Hyster-Yale Materials Handling reported a decrease in consolidated revenues but an increase in consolidated operating profit and net income for Q4 2020 compared to Q4 2019. The company's cost containment actions significantly contributed to the improved results, offsetting lower unit volumes.
Consolidated revenues decreased by 13.8% due to lower shipments from pandemic impacts.
Consolidated operating profit increased to $13.7 million, driven by cost containment actions.
Net income increased to $13.1 million, or $0.78 per share, up from $3.4 million, or $0.20 per share in Q4 2019.
Net debt improved to $137.8 million at the end of December 2020.
Hyster-Yale expects operating profit and net income in the first quarter of 2021, excluding the gain from the sale of the Company's OneH2 investment, to be moderately lower than the 2020 fourth quarter and lower than the 2020 first quarter.
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