Financial Data and Key Metrics Changes - In 2024, the company reported revenues of $4.3 billion, a 5% improvement over the prior year, significantly outpacing global GDP growth [23] - Adjusted operating profit for 2024 was $267 million, an increase of nearly $60 million from the previous year, with an adjusted operating profit margin of 6%, the strongest in the company's history [24] - Fourth quarter revenues reached $1.1 billion, growing by 4% year-over-year and by 5% sequentially, while adjusted operating profits were $54 million, increasing by 10% year-over-year [26] Business Line Data and Key Metrics Changes - The lift truck business saw a 4% increase in sales year-over-year, driven by a favorable sales mix, particularly in the Americas [26] - Adjusted operating profit for the lift truck business in Q4 was $62 million, a 15% increase compared to the prior year and a 55% increase sequentially [27] - Bolzoni reported Q4 revenue of $84 million, which was $4 million lower than the prior year, with an adjusted breakeven operating loss [29] Market Data and Key Metrics Changes - The global lift truck bookings market continued to decline in Q4 compared to the prior year, influenced by lower demand and order cancellations [10] - The company adjusted its production cadence to align better with market demand, resulting in a backlog that reached near normal levels by year-end [11] - Early 2025 bookings showed encouraging signs, particularly in the EMEA and JEPIC regions, indicating potential market improvement [12] Company Strategy and Development Direction - The company is focused on footprint optimization programs to streamline manufacturing and reduce costs, with expected annual savings of $30 million to $40 million starting in 2027 [8][9] - New product introductions, including modular and scalable models, are aimed at enhancing efficiency and meeting customer demand while reducing operational costs [16][18] - The company plans to leverage advancements in electric truck technology to expand its market share in areas traditionally dominated by combustion trucks [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing uncertainty due to potential tariffs and trade wars, which could impact market outlook [13] - Despite a competitive market and expected margin declines in 2025, management remains optimistic about gradual market improvement and increased production rates as demand recovers [12][35] - The company anticipates a significant year-over-year revenue decrease in 2025 due to lower lift truck production levels and increased operating expenses [35] Other Important Information - The company generated $81 million in cash from operations in Q4, contributing to a total of $170 million for the full year [33] - Total inventory decreased by $60 million from prior year levels, reflecting better alignment between production needs and on-hand materials [34] - The effective income tax rate for 2024 was 34%, higher than the previous year's rate of 29%, primarily due to the capitalization of R&D costs [31][32] Q&A Session Summary Question: Market outlook for 2025 - Management expects the first half of 2025 to be lower, with an anticipated increase in the second half as prior orders are consumed [51][52] - There was a noted increase in cancellations towards the end of 2024, but recent months have shown a return to normal cancellation levels [52]

The oxygen ions combine with the reformed fuel to produce electricity, water, and small amounts of carbon dioxide. The water gets recycled to produce the steam needed to reform the fuel. The process also generates the heat required to keep the fuel cell warm and drive the reforming reaction process. So long as fuel and air are added, the process continues producing clean, reliable, affordable energy. As the demand for reliable clean electricity grows, we're faced with challenges such as an aging grid infras ...