Industrial Lift Truck and Equipment Company
KION Group and Li-Cycle agree to form Strategic Battery Recycling Partnership focused on circular economy
KION Group signs agreement with Li-Cycle, an industry leader in lithium-ion battery resource recovery Up to an overall 95 percent recycling efficiency rate in an environmentally friendly process KION Group CTO Henry Puhl: “The collaboration with Li-Cycle will further strengthen our position in the area of sustainability” KION Group has entered into a strategic partnership with Li-Cycle Holdings Corp. (“Li-Cycle”), an industry provider in lithium-ion battery resource recovery. KION Group and Li-Cycle held a signing ceremony at KION GROUP AG’s Frankfurt headquarters to finalize the definitive agreement for the partnership. It will initially remain in place until 2030. According to the agreement, the environmentally friendly recycling of lithium-ion batteries will begin in the second half of this year. KION Group brands sell such batteries worldwide with their electric industrial trucks and automated warehouse logistics solutions. With this new partnership, the KION Group ensures that the most important materials from the lithium-ion batteries it supplies can be recovered. Recycling will initially be carried out in a new Li-Cycle recycling plant in the Magdeburg area with expansion into other countries, including France. “With this strategic partnership we are taking an important step towards the circular economy that we want to implement for our products,” said Henry Puhl, Chief Technology Officer of the KION GROUP AG upon signing the agreement. “The collaboration with Li-Cycle will further strengthen our position in the area of sustainability.” Andreas Krinninger, member of the Executive Board of KION GROUP AG and responsible for the Industrial Trucks & Services segment, sums up the benefits: “Li-Cycle´s sustainable Spoke & Hub process enables up to 95 percent of the mass of a lithium-ion battery to be recovered and the critical minerals contained in those batteries to be used to manufacture new batteries. This makes us one of the pioneers in the material handling industry in the field of recovery and recycling of modern lithium-ion batteries.” “We are pleased to partner with KION Group, a proven leader in electrifying industrial truck solutions and one of the world’s leading specialists in the area of warehouse technology and automation,” said Tim Johnston, co-founder and Executive Chairman of Li-Cycle. “Li-Cycle is excited to be designated as KION’s preferred global recycling partner as we continue to grow and diversify our customer portfolio to advance our expansion plans in Europe and help drive a sustainable and localized battery ecosystem. Through our partnership, Li-Cycle expects to support both KION’s recycling needs and its ability to align with the EU’s battery regulations. Together, we build a circular battery supply chain and further support the clean energy transition.” Environmentally Friendly Recycling Process Li-Cycle’s Spoke & Hub business model is focused on an innovative and sustainable two-step lithium-ion battery recycling and resource recovery process. The first step of the process takes place at its Spoke facilities, which utilize Li-Cycle’s patented and sustainable submerged shredding technology. The process produces ‘black mass,’ an intermediate product that contains highly valuable metals. Li-Cycle does not use high-temperature recycling methods and its Spokes have a minimal environmental footprint. The second step involves a hydrometallurgical process that produces battery-grade materials such as lithium carbonate, cobalt sulfate, and nickel sulfate from the black mass. Li-Cycle’s process has minimal solid waste streams to landfill, zero wastewater discharge, and low air emissions. Li-Cycle currently operates four Spokes located in Canada and the U.S. that can together recycle more than 50,000 tons of lithium-ion battery material per year. The Company is also developing Spokes in Germany, Norway, and France. The Germany Spoke, with the capacity to process up to 30,000 tons, is expected to be Li-Cycle’s largest Spoke to date and is scheduled to be operational in 2023.
Kivnon to introduce its latest edition of K55 forklift AGV at Advanced Factories 2023
At Advanced Factories this year, which runs from April 18-20th in Barcelona, Kivnon will highlight one of the latest additions to its AGV portfolio, the K55 Pallet Stacker. Kivon’s range of AGVs is renowned for robustness, safety, and accuracy, and this new addition to the portfolio provides customers with a vehicle that can automatically transport stack pallets. Thierry Delmas, Managing Director at Kivnon, comments, “The K55 is an ideal solution for end-of-line palletizing, food and beverage, and retail applications. It is designed to ensure efficiency, reliability, and complete safety.” Equipped with lifting forks, the K55 Pallet Stacker will automatically transport palletized loads of up to 1200 kg and can lift to a height of up to 1500 mm. In line with all the Kivnon AGV/AMR ranges, the automated forklift is based on a simple, reliable, well-engineered design that will ensure it carries out its missions smoothly and reliably. “Many AGV applications do not need complicated functions and controls, which can confuse operators, lead to errors, and reduce reliability,” explains Mr. Delmas. “The Kivnon approach offers design and engineering excellence with a range of standardized fundamental models. Of course, vehicles can be customized to meet specific application goals, but we ensure our solutions are not over-engineered or over-priced.” The K55 uses mapping navigation to perform cyclic or conditioned routes and can interact with other site vehicles, machines, and systems to ensure a coordinated site-wide logistics solution. Security scanners ensure safe operation in shared spaces, and an online battery charging system means units can operate 24/7 without interruption. Kivnon offers a different approach to AGV design by providing a more reliable solution at a better price with a wide range of AGVs and AMRs to meet various sector and operating needs. “We pride ourselves on our ability to meet project requirements, both large and small, and provide our customers with the expert support and local services they need to ensure successful vehicle automation through the life of the vehicle, tailored to specific business needs,” concludes Mr. Delmas.
KION Group Annual General Meeting provides the setting for key long-term appointments to governing bodies
Hans Peter Ring is set to become the new chairman of the Supervisory Board of KION GROUP AG after the Annual General Meeting on May 17. Dr. Michael Macht to focus on mandates outside the KION Group Supervisory Board proposes that the Annual General Meeting elect Dr. Nicolas Peter to the Supervisory Board as a new shareholder representative Dr. Peter, currently the CFO of BMW AG, has also been proposed as the new chairman of the Audit Committee Supervisory Board confirms that Andreas Krinninger will serve a further five years on the Executive Board of KION GROUP AG The KION Group has charted the course for long-term appointments to its governing bodies in its notice of the Annual General Meeting on May 17, 2023. Dr. Michael Macht has informed KION GROUP AG that he intends to step down as chairman and member of the Supervisory Board at the end of the Annual General Meeting on May 17, 2023. “The new appointments to the Executive Board have been completed and lay strong foundations for the future. The Company has a robust growth strategy that has proven its worth even in the current period of geopolitical and economic uncertainty,” said Macht. “After more than four years of extremely intense work for the KION Group, I can now pay greater attention to my various other mandates – some of them in automotive-related companies – which require significantly greater levels of support in the face of fundamental changes in the automotive industry. I cannot devote enough time to these mandates while still on KION’s Supervisory Board.” The former CEO of Dr. Ing. h.c. F. Porsche AG an erstwhile member of the Board of Management of VW AG has been a member of the KION Group Supervisory Board since October 9, 2018, and its chairman since May 9, 2019. The current chairman of the Audit Committee, Hans Peter Ring, is set to become chairman of the Supervisory Board The Nomination Committee is proposing to the Supervisory Board that it elect the current chairman of the Audit Committee, Hans Peter Ring, as chairman of the Supervisory Board at its meeting after the Annual General Meeting on May 17. Ring has been a member of the Supervisory Board since June 9, 2013, as an independent shareholder representative. The former Chief Financial Officer of EADS NV (now Airbus SE) and independent management consultant has many years of experience on the executive and supervisory boards of listed companies. As chairman, he will work with the Supervisory Board to keep the Group on course for profitable growth during geopolitically uncertain times, and thus ensure continuity in the current challenging climate. In line with the recommendation of the Nomination Committee, the Supervisory Board will propose to the Annual General Meeting on May 17, 2023, that it elect Dr. Nicolas Peter to the Supervisory Board as an independent shareholder representative. Dr. Nicolas Peter has been a very successful member of the Board of Management of BMW AG since 2017, where he is responsible for finance. At the conclusion of the Annual General Meeting of BMW AG on May 11, 2023, he will hand over to his successor and retire. The Nomination Committee recommends that the Supervisory Board elect Dr. Peter as chairman of the Audit Committee as soon as he has been elected as a member of the Supervisory Board by the Annual General Meeting. Andreas Krinninger will continue to head up the Industrial Trucks & Services segment in the EMEA region The Supervisory Board has also reappointed Andreas Krinninger for a further five years as a member of the Executive Board of KION GROUP AG. His new term of office will begin on January 1, 2024. Mr. Krinninger has been responsible within the Executive Board for the EMEA business of the Industrial Trucks & Services (ITS) segment since 2021. This comprises the operational business of the KION brand companies Linde Material Handling, STILL, and Baoli within the EMEA region. “Andreas Krinninger offers continuity when it comes to boosting the long-term profitability of the business within his remit. He is also a champion of innovative products, solutions, and services for ITS customers,” said the departing Dr. Macht, explaining the Supervisory Board’s decision.
Combilift donates its 75,000th truck to international charity
As part of Combilift’s celebrations for its 25th anniversary, the Irish materials handling specialist has announced that it is donating its 75,000th truck – an Aisle-Master articulated forklift – to Convoy of Hope, a non-profit humanitarian and disaster relief organization. Convoy of Hope works alongside communities and its wide network of volunteers aiming to alleviate poverty and hunger and to bring help and hope wherever they are most needed in the world. As this type of aid is sadly always in demand, operational expansion has also seen a corresponding increase in the requirement for warehousing capacity to accommodate the vast volume of supplies that are stored and ready for delivery to areas in need. The World Distribution Center is based in Springfield, Missouri, and from this location at the “crossroads of America” truckloads of relief supplies and food are sent on their way across the USA and further afield around the globe. Combilift supplied its first Aisle Master for this site four years ago, and a further three units were delivered last year. Convoy of Hope’s Senior Director – Distribution Jeff Smethers: “A lot of our exponential growth has been down to the Aisle Masters as they enable us to get more loads in and out faster. And thanks to Combilift’s free warehouse layout service and the Aisle Master’s narrow aisle capability we have achieved the best possible storage density and very efficient operation.” The announcement was made at a gala dinner in Chicago during the ProMat trade fair, and Combilift’s CEO and Co-Founder Martin McVicar said: “The work that Convoy of Hope does is invaluable to relieve suffering around the world and we wanted to make our own contribution by donating our 75,000th truck to this very worthwhile charity.” Erick Meier, Senior Vice President – Supply Chain at Convoy of Hope said ”We are so grateful that Combilift and Martin and the whole team have actually given us one of these trucks for our operations. This is going to help people for years – and ensure that every day someone in the world will receive aid – and that brings hope.”
Electric Tugger Capabilities reach new heights with the addition of the all-new AC Tugger 25k+ at Electro Kinetic Technologies
Advances in AC technology pave the way for a safer, more efficient, and more productive work environment as Electro Kinetic Technologies unveils its newest high-capacity electric tugger. The AC Tugger 25K+ boasts an impressive 25,000 lb. payload capacity on casters and up to 100,000 lbs. on rails, making it the manufacturer’s most highly versatile material handling solution available, even for the heaviest of loads. This new addition to Electro Kinetic Technologies’ AC Vector Power© family of tuggers not only brings heavy-duty pulling and pushing power, but it puts operator safety at the forefront. The solid-state sensor prevents tugger operation when its mast is in the vertical position, and other built-in sensors allow the control to throttle back the tugger’s motor, protecting it from thermal overload. This tugger also completely stops when the controls are released, and automatically brakes to prevent rolling backward if the operator is on an incline. Safety is built into the machine itself but is also present in the battery pack. The AC Tugger 25K+ is available with options for either an AGM or lithium battery package, and lithium batteries come with even more incentives. Electro Kinetic Technologies’ lithium batteries are UN38.3 certified, so they can be safely transported globally without any special packaging. They are also extremely long-lasting, enduring up to 14 times the life of standard AGM and GEL battery packs. As with its counterparts in the AC Vector Power© family, another key feature of the AC Tugger 25K+ is its Bluetooth® compatibility and smartphone monitoring app. Not only will the battery pack itself tell you when its charge is getting low, but you can monitor the status right from your smart phone. Operators using this technology will save time and energy by not needing to haul a dead battery all the way back to the charging station, and money savings are given with battery life being extended 2-3 times.
MHS Lift, Inc. named Top 10 Dealer with 2022 UniCarriers Premier Club Award
MHS Lift, Inc., a provider of warehousing and distribution solutions across North America, has received the 2022 UniCarriers Premier Club Award. The UniCarriers Premier Club Award is given annually to the Top 10 UniCarriers dealers throughout the Americas. “To be highly ranked amongst hundreds of dealers from around the world is an honor,” said Brett Levin, co-president, MHS Lift. “As a rapidly growing company in this ever-evolving industry, it’s rewarding to see our hard work recognized.” Recipients of the 2022 UniCarriers Premier Club Award were evaluated based on six categories – new equipment sales, market penetration, aftermarket parts sales, service expertise, overall performance, and professionalism. This is MHS Lift’s fourth UniCarriers Premier Club Award in four years (2019, 2020, 2021, 2022). “Receiving this prestigious award for the fourth consecutive year speaks volumes to the dedication of the MHS Lift team and the solid relationships that they’ve built with our customers,” said Andy Levin, co-president, MHS Lift. “I’m so proud of our employees who continue to exceed expectations and go above and beyond every day.”
Doosan Bobcat showcases future forklift branding and hydrogen fuel cell forklift at ProMat 2023
Doosan Industrial Vehicle transitioning into Bobcat brand portfolio in 2024 Doosan Bobcat, Inc. is highlighting the future of its material handling equipment lineup at ProMat 2023 in Chicago, March 20-23. The Doosan Industrial Vehicle (DIV) booth #S3559 will showcase a number of current forklift model families, and the space will also highlight its future branding with multiple machines displayed in Bobcat trade dress. Recently, Doosan Bobcat announced its Doosan Industrial Vehicle, Doosan Portable Power and Doosan Industrial Air brands would transition to become part of the Bobcat product portfolio. Bobcat, a global compact equipment, innovation and worksite solutions brand, has a proud legacy of innovation and a reputation based on delivering smart solutions to customers’ toughest challenges. The company’s ProMat booth showcases nine forklift models with load capacities ranging from 3,000 to 15,500 lbs. Exhibited in current Doosan Industrial Vehicle branding: GC25S-9 Internal Combustion Cushion Tire Forklift 5,000-pound load model; 3,000 to 12,000-pound model range G25E-7 Internal Combustion Pneumatic Forklift Truck 5,000-pound load model; 3,000 to 15,500-pound model range B20SU-9 Cushion Electric Stand-up Rider 4,000-pound load model; 3,000 to 4,000-pound model range BER30S-9 Walkie Rider Pallet Truck 6,000-pound load model; 6,000 to 8,000-pound model range Exhibited in future Bobcat trade dress: D25S-9 Internal Combustion Pneumatic Diesel Forklift 5,000-pound load model; 4,000 to 7,000-pound model range D70S-9 Internal Combustion Pneumatic Diesel Forklift 15,500-pound load model; 13,500 to 20,000-pound model range BOP15S-9 Electric Order Picker 3,000-pound capacity BR20SP-7P Electric Pantograph Reach Truck 4,000-pound load model; 3,500 to 4,000-pound model range NEW: B30X-7 Hydrogen Fuel Cell Concept Forklift 6,000-pound load model; 5,000 to 7,000-pound model range Another booth highlight is the company’s newest hydrogen fuel cell-powered forklift concept. The forklift will be developed under the Bobcat product portfolio as part of the transition of DIV products into the Bobcat trade dress. The forklift was initially announced as a research and development project in 2022 by Doosan Bobcat. “As a company, we are evolving in bold ways to meet our customers’ toughest challenges by offering innovative solutions for a more sustainable future,” said Scott Park, Doosan Bobcat CEO and vice chairman. “Alternative-energy products—such as hydrogen or electric—give customers options, while also leading the way toward a more sustainable future and greener tomorrow.” Hydrogen fuel cell forklifts offer longer operating times and faster refueling, making them ideal for applications that require extended use and quick refueling turnaround. For warehouses operating multiple shifts, the hydrogen fuel cell forklift is a viable option to reduce carbon footprint while still meeting the operational needs to run longer hours with no charging required. The hydrogen fuel cell forklift concept machine is initially being developed as a Class 1 forklift model, but the technology has opportunity across various forklift model offerings and classes. A hydrogen fuel-cell-powered forklift and a battery-powered forklift differ in several ways, including the source of power, operating time, and refueling/recharging time. Source of power: An electric forklift runs on a battery that stores electrical energy. A hydrogen fuel cell forklift, on the other hand, uses a hydrogen fuel cell to produce electricity through a chemical reaction between hydrogen and oxygen, providing a longer operating time. Refueling/recharging time: Battery-powered forklifts need to be recharged after a period of work. Charging can take many hours; time for the battery to cool is also recommended. Hydrogen fuel cell forklifts do not have the same constraints. The fuel cell can be refueled in three minutes or less, allowing for less downtime. Once refueled, the fuel-cell-powered forklift can return to work immediately, without delay. Operating time: Hydrogen-fuel-cell-powered forklifts can run longer at a higher steady voltage than battery-powered forklifts. Longer run times improve labor efficiency, and higher voltage improves labor productivity. The hydrogen fuel cell forklift is a joint venture development between Doosan Bobcat, SK E&S and Plug (formerly Plug Power). Bobcat-branded material handling equipment will be available to customers in select markets at a later date, with more information on timelines forthcoming. To see the exciting forklift advancements and future Bobcat-branded material handling offerings, please visit booth #S3559 at ProMat 2023. Doosan Bobcat will additionally exhibit its material handling and forklift equipment during LogiMAT in Germany, April 25-27.
MH Equipment recognized as Hyster Dealer of Distinction
MH Equipment announced its recognition by Hyster Company with the 2022 Dealer of Distinction award. This annual award recognizes top-performing dealers across the country that drives their organizations to the highest level of sales and service performance. To be named a Hyster Dealer of Distinction, Hyster dealers must meet defined business practices and overall rigorous performance standards that are updated annually to keep pace with evolving customer expectations and industry dynamics. “Hyster dealers – and the people they employ – have a thorough understanding of the customer’s application and their business needs,” said Bob Sattler, Vice President of Dealer Business Development at Hyster. “They are passionate about our industry, committed to the safety and well-being of their associates, and dedicated to helping their customers increase productivity while managing costs of operations. These dealers exemplify a bold, entrepreneurial spirit and quest for excellence. We’re delighted to honor their outstanding achievement.” MH Equipment will be recognized
Mitsubishi Logisnext Americas Group introduces new Jungheinrich® Automated Guided Vehicle (AGV) High-Rack Stacker to North American Market
Mitsubishi Logisnext Americas group, the exclusive distributor of Jungheinrich® lift trucks, narrow-aisle, and automated guided vehicles in the United States, Canada, and Mexico, announced today the launch of its new Jungheinrich EKX 516ka / 516a Automated High-Rack Stacker. A powerful and versatile solution for high-density storage and very narrow aisle operations, the EKX 516ka / 516a boasts a fully automated, full-pallet storage and retrieval system and 24/7 operation, allowing for maximum efficiency and productivity. Key features include: Efficiency and Performance Thanks to the optional integration of an onboard battery charger, bus bar, and current collector, the EKX 516ka / 516a is optimally prepared for 24/7 use. The field-tested wire guidance in combination with RFID transponders ensures precise positioning at the storage location as well as automatic aisle changes. With the option of automation in stages (manual, semi-autonomous, and fully autonomous operation), customers can benefit from maximum availability, efficiency, and performance of their warehouse processes. Built For Narrow Aisles and High-Density Storage The EKX is specifically designed for very narrow aisle operations, with a compact design and 180-degree swiveling forks, allowing it to maneuver in aisles as narrow as 68″. Its lift capacity of 3,500 pounds and lift height up to 511 inches making it ideal for high-density storage, optimizing the amount of space in warehouses and distribution centers. Environmentally Friendly The electric powertrain ensures quiet and emission-free operation, making it an environmentally friendly choice for indoor use. Additionally, its energy-efficient design results in lower operating costs and less maintenance compared to other traditional very-narrow-aisle turret trucks. Easy To Maintain And Customize Jungheinrich’s commitment to customer satisfaction is evident in the stacker’s design, which includes easy access to service points and a modular design for quick and efficient maintenance. The EKX 516ka / 516a also offers a range of customization options, including different mast and carriage configurations, to meet the specific needs of each customer. “We are proud to unveil the latest in Jungheinrich® innovation with the EKX 516ka / 516a AGV High-Rack Stacker,” said John Sneddon, executive vice president of Sales and Marketing at Mitsubishi Logisnext Americas. “Our Jungheinrich Automated Guided Vehicles combine proven technology with cutting-edge automation, including accurate navigation technology designed to help increase warehouse and operator efficiency.”
Alta Equipment Group announces Fourth Quarter and Full Year 2022 financial results and provides adjusted EBITDA guidance for 2023
Fourth Quarter Financial Highlights: (comparisons are year over year) Total revenues increased 20.3% year over year to $428.6 million Construction and Material Handling revenue of $269.0 million and $154.3 million, respectively Product Support revenue increased 25.4% year over year with Parts Sales increasing by $13.1 million and Service Revenue increasing by $9.9 million Net loss of $(1.5) million available to common stockholders compared to $(1.3) million in 2021 Basic and diluted net loss per share of $(0.05) compared to $(0.04) in 2021 Adjusted basic and diluted net income per share* of $0.04 for both 2022 and 2021 Adjusted EBITDA* grew 15.7% to $42.7 million compared to $36.9 million in 2021 In December 2022, the Company entered into an agreement to purchase the assets of M&G Materials Handling Co. (“M&G”), a privately held Yale dealer with a presence in Rhode Island. M&G generated approximately $5.8 million in revenue in the trailing twelve months through August 2022. The purchase price is approximately $2.3 million. The deal was closed on March 1, 2023. 2022 Full Year Financial Highlights: (comparisons are year over year) Total revenues increased $359.0 million year over year to $1,571.8 million Construction and Material Handling revenue of $995.8 million and $570.7 million, respectively Product Support revenue increased $97.4 million year over year to $441.4 million Net income of $6.3 million available to common stockholders compared to a loss of $(23.4) million in 2021 Basic and diluted net income per share of $0.20 compared to a loss of $(0.74) in 2021 Adjusted basic and diluted net income per share* of $0.40 and $0.39, respectively, compared to a loss of $(0.15) in 2021 Adjusted EBITDA* grew 31.8% to $158.1 million, exceeding guidance, compared to $120.0 million in 2021 Initiated quarterly Common Stock dividend of $0.057 per share and a $12.5 million share repurchase program Completed acquisitions of Ecoverse Industries, LTD (“Ecoverse”) and Yale Industrial Trucks Inc. Introduces the full year 2023 Adjusted EBITDA guidance of $177 million to $185 million, representing a 14.5% increase at the midpoint year over year Alta Equipment Group Inc., a provider of premium material handling, construction, and environmental processing equipment and related services, has announced financial results for the fourth quarter and full year that ended December 31, 2022. CEO Comment: Ryan Greenawalt, Chief Executive Officer of Alta, said “We believe our performance for the fourth quarter and the full year 2022 demonstrates the strength and resiliency of our business. Despite certain macroeconomic headwinds, all segments of our business are performing well, and we are achieving growth both organically and through our accretive acquisitions. Total revenues for the year increased by 29.6%, or $359.0 million. Organic revenue growth for the year was $193.9 million, or 16.1% when compared to last year. Importantly, this figure was driven by a 13.6% organic increase in our combined parts and service product support departments and a 10.3% organic gain in rental revenues when compared to 2021. Including revenues of $174.9 million from our 2021 and 2022 acquisitions, we achieved record total revenues of $1,571.8 million for 2022.” In conclusion, Mr. Greenawalt commented, “Given our diverse end-user market exposure and active M&A pipeline, we believe we are well positioned to achieve further growth in 2023. Demand in our Material Handling and Construction Equipment segments continues to be solid and will further benefit from infrastructure and other governmental legislation. As an example, our Florida operations are performing very well amidst the continued growth in non-residential construction projects and significant state spending on highways. We also continue to build our high-margin product support capabilities, which generate predictable, high-margin parts and service revenues. At year-end, we had 1,150 highly skilled service technicians. Additionally, our warehouse systems integration business continues to perform well, and we expect this trend to continue for the foreseeable future as customers embrace robotics and automation. We are also very encouraged by our opportunities with Ecoverse as the market for environmental processing equipment is in its early stages of development in North America. Ecoverse will benefit from stricter federal and state environmental regulations which we expect will put an impetus on increased recycling and reuse of materials throughout both the US and Canada.” The full Year 2023 Financial Guidance: The Company introduced an Adjusted EBITDA guidance between $177 million and $185 million, net of new equipment floorplan interest, for the full year 2023, representing a 14.5% increase at the midpoint year over year. Three Months Ended on December 31, Increase (Decrease) 2022 2021 (1) 2022 versus 2021 Revenues: New and used equipment sales $ 238.2 $ 176.2 $ 62.0 35.2 % Parts sales 61.3 48.2 13.1 27.2 % Service revenue 52.4 42.5 9.9 23.3 % Rental revenue 48.6 42.5 6.1 14.4 % Rental equipment sales 28.1 46.9 (18.8 ) (40.1 )% Total revenues $ 428.6 $ 356.3 $ 72.3 20.3 % Cost of revenues: New and used equipment sales $ 200.6 $ 144.7 $ 55.9 38.6 % Parts sales 40.7 33.6 7.1 21.1 % Service revenue 24.4 20.0 4.4 22.0 % Rental revenue 5.7 5.3 0.4 7.5 % Rental depreciation 26.0 22.4 3.6 16.1 % Rental equipment sales 20.4 41.2 (20.8 ) (50.5 )% Cost of revenues $ 317.8 $ 267.2 $ 50.6 18.9 % Gross profit $ 110.8 $ 89.1 $ 21.7 24.4 % General and administrative expenses $ 96.4 $ 77.6 $ 18.8 24.2 % Depreciation and amortization expense 4.9 3.2 1.7 53.1 % Total general and administrative expenses $ 101.3 $ 80.8 $ 20.5 25.4 % Income from operations $ 9.5 $ 8.3 $ 1.2 14.5 % Other (expense) income: Interest expense, floor plan payable – new equipment $ (1.1 ) $ (0.3 ) $ (0.8 ) 266.7 % Interest expense – other (9.3 ) (5.8 ) (3.5 ) 60.3 % Other income 0.7 0.4 0.3 75.0 % Total other expense $ (9.7 ) $ (5.7 ) $ (4.0 ) 70.2 % (Loss) income before taxes $ (0.2 ) $ 2.6 $ (2.8 ) (107.7 )% Income tax provision 0.5 3.1 (2.6 ) (83.9 )% Net loss $ (0.7 )
Toyota Material Handling, Cornell Engineering unveil world’s first Forklift Learning Studio
The revolutionary studio will provide an immersive educational experience for the next generation of engineers, using elite commercial products to prepare them for real-world applications Toyota Material Handling (TMH), North America’s manufacturer of forklifts and material handling solutions, joined representatives from Cornell University’s College of Engineering to officially dedicate the revolutionary Toyota Forklift Learning Studio at Cornell University’s Sibley School of Mechanical and Aerospace Engineering. This is the world’s first Forklift Learning Studio and the result of a unique and dynamic partnership between TMH and Cornell, bringing students a creative outlet for real-world application in a revolutionary and immersive learning experience that could become a model for impactful change in higher education. “At Toyota, we believe making things is about making people, and this learning studio is a great example of that guiding principle,” said Brett Wood, Toyota Material Handing North America President & CEO. “Young people often wonder how they’ll use certain theories in their professional lives because it’s often difficult to connect the dots. In the innovative Toyota Forklift Learning Studio, all of the ‘dots’ will exist in the same space as the finished product. This connects perfectly to our Toyota culture of continuous improvement by giving Cornell Engineering students a place for continuous learning and allowing them to explore ways to apply that learning in the real world.” This state-of-the-art learning studio is equipped with industry-leading products, components, and technology that will bridge the gap between students’ coursework and actual commercial products. The forklifts will help students learn about mechanical properties and how they integrate into a larger system while exposing them to many elements of engineering principles like fluid mechanics, heat transfer, hydraulics, engines, transmissions, motors, and more. This experimental-learning space, designed with the latest in forklift innovation, encourages outside-the-box thinking, intellectual exploration, and empowers students with a real-life application of the theories taught in classrooms that support a modern approach to education that balances lecture and lab sessions. “I became passionate about this when it became clear to me that students were motivated by seeing how what they learned in class applied to their everyday life and to their career opportunities, and they didn’t want to wait very long to get to that point,” said Brian Kirby, Associate Director of Undergraduate Affairs for Cornell’s Sibley School of Mechanical and Aerospace Engineering. “The idea behind the forklift learning studio was to lead with the application, and then use that as a framework to decide how it could be linked together in the different classes we teach.” Kirby says the Toyota Forklift Learning Studio will incorporate between seven and 12 different classes, with students going back and forth between the studio and other parts of the curriculum. “We want students to interact with the studio constantly, and we want to influence a larger number of students,” Kirby said. “Unlike a single class, which can only affect 10-100 students, this space will impact hundreds and hundreds of students and allow them to see the links between what they’re doing and what they can actually become. I believe students will see the Toyota Forklift Learning Studio as a fun and exciting place that motivates them to put their energy and passion into studying the foundational material we’re teaching – a place where the coolest things happen on campus.” The Toyota Forklift Learning Studio will not only change the educational experience for engineering students at Cornell – it could become a model for universities across the country. It challenges the traditional ideology of doing things a certain way because that’s how they’ve always been done, and provides a clear answer to the age-old question students ask: ‘When will I ever use this in the real world?’ “I wish I had a learning studio like this when I was studying mechanical engineering many years ago,” Wood said. “To be able to get your hands on a commercial product and learn about direct applications for engineering theory and principles would’ve been a life-changing experience. I really hope this can help the engineers of tomorrow get out into the workforce and better understand the basic and even more complicated engineering principles they learn in a classroom. We believe this is a revolutionary shift in the way students learn, and Toyota is so proud to be at the forefront of impactful change.” The Toyota Forklift Learning Studio is an investment in the next generation of engineers that gives students an inimitable opportunity to learn the key principles of modern engineering and systems thinking. Students taking advantage of this cutting-edge learning experience benefit from having complex systems and individual components all in one place, enlightening students with a holistic perspective of the engineering process and the ability to see how the application of science and mathematics comes together to create an essential product. “The cool thing about the studio is seeing how everything you’ve learned in separate classes can be integrated into one thing,” said Cornell University sophomore Emma Sudmann, who was selected to help build the studio last summer. “It can be hard to see how everything you learn in your statics class compares to your fluid mechanics class, for example. But with the forklift, you can see how all of those topics come together and how they are used in the real world. “This experience has definitely opened my eyes to so many different possibilities, and things I had never thought you could do with engineering. It’s so cool to be part of something that will not only impact engineering but could be a model that impacts how all students learn in the future.” In addition to modernizing the way students learn, the mutually beneficial partnership will expose them to new products and industries where they could build successful careers. The forklift industry is an essential part of the nation’s supply chain, and it is coming off the two best years in history – with a combined 663,000 units sold in North America in 2021 and 2022. The industry contributes more than
KION North America announces its first approved Dealer Managed Key Account Program with Prologis Essentials
KION North America has approved its first Dealer Managed Key Account (DMKA) with Prologis Essentials, headquartered in Denver, CO. KION North America dealer partner, Impact Forklift Solutions, will manage the Prologis Essentials account during the one-year agreement with eligibility for renewal. KION North America launched the DMKA Program at the end of 2022. “We are thrilled about our partnership with Prologis Essentials and are equally excited that Impact Forklift Solutions will manage the account,” said Director of Dealer Development Rick Schiel. “KION North America is eager to witness the success of the DMKA Program and this strategic collaboration.” Pat Heneghen, Vice President of Strategic Solutions of Prologis Essentials, further underscores the importance of the DMKA program. “Partnering with Impact Forklift Solutions and the KION North American dealer network demonstrates Prologis’ commitment to bringing value to our customers through our best-in-class partner network.” Joe McNames, Vice President of Sales – National Accounts with Impact Forklift Solutions, adds, “Impact Forklift Solutions is anxious to collaborate with interested dealerships to further support and grow this exciting account through the DMKA Program. We look forward to partnering with them for shared success.” The design of the DMKA Program allows an authorized KION North America dealer to enter into a North American sales agreement with a qualified customer. Potential eligible customers include those who purchase via centralized purchasing and have several locations in multiple dealer territories. Once the sales agreement is approved, the DMKA Program allows dealers to sell directly to all customer locations. DMKAs are separate accounts from KION North America Key Account lists.
KION Group achieves high order intake and an increase in revenue in 2022, Significant decline in earnings
Order intake of €11.708 billion despite dampening demand (previous year: €12.482 billion) Supply chain disruptions coupled with increased costs for materials, energy, and logistics negatively impacted the key financial figures Revenue up by 8.2 percent to €11.136 billion (previous year: €10.294 billion) Adjusted EBIT of €292.4 million significantly below the previous year’s level (€841.8 million) Due to a significant decline in earnings and increased net working capital, the free cash flow of -€715.6 million is significantly below the previous year’s level (€543.8 million) Proposed dividend of €0.19 per share at an EPS of €0.75 Significant improvement in profitability and free cash flow expected for 2023 KION GROUP AG finished 2022 with order intake at a high level in a challenging macroeconomic and geopolitical environment. The global intralogistics Group recorded an increase in revenue compared to the previous year, including clearly positive currency effects. Sharply rising costs for materials, energy, and logistics coupled with ongoing supply chain disruptions had a significant impact on both operating segments in the last year, which was reflected in a decline in adjusted EBIT and a clearly negative free cash flow for the Group. “We faced a great deal of challenges in 2022. In light of this, we are focusing on the systematic implementation of the numerous measures we have introduced to strengthen our resilience and profitability,” says Rob Smith, CEO of KION GROUP AG. “We are already in a far more agile and resilient position than we were this time last year. Our innovation pipeline is full and we invest in our sites worldwide. Furthermore, global growth drivers at KION Group such as digitalization, automation, and alternative energy systems remain intact. That’s why we are looking ahead to this year with optimism.” At €11.708 billion, KION Group’s order intake came to within 6.2 percent of the previous year’s record figure (€12.482 billion), despite a noticeable drop in demand. Currency effects had a positive impact on order intake— €391.2 million in total. The Industrial Trucks & Services segment increased the order intake in the reporting period by 3.2 percent to €8.426 billion (previous year: €8.166 billion) and also benefited from orders being brought forward as a result of longer delivery times. Overall, the previous year’s figures were exceeded in all sales regions. In the second half of 2022, price adjustments for new trucks almost offset the significant fall in order numbers in terms of the order intake value. The high-growth service business made a disproportionately large contribution to the increase in orders. However, achieving the high unit order volumes of the previous year was not possible (-10.4 percent) based on figures in the new truck business, with 268,200 industrial trucks ordered. In the Supply Chain Solutions segment customers slowed their new investments, especially in the e-commerce sector, which in turn led to a significant decline in order intake, down 22.3 percent at €3.362 billion (previous year: €4.329 billion). This downturn in new business, which affected both the North America and EMEA regions, was offset to a certain extent by an encouraging increase in orders in the service business. In the second half of 2022, the KION Group order book increased by 6.3 percent to €7.078 billion at the balance sheet date. The Group revenue exceeded the prior year’s figure (€10.294 billion) by 8.2 percent, totaling €11.136 billion. Both operating segments contributed to this, mainly benefiting from the high volume of orders in the order book from the previous year and the strong performance of the service business. Currency effects had a positive impact, totaling €406.3 million. Total revenue in the Industrial Trucks & Services segment was up 12.9 percent to €7.356 billion (previous year: €6.514 billion). In the second half of the year, the Group made significant progress in truck delivery, largely due to the improved availability of supplier parts. Last year’s price increases have not yet made a significant impact on segment revenues, as revenue was mainly based on orders received before the price adjustments. The service business made a considerable contribution to the increase in revenue, mainly through the growing after-sales and rental business. In the Supply Chain Solutions segment, overall revenue totaled €3.807 billion, largely due to positive currency effects with an increase of 0.3 percent on the comparable prior-year level (€3.796 billion). Service business revenue saw disproportionate growth, offsetting the decline in long-term project work. KION Group’s adjusted EBIT fell to €292.4 million, significantly below the 2021 comparable figure (€841.8 million), as a result of significant cost increases and supply chain disruptions. KION Group’s adjusted EBIT margin totaled just 2.6 percent (previous year: 8.2 percent). The adjusted EBIT in the Industrial Trucks & Services segment decreased significantly to €420.5 million (previous year: €536.0 million). The adjusted EBIT margin dropped to 5.7 percent in the reporting period (the previous year: 8.2 percent). The positive effects on earnings from revenue growth were offset by the extensive negative effects from significant cost increases of materials, energy, and logistics as well as inefficiencies in production due to a lack of material available in production. Although cost increases were capped through operational countermeasures, the segment’s gross margin fell sharply in the reporting period. Rising production costs could only be marginally offset by increases in list prices in the reporting period, as mainly customer orders received before the price adjustments were processed in the order book. The adjusted EBIT in the Supply Chain Solutions segment fell to €-45.6 million and was thus significantly below the previous year’s figure (€409.5 million). Accordingly, the adjusted EBIT margin dropped significantly to -1.2 percent (previous year: 10.8 percent). Over the course of the year, supply chain disruptions increasingly restricted the availability of important parts at project sites, leading to project delays and thus internal inefficiencies which were exacerbated by the shortage of skilled workers in North America. Only a small proportion of the huge project-related cost increases could be passed on to customers. From the second quarter of 2022, countermeasures were initiated on an operational level, such as amended price adjustment clauses in new contracts, significant improvements in project
BALYO reveals the simple path to robotic automation for high bay storage at ProMat 2023
BALYO, the company that specializes in transforming standard forklifts into driverless robots, will be attending ProMat 2023. Robotic experts will be on-hand to discuss BALYO’s full line of driverless forklift vehicles that are helping companies scale up as opposed to out, and showcase tools that simplify the shift from manual to autonomous materials handling. The BALYO line of high-bay storage robots will be front and center at ProMat 2023. Robots like the BALYO REACHY, which can pick pallets of up to 1.5 tons to a height of 37 feet and achieve a 360° turn in only 9.9 feet – the narrowest in-aisle turning space for high-reach robotic forklifts. “Smart companies are scaling up – not out!” says Mark Stevenson, BALYO’s Chief Sales Officer. “The only way to safely and efficiently be part of this vertical revolution in materials handling is to automate the storage and retrieval of goods.” In addition to saving space, the shift to high bay storage has other efficiencies including increased speed of materials movement, flexibility in warehouse design, and the inherent safety that comes from using automated systems. “The shift to robotic operations just makes sense, from overcoming labor challenges, to safety, to ROI, all the numbers add up,” continues Stevenson.”The biggest thing that holds organizations back is the fear of complicated change, time to deploy, and disruption.” “BALYO is ready to show that there’s nothing to fear, our standard solutions can be deployed in weeks not months, and our simple tools are designed to allow users to do much of it themselves. It’s easy to simply change.” BALYO experts will be demonstrating tools like BALYO eBudget for simple scoping of robotic projects, and BALYO Road Editor software that makes mission management a drag-and-drop experience. BALYO developed its unique software nearly 20 years ago with the aim of turning standard electric trucks into standalone intelligent robots, a move which the company believes, helps to address the reluctance of some operators to switch to automation and realize all of these benefits. Stevenson continues, “BALYO robots can be operated both fully manual and autonomously, bridging the perceived gap between whether to use people or technology. This frees up people to focus on improving operations and other truly value-added activities. In this way, our technology is being used to vastly improve people’s working lives.” The Reach Robot is just one of the full complement of Balyo’s sustainable robotic solutions including stackers, counter-balanced robots, tuggers, pallet jacks, and a VNA (Very Narrow Aisle) robot that can reach heights of 55 feet. BALYO’s global head offices are in Paris with global operations in the USA, Singapore, China, and Australia.
Concentric introduces PowerHIVE® the industry’s first Automated Forklift Battery System
A faster and safer way to manage your power from the leader that invented GuaranteedPOWER® Concentric, an OnPoint Group Company, is launching PowerHIVE™, the industry’s first automated forklift battery and charger system, providing on-demand, sustainable, and scalable battery power whenever it is needed. Their newest innovation in equipment power management marries automation with forklift battery systems – eliminating the need to think about forklift charging or battery maintenance. An automated, three-minute battery reload is all that’s required to provide a safer, more cost-effective solution designed to support forklift operations in a way that’s easily scalable and flexible. PowerHIVE’s simple model doesn’t require any change to existing operations, ensuring an unlimited supply of power at whatever velocity is needed. “This is an exciting milestone for Concentric continuing our mission to deliver uninterruptible, guaranteed power to customers. PowerHIVE is a quantum leap forward. It provides plug-and-play, on-demand power that’s scalable to every piece of equipment you operate today and tomorrow. PowerHIVE unleashes your equipment to move at the productivity and velocity you require from day one until you retire the equipment,” said Concentric Chief Operating Officer, John Winter. “Customers experience cost savings with less equipment, no equipment issues due to lack of power, peak energy savings, and less headache for their forklift operators.” Distribution and manufacturing facilities face an array of challenges from labor shortages and productivity to worker safety and sustainability. PowerHIVE eases those challenges by providing a faster and safer equipment experience ensuring operators always have the battery power they need. Operators no longer have to handle the repercussions of downtime, safety risks, and failing equipment. “Forklift power is too often an afterthought, and facilities are numb to its negative impact on equipment and operator productivity, not to mention morale and safety,” said John Winter. “For facilities with multiple shifts, PowerHIVE delivers an automated and safe forklift power experience for every forklift type. The system eliminates the need to think about forklift charging or battery maintenance as operators receive a battery that’s ready to go in less than three minutes. Lithium and Hydrogen alone don’t solve your power issues as there are failure points in a one battery per forklift approach,” said Antonio Mendonca, Director of Engineering. To learn more about how PowerHIVE aligns with Concentric’s mission to provide intelligent power, while positively impacting People, Planet, and Profits, visit Concentricusa.com.
KION Group building a new highly automated Spare Parts Distribution Center in Germany
A new highly automated distribution center will provide even better and faster spare parts supplies to its customers Total investment of around EUR 60 million KION subsidiaries Dematic and Linde Material Handling are providing the latest warehouse technology for the distribution center The planned completion date is January 2025 Andreas Krinninger, Member of the KION Executive Board: “The new distribution center will enable us to even better support our customers by reducing processing times and creating full transparency through digitalizing the end-to-end material flow from goods-in to goods-out.” Following the official ground-breaking ceremony in Kahl am Main near the German city of Aschaffenburg, the extensive construction and installation work on this new spare parts distribution center can now begin. Work will be completed by January 2025. The distribution center is set to house around 22,000 square meters of floor space for the spare parts logistics for the KION brands Linde Material Handling and Dematic. The building complex will be divided into different halls, among them a 30 m tall fully automated high-bay warehouse. “This highly automated distribution center will ensure that we can provide a fast and reliable spare parts service for our customers in Germany and several neighboring countries. This flagship project demonstrates the broad scope of the KION Group’s capabilities and brings together cutting-edge automation, digital, safety, and energy technologies from the two operating segments—Industrial Trucks & Services and Supply Chain Solutions. The new distribution center will enable us to even better support our customers by reducing processing times and creating full transparency through digitalizing the end-to-end material flow from goods-in to goods-out,” said Andreas Krinninger, Member of the KION GROUP AG Executive Board, at an on-site meeting with Jürgen Seitz, mayor of the municipality of Kahl am Main, other representatives of the company, and key individuals from the construction company carrying out the building work. A Showcase for the Group’s Material Handling and Intralogistics Solutions The building complex for the new warehouse will feature several areas for goods inward and goods outward, order picking zones, and a special warehouse with block storage. Goods will be delivered via 16 truck ramps. “The technical set-up in the halls will be a ground-breaking example of integrated solutions from the two KION segments Industrial Trucks & Services and Supply Chain Solutions,” stressed Krinninger. Continuous conveyors for small and large parts from Dematic and AMRs (Autonomous Mobile Robots) from Linde Material Handling will be perfectly integrated into the material flow. Highly efficient Li-Ion-powered electric forklift trucks and pallet stackers will also be used. “Combining technologies from our Group with our collective project expertise enables us to find the solution that best meets the speed, flexibility, safety, energy efficiency and transparency requirements of the new distribution center. And the consequence of this is that our customers will benefit in the future from even higher availability and even faster delivery of spare parts to their sites”, explained the Executive Board Member. The KION subsidiary Dematic, one of the leading global providers of integrated automation technology, software, and services for optimizing the supply chain, is supplying the high-bay warehouse with six aisles and the multi-shuttle warehouse operating in five aisles and serving 110,000 storage locations. Secured Jobs and Ecological Compensation Areas The investment also secures the long-term future of the site and makes it even more attractive for highly qualified employees. The investment in Kahl am Main, where KION’s brand Linde Material Handling has had a spare parts warehouse and some parts of its production since the mid-1970s, is also well supported by the local community. Residents were involved at an early stage through a public information event and are being regularly updated on the progress of the plans since then. The sustainability ambition of the KION Group is also well reflected in the design, construction and fit out of the new distribution center. This involves also making optimal use of the existing site without any further ground sealing. In addition, extensive compensatory measures for the protection of nature and species have been initiated or already been implemented, and there are plans for more of these. Environmentally friendly building methods and photovoltaic panels are other key elements of the site concept and will ensure that the site is significantly contributing to climate-neutrality.
LiuGong North America to showcase company growth, Battery electric vehicle technology and eight new products at CONEXPO 2023
The construction industry has changed significantly since the last CONEXPO-CON/AGG held in 2020, and so has the LiuGong presence in North America. As LiuGong returns to this year’s CONEXPO, held March 14-18, 2023, in Las Vegas, it does so in an enhanced position in the construction equipment marketplace and as one of the fastest-growing companies in the industry. LiuGong arrives at booth F9205 on the Festival Grounds at the Las Vegas Convention Center with 19 total machines, including eight new products, two new battery electric vehicles, a significantly increased staff, and a robust and growing dealer network. “The LiuGong presence at CONEXPO/CON-AGG 2023 is a culmination of our growth strategy, new product development, and investment made by members of our expanding dealer network,” said Andrew Ryan, President, LiuGong North America. “At CONEXPO, LiuGong will highlight the growth and development our team has worked on for the last several years, while also showcasing the value of our machines to prospective customers. The future is bright for LiuGong as a company, and we’re looking forward to the week ahead in Las Vegas.” 2021 and 2022 Business Success The last two years for LiuGong have seen records in profit, revenue, and growth. While other manufacturers scaled back production, LiuGong increased its production and inventory, making it the largest single producer of wheel loaders in the world. The LiuGong Lineup at CONEXPO The 19 products on display cover five product lines (wheel loaders, excavators, dozers, rollers, and material handling applications) and include new technological elements throughout most machines. Headlining the LiuGong display is one of its battery-electric vehicles, the 856H-E MAX Wheel Loader. There has been exponential growth in this area, with an estimated 2,000 of these units already operating worldwide in some of the world’s toughest conditions. The 856H-E MAX can enhance job sites where traditional combustion engines aren’t allowed or in fixed-site operations where investments in charging infrastructure make sense. LiuGong debuts two new large-size excavators. The 36-ton class 936F Excavator is a step above medium size excavators, while the 95-ton class 995F Excavator will become the largest in the LiuGong excavator portfolio. There are two new Zero Tail Swing (ZTS) Compact Excavators premiering in the 9051FZTS and 9057FZTS models. These 5- and 6-ton class excavators fill a gap within the LiuGong lineup and build on the 9027FZTS model that premiered in 2021. Answering the call to handle tight work on commercial and residential job sites, the new 15-ton class LiuGong 915FCR (Compact Radius) Excavator is a complement to the 913FCR, providing customers welcome choices in that size class. Both evolved from the 915F platform with a focus on a short tail swing and little compromise in lifting capability. Additional new products include the LiuGong 6612E Roller and the Dressta TD-25M Dozer. LiuGong will also feature the HV Series Wheel Loaders (838HV, 856HV, 890HV). The HV Series of products have progressed to Stage V emissions standards and include updated transmission and hydraulic systems. Rounding out the lineup is another Dressta product, the TD-16N Dozer, along with five products from the rapidly expanding LiuGong material handling business. This includes the LiuGong CLC2025A-SC, CLG2030G, and CLG2035G Fork Trucks and S1930DE and S4046DE Mobile Elevated Work Platforms (MEWP). The full list of LiuGong North America products at CONEXPO includes: 856H-E MAX Wheel Loader (battery electric vehicle; LiuGong North America launch) 9027F-E Excavator (battery electric vehicle; display vehicle only) 9051FZTS Excavator (LiuGong North America launch) 9057FZTS Excavator (LiuGong North America launch) 915FCR Excavator 922F Excavator 936F Excavator (LiuGong North America launch) 995F Excavator (LiuGong North America launch) 838HV Wheel Loader 856HV Wheel Loader (LiuGong North America launch) 890HV Wheel Loader 6612E Roller Dressta TD-16N Dozer Dressta TD-25M Dozer (LiuGong North America launch) CLC2025A-SC Fork Truck CLG2030G Fork Truck CLG2035G Fork Truck S1930DE Mobile Elevated Work Platform S4046DE Mobile Elevated Work Platform Increasing Dealer Coverage Since 2019, LiuGong has signed 29 construction equipment dealers and 28 fork truck dealers for a total of 57 new dealers. At the year-end of 2022, LiuGong had 92 total dealers with 156 locations. Several new dealers have signed recently and either has been publicly announced or will be in the coming weeks. Others have expanded their operations by either adding locations or enhancing their footprints. “Our new dealers in both the construction equipment and material handling industries were looking to grow their level of support and relationship with a new manufacturer,” Ryan said. “It’s our job to help ensure that we as LiuGong work together with these new dealers to elevate them in the marketplace while continuing to recruit more in key markets across the country.” Key Relationships LiuGong has worked with Cummins for decades, and the companies have been involved in a joint venture building engines in China together since 2011. Cummins will have one of its engines on display at the LiuGong booth, while the Cummins booth will be in South Hall 4, booth S84615. LiuGong will also display GRYB product attachments; GRYB has its own booth on the Festival Grounds, F8144. LiuGong also works with CATL as its battery supplier, with Miller UK to provide its globally recognized quick couplers, and with Leica Geosystems, a trusted supplier of premium sensors, software, and services for geospatial data intelligence. Some of the other LiuGong business enhancements since the last CONEXPO include an enhanced dealer portal, the launch of the new LiuGong Finance program, and a telematics support system, Topcon/Tierra for LiuGong.
H&E Equipment Services reports Fourth Quarter and Full Year 2022 results
H&E Equipment Services, Inc. has announced results for the fourth quarter and full year that ended December 31, 2022, bringing to close a year of record financial performance and significant expansion. On October 1, 2021, the Company sold its crane business, (the “Crane Sale”). All results and comparisons for the periods reported are presented on a continuing operations basis with the Crane Sale reported as discontinued operations in certain statements and schedules accompanying this report. Fourth Quarter 2022 summary Revenues increased 25.6% to $353.1 million compared to $281.3 million in the fourth quarter of 2021. Net income was $51.2 million compared to $21.7 million in the fourth quarter of 2021. The effective income tax rate was 26.1% compared to 25.8% in the fourth quarter of 2021. EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 56.1% to $171.5 million compared to $109.9 million in the fourth quarter of 2021, resulting in a margin of 48.6% of revenues compared to 39.1% over the same period of comparison. Total equipment rental revenues were $275.7 million, an increase of $72.0 million, or 35.3%, compared to $203.7 million in the fourth quarter of 2021. Rental revenues were $245.0 million, an increase of $63.0 million, or 34.6%, compared to $182.0 million in the fourth quarter of 2021. Used equipment sales increased 2.5% to $30.2 million compared to $29.5 million in the same quarter of 2021. Margins also improved to 51.2% compared to 39.3% in the fourth quarter of 2021. New equipment sales totaled $21.5 million, a decline of 4.5% when compared to $22.5 million in the fourth quarter of 2021. Gross margin improved to 45.1% compared to 42.0% in the same quarter of 2021. Total equipment rental gross margins were 47.9% compared to 46.3% in the fourth quarter of 2021. Rental gross margins were 53.1% compared to 51.7% over the same period of comparison. Average time utilization (based on original equipment cost) was 72.0% compared to 73.1% in the fourth quarter of 2021. The Company’s rental fleet based on original acquisition cost ended 2022 at approximately $2.4 billion, representing a 26.8% increase from 2021. Average rental rates, excluding One Source, improved by 10.6% when compared to the fourth quarter of 2021 and 1.8% when compared to the third quarter of 2022. Dollar utilization improved to 41.9% compared to 39.3% in the fourth quarter of 2021. The average rental fleet age on December 31, 2022, was 43.6 months compared to an industry average age of 53.3 months. Closed the sale of the Komatsu earthmoving distribution business for proceeds of $29.2 million. A gain of $15.4 million was recognized on the sale and recorded as a $12.9 million gain on the sale of property and equipment and a $2.5 million gain on other, net. Paid regular quarterly cash dividend of $0.275 per share of common stock. Brad Barber, chief executive officer, summarized H&E’s superior performance in the fourth quarter, commenting, “Our results showed solid fleet utilization, continued gains in equipment pricing, further fleet growth, and branch expansion. In addition, figures for the quarter included the operations from One Source Equipment Rentals, Inc. (“One Source”) following the closing of our acquisition on October 1, 2022. Physical fleet utilization remained at a healthy level, averaging 72.0% despite pressure from typical seasonal factors that contributed to a decline in the measure of 110 basis points when compared to the fourth quarter of 2021 and 130 basis points on a sequential quarterly basis. Rental rates, which exclude One Source, improved by 10.6% compared to the same quarter a year ago and 1.8% on a sequential quarterly basis. Both measures remained among the best in our industry. Our fleet original equipment cost (“OEC”) closed the quarter at a record of approximately $2.4 billion, with gross capital expenditures in the quarter of $128.3 million and a record gross investment of $507.8 million for all of 2022. Finally, we opened two new branch locations in the quarter, closing the year with a total of 10 branch openings for the second consecutive year. We began 2023 with a network of 120 branches across 29 states.” Mr. Barber explained the Company’s optimism for 2023, stating, “Favorable trends have emerged in the equipment rental industry and represent a promising outlook. We expect the robust business environment to persist through the year as strong project backlogs and accelerating federally funded programs escalate spending, particularly in the non-residential and industrial end markets. We believe these positive trends are sustainable, due in part to a rise in federal programs addressing improvements in infrastructure that require extended periods to complete. In addition, we expect further growth in rental penetration to drive new demand for equipment as the combination of unfavorable fiscal conditions, including rising interest rates, and lingering delays in equipment deliverability encourage a shift by certain customers away from the ownership of equipment. These multiple catalysts for increased rental demand should maintain healthy equipment utilization and contribute to an attractive pricing environment characterized by modest sequential quarterly rate improvement.” In closing remarks, Mr. Barber described the Company’s growth objectives for 2023 and stressed the importance of a successful expansion strategy. He summed up the year by saying, “Numerous achievements in 2022, which included the completion of our transition to a pure-play rental business and 18% growth in our branch location count, have served to fortify a sound base for future operations and strategic growth. These achievements contributed to our impressive financial performance, including record revenues and margins, while adding greater scale after our expansion into new geographies and increased branch density in existing regions. We remain focused on further growth initiatives in 2023 and believe this fundamentally sound industry will continue to create opportunities. Growth initiatives for the year include further expansion of our branch network, with a revised range of 10 to 15 new locations, up from 10 new branches in each of the last two years. Also, we are targeting a gross fleet investment of $500 million to $550 million as we continue to support existing stores and the new branch locations with both a young fleet and a diversified mix of equipment lines. Finally, attractive acquisition opportunities continue to appear in our industry and an evaluation of suitable targets remains part of our
Raymond names finalist for International Forklift of the Year
Raymond® 8910 enclosed end rider pallet truck to be tested this March at International Intralogistics and Forklift of the Year (IFOY) Test Days in Dortmund, Germany The Raymond Corporation’s 8910 end rider pallet truck has been named a finalist for an International Intralogistics and Forklift Truck of the Year (IFOY) Award, which recognizes the industry’s best intralogistics products and system solutions from around the world. Adaptability, operator comfort, and sustainability features make the 8910 pallet truck perfect for a range of tasks, especially long hauls. With intuitive, easy-to-use controls and a roomy operator compartment with enhanced ergonomics, the 8910 pallet truck is ideal for heavy-duty, high-throughput and long-haul applications. The pallet truck features ergonomically enhanced steering and a deadman pedal requiring less effort to operate, along with auto-slowdown, automatic drive-tire centering on startup, and other operator-friendly features. Equipped with power steering, the Raymond® 8910 pallet truck is a quiet and energy-efficient lift truck. Full integration with the iWAREHOUSE® Fleet and Warehouse Optimization System gives operators access to the complete portfolio of Raymond telematics, allowing easy access to critical equipment and labor performance data. “The 8910 is a highly versatile product that combines operator comfort with technology integration,” said Chad Kritzman, product manager at The Raymond Corporation. “Operators will appreciate features like auto-slowdown and the tighter turning radius, while fleet and facility managers will have access to data that can help optimize workforce, machine and facility performance.” In addition to offering a host of operator-comfort and performance features, the 8910 can be equipped for specific facilities and applications — including horizontal transport, loading and unloading, cold storage, and dock work — and is available with various fork lengths and load capacities. “We’re proud to be honored once again as a finalist for the IFOY Award,” said Michael Field, president and CEO, of The Raymond Corporation. “The 8910 is the product of Raymond’s 100-year history of innovation and our commitment to designing equipment that helps customers optimize their distribution and warehousing operations and that enables an unmatched level of productivity.” The IFOY Award honors the best industrial lift trucks and intralogistics solutions of the year as selected by a jury of leading international logistics media. Test days are held in Dortmund, Germany, in mid-March, when IFOY experts test all the nominated products. Test parameters include productivity, energy efficiency, safety, ergonomics, and design. For more information surrounding the IFOY Test Days, visit https://www.ifoy.org/en/.