Hyster-Yale's lift truck business reported operating profit of USD28.9 million

Hyster-Yale Materials Handling has announced consolidated revenues of USD795.5 million for the fourth quarter of 2017 - up from USD690.6 million for the same quarter of 2016. Operating profit for the period almost doubled - from USD8.4 million to USD16.4 million.

The lift truck business reported operating profit of USD28.9 million and revenues of USD751.6 million for the fourth quarter of 2017, compared with operating profit of USD19.3 million and revenues of USD652.5 million for the fourth quarter of 2016.

Consolidated worldwide new unit shipments increased to approximately 25,900 units in the fourth quarter of 2017 from approximately 22,900 units in the fourth quarter of 2016.

For the full year, operating profit was USD112.2 million and revenues reached USD2.7 billion, compared with operating profit of USD74.6 million and revenues of USD2.5 billion for full year 2016.

Hyster-Yale ended 2017 with strong fourth quarter and full-year operating results, as well as strong bookings and backlog, both of which exceeded the company's expectations. However, the increase in bookings did not correspond to the unexpectedly large increase in the forklift market as the company maintained its focus on a carefully paced ramp-up in production and achievement of price goals through sales of a richer product mix, while maintaining a healthy backlog to achieve production efficiencies.

The company has realigned its sales and marketing teams and is increasing resources to execute more effectively the company's specific industry strategies.

Hyster-Yale remains focused on increasing unit volumes and marketshare in its forklift business in 2018 and beyond through the continued implementation of its key strategic initiatives which include delivering industry- and customer-focused solutions, providing low cost of ownership and enhanced productivity for customers, enhancing independent distribution, growing in emerging markets, maintaining leadership in the attachments business and providing leadership in fuel cells and their applications.