Financial Data and Key Metrics Changes - In Q1 2025, lift truck revenues declined by 14% year over year, primarily due to lower sales volumes in The Americas and EMEA [19] - Operating cash outflows totaled $36 million, compared to inflows of $22 million in the prior year, driven by lower net income and unfavorable working capital changes [27] - The company's leverage, measured by net debt to EBITDA, was 1.6 times at the end of Q1 [26] Business Line Data and Key Metrics Changes - Lift Truck adjusted operating profit declined significantly compared to the prior year due to lower volumes and loss of manufacturing absorption [20] - JPIC revenues increased year over year due to increased volumes and a favorable product mix shift toward big trucks [19] - Bolzoni's revenues declined primarily due to the planned phase-out of lower-margin legacy products, but gross profit margins improved due to better pricing and lower material costs [22] Market Data and Key Metrics Changes - The lift truck booking market showed encouraging signs of recovery in The Americas and particularly in EMEA, with bookings of $590 million reflecting year-over-year growth and a nearly 50% sequential increase [12][30] - The company's backlog remains solid at $1.9 billion, with production rates expected to increase in Q2 [13][31] Company Strategy and Development Direction - The company is focusing on producing and selling products in the same region to avoid excess shipping costs and enhance delivery time [9] - A strategic business realignment related to Nuvera aims to enhance near-term profitability and create an integrated energy solutions program [14] - The long-term strategic focus is on driving profitable growth through innovation and operating efficiency [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant uncertainty created by shifting tariff levels and their effects on market demand and cost structures [7] - The company remains cautiously optimistic about its 2025 outlook, despite anticipating that operating profit will be below 2024's exceptionally strong results [18][35] - Management emphasized the importance of financial discipline and proactive pricing strategies to counter inflation and tariff-related costs [32][36] Other Important Information - The company expects to incur $15 million to $18 million in severance and impairment costs during Q2 due to the business realignment [16] - The effective tax rate increased due to the ongoing capitalization of research and development costs for U.S. tax purposes [25] Q&A Session Summary Question: No questions were raised during the Q&A session - The operator indicated that there were no questions from participants [43]

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]