
Avidbots releases first floor scrubbing robot built for industrial spaces
Avidbots, one of the world’s leading robotics companies, announced today the launch of Neo 2W, the first cleaning robot designed specifically for warehouses and manufacturing environments to improve cleaning quality, efficiency, and productivity. Warehouses and factories present unique and challenging environments for robots, given floor debris, dynamic activity, and frequent layout changes. In collaboration with industrial customers, Avidbots developed Neo 2W to alleviate common issues, resulting in a more consistent clean with less downtime and unnecessary human intervention. Neo 2W increases cleaning efficiency, allowing companies to reallocate labor to other higher-value tasks. “The release of Neo 2W comes at a timely moment when 3PL and manufacturing companies are looking for solutions that bring the highest operational efficiencies,” said Faizan Sheikh, CEO and co-founder at Avidbots. “With the use of Neo 2W, companies are able to combat labor supply challenges and automate the time-consuming, labor-intensive task of keeping their facilities clean.” Neo 2W is an exclusive AI and hardware configuration that helps the robot keep cleaning without human intervention. Its Debris Driver, Bulk Navigator, and Advanced Obstacle Detection (AOD) brings a unique set of features designed for industrial settings, combatting debris found on the warehouse floors, navigating around obstacles, both large and small, and optimizing the cleaning path of the warehouse floor for maximum performance: The Debris Diverter limits the impact of debris on Neo by diverting debris, protecting the wheels, and reducing the risks of clogs in the vacuum hose and tank. The Bulk Navigator utilizes advanced localization algorithms, allowing the robot to clean in the most dynamic and challenging environments. Advanced Obstacle Detection identifies and avoids obstacles on the floor including pallets and forklift/pallet mover tines through machine learning capabilities. “Neo 2W is the result of extensive involvement from customers based on their experiences using autonomous robots in warehouse settings. Avidbots gathered feedback, tested prototypes in real-life scenarios, and utilized this data to deliver a truly purpose-built robot,” said Sheikh. “Given this robust process, we’re able to deliver even greater value to industrial customers. For instance, the focused solution delivers more cleaning productivity – up to 42,000 square feet per hour – due to Neo 2W’s unique ability to maneuver in challenging warehouse environments.” In addition to Neo 2W’s unique features, the robot includes industrial-strength, swappable batteries that deliver six hours of cleaning on a single charge. Neo 2W also includes Home Base, which ensures the robot can start and return from any location, and other standard safety features, such as leading-edge 3D cameras, lasers, and sensors to avoid collisions, and direction-indicating safety lighting. Facility managers also can leverage Neo’s remote assistance, in-depth reporting, and analytics, as well as real-time monitoring through the Avidbots Command Center.
First and largest fleet of high-capacity zero-emission forklifts now in full operation at SSA Marine
Proven and deployed Wiggins Yard eBull is now in its fifth year of production ACT Expo – XL Lifts, specializing in zero and low emissions forklifts, has announced its fleet of Wiggins large-capacity lithium forklifts at SSA Marine in the Port of West Sacramento and in the Port of Stockton are now in full operation. A similar Wiggins eBull forklift used by SSA Marine is on display at the ACT Expo XL Lifts booth #6132. The first large-capacity electric forklift fleet deployed in California and the USA, SSA Marine at the Port of West Sacramento and Port of Stockton utilized funds from the Clean Off-Road Equipment (CORE) incentive program and START (formerly ZANZEFF Project – zero emission and near zero emissions freight facilities project) to partially fund its fleet of 26 large capacity (36,000 lb. capacity) lithium forklifts. Primarily used to unload the cargo off vessels in the Port of Stockton and Port of West Sacramento, some of the forklifts have been in operation for over a year, and some were deployed within the past few months. Regional Vice President at SSA Pacific Joe Carrillo commented, “The Wiggins Yard eBulls are significantly reducing greenhouse gas emissions and sound pollution while enabling us to effectively service our customers. We were one of the first to deploy zero-emission large-capacity forklifts and we are thrilled to be leading the charge in zero-emission at the Port of West Sacramento and at the Port of Stockton and beyond.” Originally unveiled in 2018, the Wiggins eBull was the industry’s first commercialized large capacity, zero-emissions forklift manufactured in the United States, and is now in its fifth year of production. With the largest deployed large-capacity lithium forklifts in the field, Wiggins is years ahead of the competition. “With the Yard eBull, companies no longer need to choose between high-performance and energy efficiency,” said Mike Marzahl, president of XL Lifts. “Five years in means we have had many lessons learned, and our customers are now reaping the benefits of this valuable insight. The Wiggins eBull is proven, in use with real customers, and performing incredibly.” The announcement comes at the heels of the next round of CORE funding, slated to open in Spring 2023. Vouchers are up to $500k. Interested companies can fill out the CORE Application Intake form here. View XL Lift’s expansive line of qualified forklifts and related vouchers here.
Combilift premieres new product at LogiMAT
As Combilift celebrates 25 years of innovation, the company plans to ensure that 2023 will be a year to remember, by launching multiple products across various exhibitions on a global scale! To kick off, the newest product – the COMBi-CUBE was launched at the LogiMAT International Intralogistics show in Stuttgart. This new electric model incorporates a host of technological and design features that not only enhance handling procedures but also offer a high level of driver comfort. Immediately noticeable is the new vibrant color – this bold fresh Combi-green shade will contribute to improved safety as the trucks will be easily visible in their operational environment. Aside from optics, however, a focus is on a number of ergonomic features. The driver’s position in the center of the cab offers generous room and excellent all-around visibility. The angle of the telescopic steering column can be adjusted and the Grammer MSG65 seat, combined with hydraulic cabin mounts guarantees a comfortable ride. An adjustable armrest is mounted to the seat suspension which incorporates a multi-function joystick and an LCD color touch screen. Combilift’s unique dynamic 360 steering that enables seamless directional change while on the move can be integrated into the Combi-CUBE as an optional extra, making it the most maneuverable counterbalance forklift on the market. Further notable features are the large rear wheel and rubber tires on all three wheels. This means that, unlike certain other brands of electric multidirectional trucks, this model is not restricted to super flat floors and is eminently suitable for working indoors and out, ensuring that semi-rough terrain is no impediment to reliable operation. And for quicker battery changeover during heavy shifts, two new easy-change roll-out batteries are provided (Overall Design Copyright 015019216-0001) Combilift CEO and Co-Founder Martin McVicar said: “Our engineers and R&D department have been tirelessly preparing for a year of new launches, and the Combi-CUBE is proof of our continued commitment to providing the best and most innovative handling solutions for our worldwide customers.”
Episode 380: Scale Microgrids
Welcome to The New Warehouse podcast! Tim Victor is the Project Lead for Electric Vehicles at Scale Microgrid, a company dedicated to accelerating the adoption of distributed energy resources to create a cleaner, more resilient, and more affordable future. In this episode, Tim shares insights into the intersection of microgrids and electric vehicles in modern warehouses. Listeners can expect to gain a deeper understanding of the benefits of microgrids and electric vehicles for warehouses. Additionally, Tim discusses how these technologies can help warehouses achieve energy efficiency, resiliency, and sustainability goals. If you’re interested in learning more about the future of energy and its relationship to modern warehousing, be sure to listen to this episode. What is a Microgrid? A microgrid can help ensure a reliable and consistent energy supply and provide added energy security for warehouses and other businesses. Tim describes a microgrid as “a self-sustained energy system that operates independently of the larger power grid.” It is essentially a smaller version of the traditional grid, with its own energy-generating assets and the ability to control voltage and frequency. Unlike traditional grids, a microgrid can disconnect from the larger grid in case of an outage or other disruption. Microgrids incorporate a variety of assets, such as rotating assets, solar panels, and battery storage systems, to function efficiently. They can operate in parallel with the utility, allowing optimal energy use or function independently by generating their own energy. Taking the Risk Out of Microgrid Adoption Scale Microgrid owns and operates its own projects and offers zero upfront cost. This allows them to show up to a site, build, design, implement, commission, operate, and maintain a project. Customers can spread costs over a longer term, making it easier for businesses without a large bank account to access these services. Scale Microgrid invests in high-quality and long-lasting technologies, which reduces the technology risk for its customers. This allows businesses unfamiliar with the technology to benefit without taking on the risk. Additionally, Scale can choose how to pursue sustainability and economics, providing the outcome their clients want without them having to understand how it works. The Benefits, Challenges, and Solutions of Electrifying Fleets in Warehouses As climate change continues to be a pressing issue on the global agenda, companies are looking to implement greener business practices to reduce their carbon footprint. One such practice is the electrification of fleets. Regulations on emissions are becoming increasingly stringent, and early electrification adoption may benefit companies. Benefits of Electrification Electrification of fleets can have many benefits for both the environment and the companies themselves. By reducing emissions, companies can positively impact the environment and contribute to the fight against climate change. Additionally, electric vehicles can have lower operating costs than traditional fossil fuel vehicles, reducing long-term expenses for companies. Infrastructure and Power Costs Infrastructure and power costs are concerns for companies looking to electrify their fleets. Companies must consider infrastructure needs and the associated power costs to prepare for this transition properly. Warehousing facilities are investing in their charging infrastructure. Still, there needs to be a system for fleets owned by third parties. Microgrids and distributed energy can help create more fuel predictability, reducing the risk of varying monthly costs. Challenges and Solutions Currently, the range benchmark for electric class eight vehicles is 300 miles, and companies must closely match their trips to those ranges. Outside depot charging is being considered an option, but complicated details such as cost and risk need to be discussed. Fleet electrification needs include OEMs, charging station providers, and consultants who can guide during the transition process. Regulations and incentives make the transition to electric delivery fleets attractive. Tim adds, “Clean truck rules where they’re essentially saying at some point in the next 10 to 15 years, it’s going to be a requirement.” The proposed rule changes by the Securities and Exchange Commission (SEC) would require organizations to disclose information about their climate-related risks and risk management processes, GHG emissions, and their impact on the company’s financial statements. This would make it easier for investors to assess a company’s exposure to transition risks and identify opportunities to improve climate risk management. The disclosure requirements would also help companies prepare to transition to a low-carbon economy and make informed decisions about their operations. Opportunities for Shared Electricity Use Utilizing microgrids in logistics parks could offer potential benefits in shared electricity use. By sharing electricity between companies, there are opportunities for cost savings and greater sustainability, as the amount of energy used can be optimized. In conclusion, the electrification of fleets is a crucial step towards sustainable practices and reducing one’s carbon footprint. While challenges remain, companies have an opportunity to make a positive impact on the environment and potentially reduce long-term operating costs. Companies can ensure a smooth transition towards a greener future by considering factors such as infrastructure, power costs, and charging networks. Key Takeaways Utilizing microgrids in logistics parks could offer potential benefits in shared electricity use. Electrification of fleets is becoming increasingly prevalent to meet regulatory standards, and early adoption can be beneficial. Microgrids and distributed energy can help create more fuel predictability since producing power at the exact cost every time reduces the risk of varying costs each month. The New Warehouse Podcast EP 380: Scale Microgrids
KION Group with a strong start to 2023
Revenue up 1.7 percent to €2.8 billion (Q1 2022: €2.7 billion) Adjusted EBIT of €156.0 million (Q1 2022: €170.3 million) 5.6 percent adjusted EBIT margin (Q1 2022: 6.2 percent) Significantly positive free cash flow of €104.9 million (Q1 2022: minus €432.6 million) Upgraded 2023 outlook for Industrial Trucks & Services segment and KION Group – Supply Chain Solutions outlook confirmed As already published on April 19, 2023, KION Group started strongly into 2023, despite a continued challenging market environment. The positive development of the Group’s business was mainly due to the Industrial Trucks & Services (ITS) segment performing much stronger than expected in the first quarter of 2023. The ITS segment, which focuses on forklift trucks, warehouse technology, and associated services, grew revenue by 16.7 percent year-on-year to €2.0 billion (Q1 2022: €1.7 billion). ITS made good progress executing the sizeable order book that was built last year, with positive effects on revenue growth. Dynamic price increases implemented in 2022 materialized already in the first quarter of 2023 and boosted revenue growth earlier than expected. Adjusted EBIT in the ITS segment rose substantially to €176.6 million (Q1 2022: €114.2 million), corresponding to a strong adjusted EBIT margin uplift to 8.8 percent (Q1 2022: 6.6 percent). The main contributing factors were the improving supply chain situation and operational and commercial agility, which allowed the business to bring orders forward. Putting measures in place to boost profitability “We are off to a strong start,” said Rob Smith, Chief Executive Officer of KION GROUP AG. “Our growth in the ITS segment underlines the effectiveness of our measures. The Group is on track to achieve sustainable profitability improvements and further strengthen its resilience.” Adjusted EBIT for the KION Group came in at €156.0 million (Q1 2022: €170.3 million), exceeding company expectations. The corresponding adjusted EBIT margin for the first quarter was 5.6 percent (Q1 2022: 6.2 percent). Net income for the period decreased to €73.5 million year-on-year (Q1 2022: €80.2 million). Free cash flow was clearly positive at €104.9 million (Q1 2022: minus €432.6 million). A key factor in addition to the level of operating profit was a nearly unchanged level of working capital compared to the end of 2022. Group revenues increased by 1.7 percent to €2.8 billion (Q1 2022: €2.7 billion), driven by improving supply chain conditions and dynamic price increases in the ITS segment, which boosted revenues earlier than expected. The service business grew 10.5 percent, mainly due to higher revenue volumes in the after-sales and rental business. Revenue and EBIT in the Supply Chain Solutions (SCS) segment were in line with the Group’s expectations. Against the backdrop of lower order volume in 2022, especially in the project business, segment revenues fell by 23.3 percent to €783 million (Q1 2022: €1.0 billion). Order volume decreased mainly due to customers holding back capital expenditure decisions. By contrast, the segment’s revenue from the service business increased by 20.3 percent. The service share is now 31.6 percent (previous year: 20.1 percent). The SCS segment returned to profitability following a loss in 2022, with an adjusted EBIT in the first quarter of 2023 of €7.1 million (Q1 2022: €74.0 million), or a margin of 0.9 percent (Q1 2022: 7.3 percent). The expected softer results reflect the execution of low-margin projects from previous years as well as a lack of bought-in parts that caused project delays. Outlook The KION Group has made a strong start to 2023. The business performance of the Industrial Trucks & Services segment was much better than expected. The improving supply chain situation meant that production and delivery could be ramped up, which allowed the sizeable order book built up in 2022 to be worked through at a faster pace. The resulting effects of newer orders being brought forward are likely to continue to have a positive impact on revenue and adjusted EBIT in the Industrial Trucks & Services segment over the remainder of the year. The Supply Chain Solutions segment is expected to see a noticeable increase in revenue and an improvement in adjusted EBIT, especially in the second half of 2023, thanks to a growing proportion of higher-margin customer projects in the order book. KION Group key performance indicators for the first quarter, which ended March 31, 2023 € million Q1 2023 Q1 2022 Difference Revenue Industrial Trucks & Services Supply Chain Solutions 2,781.0 2,004.8 782.5 2,734.5 1,718.4 1,019.8 1.7% 16.7% -23.3% Order book [1] Industrial Trucks & Services Supply Chain Solutions 6,686.6 3,756.6 3,000.3 7,077.8 3,817.6 3,327.5 -5.5% -1.6% -9.8% Adjusted EBIT [2] Industrial Trucks & Services Supply Chain Solutions 156.0 176.6 7.1 170.3 114.2 74.0 -8.4% 54.6% -90.4% Adjusted EBIT margin [2] Industrial Trucks & Services Supply Chain Solutions 5.6% 8.8% 0.9% 6.2% 6.6% 7.3% – – – Net income for the period 73.5 80.2 -8.3% Free cash flow [3] 104.9 -432.6 > 100.0% Earnings per share (€) 0.55 0.61 -9.2% Order intake Industrial Trucks & Services Supply Chain Solutions 2,444.3 1,956.5 497.5 2,900.1 2,082.1 843.2 -15.7% -6.0% -41.0% Employees [4] (FTEs, incl. apprentices/trainees) 41,196 41,149 0.1% [1] Figure as at the reporting date of December 31. [2] Adjusted for purchase price allocation items and non-recurring items. [3] Free cash flow is defined as cash flow from operating activities plus cash flow from investing activities. [4] Number of employees stated in full-time equivalents as of December 31. Raised outlook for 2023 On April 19, 2023, the Executive Board of KION GROUP AG revised the target figures for 2023 that it had published in the outlook section of the 2022 annual report for the Group and the Industrial Trucks & Services segment. The target figures for the Supply Chain Solutions segment remain unchanged. Outlook for 2023 KION Group Industrial Trucks & Services Supply Chain Solutions Outlook 2023 Outlook 2023 adjusted Outlook 2023 Outlook 2023 adjusted Outlook 2023 Outlook 2023 unchanged Revenue1 minimum €11.0 billion minimum €11.2 billion minimum €7.8 billion minimum €8.0 billion minimum €3.2 billion minimum €3.2 billion Adjusted EBIT1 minimum €550 million minimum €615 million minimum €600 million minimum €665 million minimum €65 million minimum €65 million Free cash flow