Hyster-Yale Materials Handling announced a 146% increase in operating profit for the fourth quarter of 2023, as well as an increase in full-year net income.

In the fourth quarter, the company posted consolidated operating profit of USD48.7 million and a 4% increase in revenue to USD42 million.

For the full-year, net income was USD125.9 million, up from a 2022 loss of USD74.1 million.

Hyster-Yale says the global economy performed better than anticipated in 2023.

“The company's core lift truck market remains strong and above pre-pandemic levels in most regions,” the company says. 

“Nonetheless, some external market factors, including ongoing geopolitical instability, most recently evidenced by the tensions in the Red Sea, continue to create a significant amount of uncertainty within the global economic outlook. 

“Due to this and abnormally high industry volumes from 2020 to 2022, global market activity declined across 2023, particularly in EMEA (Europe, the Middle East and Africa).”

Hyster-Yale says forklift market data indicates new unit, third quarter 2023 booking activity decreased globally and in all major geographies except China and India compared with strong 2022 levels. 

“Internal company estimates suggest that fourth-quarter 2023 global lift truck market bookings decreased compared with the prior year.”

Hyster-Yale says it expected global market bookings to be comparable to 2023 levels this year, while an anticipated first-half decline is expected to be offset by a second-half increase. For both full-years 2023 and 2024, market unit volumes are projected to remain strong.

Subsidiaries of Hyster-Yale include Bolzoni S.p.A., which produces attachments, forks and lift tables marketed under the Bolzoni, Auramo and Meyer brand names and Nuvera Fuel Cells, an alternative-power technology company focused on fuel cell stacks and engines.