Hyster-Yale Materials Handling announced consolidated revenues of $604.2 million and net income of $10.0 million for Q1/16 compared with revenues of $622.3 million and net income of $13.9 million for Q1/15.

Consolidated operating profit was $9.7 million for the Q1/16 compared with $21.0 million for the first quarter of 2015.

The lift truck business reported net income of $13.7 million and revenues of $603.9 million for Q1/16 compared with net income of $17.5 million and revenues of $621.1 million for Q1/15. Lift truck operating profit was $15.8 million for Q1/16 compared with $27.0 million for Q1/15.

Consolidated lift truck net income declined primarily as a result of a substantial decrease in operating profit due to higher selling, general and administrative expenses and lower gross profit, partially offset by a tax benefit of $4.0 million recognized in Q1/16.

Consolidated worldwide new unit shipments increased to approximately 20,500 units in Q1/16 from approximately 19,900 units in Q1/15. Consolidated revenues declined compared with the prior year quarter.

Total shipments in the Americas segment, which includes the North America, Latin America and Brazil markets, increased by approximately 800 units in Q1/16 compared with 2015 as a result of the continued implementation of the company’s strategic initiatives. Strong unit shipments in North America and Latin America were partially offset by a decrease in shipments in Brazil driven by continued weakness in the Brazil economy. As a result of the increase in unit volumes, revenues in the Americas improved modestly to $417.2 million in Q1/16 from $415.9 million in Q1/15.

Benefits from increased unit volumes were mostly offset by a shift in trucks sold from higher-priced Class 5 trucks, including Big Trucks, to lower-priced Class 3 warehouse trucks and Class 4 internal combustion trucks, as well as unfavorable currency movements of $5.9 million from the translation of sales into U.S. dollars, which strengthened against the Brazilian real. Lower deal-specific pricing, partially offset by price increases in Brazil implemented to offset the impact of the weak Brazilian real.

Q1/16 bookings were approximately 23,500 units, or approximately $490 million, compared with approximately 23,700 units, or approximately $500 million, for Q1/15. Worldwide backlog was approximately 29,900 units, or approximately $670 million, at March 31, 2016 compared with approximately 31,900 units, or approximately $730 million, at March 31, 2015 and approximately 26,900 units, or approximately $660 million, at December 31, 2015. The March 2015 backlog included a very large customer order secured in late 2014 that did not ship until Q2/15 and Q3/15.