Hyster-Yale Materials Handling, Inc.

Good morning, ladies and gentlemen, and welcome to the Hyster Yale Materials Handling Q4 and Full Year 2023 Earnings Analyst Conference Call. At this time, I'll enter the listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, February 28, 2024. I would now like to turn the conference over to Ms. Christina Kimetko. Thank you. Please go ahead.

Thank you. Good morning, everyone, and thank you for joining us for High Street Yale's 2023 fourth quarter earnings call. I'm Christina Kimetko, 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 High Street 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.

Thanks, Christy, and good morning, everyone. We had an excellent fourth quarter. For the third consecutive quarter, we reported revenues of over a billion dollars. Fourth quarter operating profit improved 146% year over year, leading to a consolidated operating profit margin of 4.7%. This continued quarterly earnings growth to led to full year 2023 net income of $126 million, which is a $200 million increase over prior year. And that was after an additional expense of $9.6 million, or 47 cents per share, related to the equity component of the company's fourth quarter stock price appreciation. And if we add that to our performance,