Q1 2024 Highlights:  Consolidated operating profit of $83.8 million, up 97% from Q1 2023, and above previous expectations Consolidated operating profit margin of 7.9%, up from 4.3% in Q1 2023 Consolidated revenues of $1.1 billion, up 6% from Q1 2023 quarter and the fourth consecutive quarter with revenues over $1 billion Net income of $51.5 million, up 94%, from Q1 2023 CLEVELAND, May 7, 2024 /PRNewswire/ -- Hyster-Yale Materials Handling, Inc. (NYSE:HY) reported the following consolidated results for the three months ended March 31, 2024. All comparisons are to the three months ended March 31, 2023, unless otherwise noted. Three Months Ended ($ in millions except per share amounts) 3/31/24 3/31/23 Change Fav (Unfav) Revenues $1,056.5 $999.3 $57.2 Operating Profit $83.8 $42.6 $41.2 Net Income $51.5 $26.6 $24.9 Diluted Earnings per Share $2.93 $1.55 $1.38 Lift Truck Business ResultsRevenues and shipments by geographic segment were as follows: ($ in millions) Q1 2024 Q1 2023 Change Fav (Unfav) % Change Revenues $1,006.8 $948.7 $58.1 6 %    Americas(1) $769.7 $685.9 $83.8 12 %    EMEA(1) $199.4 $214.9 $(15.5) (7) %    JAPIC(1) $37.7 $47.9 $(10.2) (21) % (1) The Americas segment includes the North America, Latin America and Brazil markets, EMEA includes operations in the Europe, Middle East and Africa markets, and JAPIC includes operations in the Asia and Pacific markets, including China. (Rounded to nearest hundred) Q1 2024 Q1 2023 Change Fav (Unfav) Q4 2023 ChangeFav (Unfav) Unit Shipments 23,200 25,200 (2,000) 23,600 (400)    Americas 15,600 16,100 (500) 15,600 —    EMEA 5,400 6,800 (1,400) 5,400 —    JAPIC 2,200 2,300 (100) 2,600 (400) Lift Truck revenues grew 6% due to higher average lift truck sales prices and a favorable sales mix. These increases were partly offset by lower unit and parts volumes.  Average lift truck sales prices increased 17% year-over-year and 3% sequentially, primarily due to previously implemented price increases. Sales mix improved over the prior year mainly as a result of increased Americas sales of Class 4 and higher-priced/higher-capacity, 4- to 52-ton, Class 5 internal combustion engine trucks. Shipment volumes declined 8% compared to Q1 2023, driven by a 21% decline in EMEA as a result of lower production rates. Americas shipments decreased particularly due to lower shipments in Brazil. Gross profit and operating profit (loss) by geographic segment were as follows: ($ in millions) Q1 2024 Q1 2023 Change Fav (Unfav) Gross Profit $215.6 $155.6 $60.0    Americas $178.1 $121.2 $56.9    EMEA $33.9 $26.9 $7.0    JAPIC $3.6 $7.5 $(3.9) Operating Profit (Loss) $89.3 $47.8 $41.5    Americas $89.6 $47.5 $42.1    EMEA $5.2 $2.6 $2.6    JAPIC $(5.5) $(2.3) $(3.2) Lift Truck ConsolidatedIn Q1 2024, Lift Truck operating profit increased 87% year-over-year, with operating profit margin improving 390 basis points to 8.9%. This improvement was primarily due to higher unit product margins driven by favorable sales prices and costs. Higher operating expenses, including higher employee-related costs in the Americas and EMEA, partly offset these gains. Units sold in Q1 2024 were largely added to backlog in late 2022 and 2023. These units had higher prices and margins than units sold in Q1 2023, which were booked in 2021 and early 2022. Continued disciplined execution led to a year-over-year incremental margin of 71% in Q1 2024. Lower JAPIC operating profit was primarily due to higher warranty costs and lower unit and parts volumes. Bolzoni Results ($ in millions) Q1 2024 Q1 2023 ChangeFav (Unfav) Revenues $96.2 $98.6 $(2.4) Gross Profit $21.8 $20.7 $1.1 Operating Profit $3.3 $4.4 $(1.1) Bolzoni's revenues decreased while gross profit increased primarily due to the planned phase-out of low-margin legacy component sales. The business maintained a strong price-to-cost ratio. Despite higher gross profits, Q1 2024 operating profit decreased mainly as a result of higher operating expenses. Nuvera Results ($ in millions) Q1 2024 Q1 2023 ChangeFav (Unfav) Revenues $0.5 $1.6 $(1.1) Gross Profit (Loss) $(2.3) $(2.1) $(0.2) Operating Loss $(9.4) $(9.8) $0.4 In Q1 2024, Nuvera received funding from the U.S. Department of Defense to cover certain research and development expenses. This led to a year-over-year decrease in Nuvera's operating costs, which offset the profit effect from fewer shipments. Income Tax ExpenseQ1 2024 income before income taxes of $77 million increased 114% compared to the prior year, while net income increased 94%. The latter was moderated by a significant increase in income tax expense driven by a higher income tax rate. The Q1 2024 effective income tax rate was 33% compared with a 24% rate in the prior-year quarter. This higher rate is due to the continued capitalization of research and development expenditures for U.S. tax purposes combined with the Company's inability to record deferred tax assets on its balance sheet given its U.S. valuation allowance position. Balance Sheet and Liquidity ($ in millions) March 31, 2024 December 31, 2023 Change Fav (Unfav) Debt $474.8 $494.0 $19.2 Cash 62.2 78.8 (16.6) Net Debt $412.6 $415.2 $2.6 The Company's financial leverage continued to improve in Q1 2024 with a 4% debt reduction compared to December 31st levels. Debt-to-total capital ratio of 53% improved 200 basis points over the December 31, 2023 level as a result of higher earnings and lower debt. Unused borrowing capacity of $269 million was comparable to approximately $270 million as of December 31, 2023. Cash generated from operations increased $13 million compared to Q1 2023. Working capital represented 18.9% of sales, improving modestly from Q4 2023 levels. Inventory as a percent of sales improved as the revenue growth rate outpaced net working capital increases. Q1 2024 inventory increased compared to the prior year and prior quarter primarily due to higher finished goods inventory. This was largely a result of trucks completed but not yet shipped at quarter end and extended transit times due to internal global production shipments. Raw material and component parts inventory decreased compared with Q4 2023 and Q1 2023. Market CommentaryIn Q1 2024, the global economy remained strong overall. However, while recessionary concerns have declined, political unrest continues to create uncertainty for the global economic outlook. The latest publicly available lift truck market data indicates that Q4 2023 global lift truck market bookings increased by 14% year-over-year, with improvements in the EMEA and JAPIC markets offsetting a moderate decrease in the Americas. For full-year 2023, the global lift truck market new unit bookings decreased by 4% compared to an exceptionally strong 2022, with JAPIC market improvements more than offset by decreases in the Americas and EMEA markets. 2023 bookings exceeded pre-pandemic levels. The Company estimates that Q1 2024 global lift truck bookings moderated compared to relatively strong prior year levels. The decline was largely due to estimated decreases in the Americas market as well as in EMEA. Full-year 2024 global lift truck market unit volumes are projected to remain strong compared to pre-pandemic levels, but decrease moderately compared to 2023, with the second half in North America expected to be stronger than the first half. Outlook Lift Truck BusinessLift Truck unit bookings and backlog were as follows: (Bookings & Backlog $ Value in millions) Q1 2024 Q1 2023 Change Fav (Unfav)