Hyster-Yale, Inc. reported robust full-year 2024 consolidated revenues of $4,308.2 million, a 5% increase year-over-year. Operating profit for the full year rose by 17% to $244.8 million, with net income increasing by 13% to $142.3 million. Diluted earnings per share reached $8.04, an 11% improvement over 2023.
For the fourth quarter of 2024, revenues increased by 4% year-over-year to $1,067.5 million. However, reported operating profit declined by 34% to $32.3 million, and net income fell by 59% to $10.3 million. Adjusted operating profit, which excludes $17 million of manufacturing footprint improvement charges, improved by 15% in Q4 2024 compared to the prior year.
The company initiated projects in Q4 2024 to optimize its manufacturing footprint and streamline operations, incurring $21 million in costs. These programs are expected to generate significant annualized savings of $30 million to $40 million starting in 2027, with additional implementation costs projected for 2025 and 2026.
Lift Truck bookings in Q4 2024 decreased by 17% year-over-year to $400 million, leading to a reduced backlog of $1.93 billion entering 2025. Hyster-Yale anticipates a significant year-over-year decrease in 2025 revenues and expects operating profit to be substantially lower than the strong 2024 performance, primarily due to lower production levels and increased competitive dynamics.
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