Hyster-Yale Materials Handling announced consolidated revenues of $710.7 million and consolidated net income of $26.4 million for Q4/14 compared with consolidated revenues of $717.9 million and consolidated net income of $25.7 million for Q4/13.

Lift truck shipments in 2014 increased approximately 2.5% to approximately 87,600 units from approximately 85,500 units in 2013.

The lift truck business reported net income of $27.8 million and revenues of $710.7 million for Q4/14, compared with net income of $25.7 million and revenues of $717.9 million for Q4/13.

In Q4/14, worldwide new unit shipments increased from shipments of approximately 22,700 units in Q4/13 to approximately 23,500 units, mainly due to a significant increase in the Americas as a result of strong sales in an unexpectedly strong North America market, partially offset by a decrease in European shipments, primarily in Eastern Europe.

The increase in unit shipments, as well as a favorable shift in sales to higher-priced lift trucks in the Americas and an increase in parts volume in the Americas and Europe generated large revenue improvements. However, despite these improvements, overall revenues decreased in the fourth quarter of 2014 compared with the fourth quarter of 2013 primarily as a result of a decrease in fleet services and unfavorable currency movements of $16.1 million mainly from the continued strengthening of the U.S. dollar against the euro. Lower prices due to competitive pressures, primarily in Europe, also contributed to the decrease in revenue.

Worldwide backlog was approximately 28,100 units at December 31, 2014, or approximately $711 million, compared with approximately 28,200 units at December 31, 2013, or approximately $717 million, and approximately 26,800 units at September 30, 2014, or approximately $710 million.

Lift Truck Outlook

Growth rates for the global lift truck market are expected to decelerate in 2015, resulting in nominal growth compared with 2014. In 2015, modest growth is expected in the Western Europe, Asia-Pacific and China markets. The Americas, Eastern Europe and Middle East and Africa markets are expected to be relatively flat and a modest decline is expected in the Japanese market after increasing close to 10% during 2014.

Despite these mixed market conditions, the company expects a moderate increase in unit shipments and parts volumes and, as a result of the continued execution of the company’s strategic initiatives and anticipated market share gains, increased sales in 2015 compared with 2014. The increase in unit shipments in 2015 is expected to be driven by Europe and North America, with moderate increases in Asia-Pacific. Unit shipments in Brazil are expected to increase in 2015 from low 2014 levels. The increase in revenues is expected to be partially offset by a shift in sales mix to lower-priced lift trucks.

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