The following is a summary of the Hyster-Yale Materials Handling, Inc. (HY) Q4 2023 Earnings Call Transcript:
Financial Performance:
Hyster-Yale reported Q4 and full year revenues of over $1 billion and $4.1 billion respectively, reflecting a 16% increase YoY.
Operating profit increased by 146% compared to the previous year, with a consolidated operating profit margin of 4.7%.
Full year 2023 net income was $126 million, a $200 million increase YoY, full year earnings per share at $7.24 as opposed to a loss in 2022.
Lift Truck business posted a Q4 revenue of $982 million, with an operating profit increase of $27 million YoY.
Bolzoni business experienced a slight drop in revenues compared to the prior year, but still increased operating profit to $2.6 million.
Business Progress:
Despite product launch and component supply challenges, the company shipped approximately 102,200 units, the highest in a given year.
The company expects improved production and shipment rates in all regions throughout 2024 as component and labor constraints dissipate.
Hyster-Yale plans to balance pricing and booking rates to maximize profitable growth and focus on expansion into advanced technology solutions for warehouse-related markets.
Plans to launch a modular, scalable Lift Truck product globally and increase the electrification of Lift Trucks.
Nuvera branch expects to drive significant growth, working on placing fuel cell production engines into heavy-duty vehicle applications and developing a 125kW engine to be available by 2025.
Anticipated goals for 2024 include higher unit volumes, an ongoing favorable price to cost ratio, increased engine demonstrations to strengthen fuel cell engine technology adoption, and make financial results more sustainable over time.
More details: Hyster-Yale Materials Handling IR
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