Leading lift truck manufacturer Hyster-Yale, Inc. reported disappointing fourth-quarter results, with profitability falling well short of consensus expectations. However, not all was bad. HY's ongoing efforts to reduce inventory resulted in strong cash flow from operations. Free cash flow amounted to $33.6 million. Even more importantly, HY experienced substantially increased order levels with strong domestic demand more than offsetting persistent weakness in international markets. Bookings were up by 42% sequentially.
