Hyster-Yale Materials Handling reported revenues of $695.8 million and net income of $28.4 million for Q3/14 compared with revenues of $643.9 million and net income of $23.5 million for Q3/13. Operating profit was $36.3 million compared with $31.3 million for the third quarter of 2013.

The company said revenues increased in Q3/14 compared with Q3/13 primarily as a result of a shift in sales to higher-priced lift trucks in the Americas and an increase in unit volumes, mainly in North America and Europe, partially offset by a decrease in units sold in Brazil.

In Q3/14, worldwide new unit shipments increased to approximately 21,700, primarily due to an increase in North America and Europe, partially offset by a decrease in Brazil, from shipments of approximately 21,200 units in Q3/13 and were comparable to Q2/14.

Worldwide backlog was approximately 26,800 units at September 30, 2014, or approximately $710 million, compared with approximately 28,400 units at September 30, 2013, or approximately $705 million, and approximately 28,800 units, or approximately $745 million, at June 30, 2014.

In its outlook, Hyster-Yale said growth rates for the global forklift truck market are expected to decelerate during the remainder of 2014 and in 2015, resulting in only modest growth compared with the prior year periods. Growth in the remainder of 2014 and in 2015 is expected to be driven by the Western Europe, Middle East and Africa markets with smaller growth in Asia-Pacific due to softening in the Japanese and Chinese market growth rates.

The Americas market growth is expected to slow in Q4/14 and have only modest growth in 2015 as growth rates decelerate in North America, and the Brazil market shows only a partial recovery. Other areas in Latin America are expected to strengthen moderately in 2015.

To view the full Hyster-Yale Materials Handling news release, click here.