Hyster-Yale Materials Handling, Inc. (NYSE:HY) Q4 2023 Earnings Conference Call February 28, 2024 11:00 AM ET
Company Participants
Christina Kmetko - IR
Rajiv Prasad - President and CEO
Scott Minder - SVP, CFO and Treasurer
Alfred Rankin - Executive Chairman
Conference Call Participants
Ted Jackson - Northland
Chip Moore - ROTH MKM
Brian Sponheimer - Gabelli
Operator
Good morning, ladies and gentlemen, and welcome to the Hyster-Yale Materials Handling Q4 and Full Year 2023 Earnings Analyst Conference Call. [Operator Instructions] This call is being recorded on Wednesday, February 28, 2024.
I would now like to turn the conference over to Ms. Christina Kmetko. Thank you. Please go ahead.
Christina Kmetko
Thank you. Good morning, everyone, and thank you for joining us for Hyster-Yale's 2023 fourth quarter earnings call. I'm Christina Kmetko and I'm responsible for Investor Relations. Yesterday evening we published our fourth quarter and full year 2023 results and filed our 10-K.
These documents are available on the Hyster-Yale website. We are recording this webcast and a replay will be on our website later this afternoon. The replay will remain available for approximately 12 months. I'd like to remind you that our remarks today, including answers to any questions, will include comments related to expected future results of the company and are therefore forward-looking statements.
Our actual results may differ materially from our forward-looking statements due to a wide range of risks and uncertainties that are described in our earnings release, 10-K, and other SEC filings. We may not update these forward-looking statements until our next quarterly earnings conference call. We will also be referencing numbers that may be considered non-GAAP. Those reconciliations are available in our earnings release on our website.
Our presenters today are Al Rankin, Executive Chairman; Rajiv Prasad, President and Chief Executive Officer; and Scott Minder, our Senior Vice President, Chief Financial Officer, and Treasurer.
With the formalities out of the way, let me turn the call over to Rajiv to begin.
Rajiv Prasad
Thanks, Christie. Good morning, everyone.
We had an excellent fourth quarter. For the third consecutive quarter, we reported revenues of over a $1 billion. Fourth quarter operating profit improved 146% year-over-year, leading to a consolidated operating profit margin of 4.7%. Discontinued quarterly earnings growth led to full year 2023 net income of $126 million which is a $200 million increase over the prior year, and that was after additional expense of $9.6 million or $0.47 per share related to the equity component of the company's fourth quarter stock price appreciation.