HYSTER-YALE ANNOUNCES THIRD QUARTER 2025 RESULTS
Hyster-Yale (NYSE: HY) reported Q3 2025 consolidated revenues of $979.1M (down 4% YoY, +2% sequential) and an operating profit of $2.3M (down 93% YoY). Net loss was $2.3M or $(0.13) per diluted share; adjusted diluted loss was $(0.09). Lift Truck revenues were $929.3M (down 4% YoY) with tariffs of about $40M cited as a primary drag. Operating cash flow improved to $37M driven by inventory efficiency; backlog fell to $1.35B (down 41% YoY). Net debt was $396.7M and net debt/adjusted EBITDA was 2.9x.
Management highlighted tariff pressure, pricing actions, production rate reductions, and ongoing working-capital optimization.
Hyster-Yale (NYSE: HY) ha riportato i ricavi consolidati del terzo trimestre 2025 di 979,1 milioni di dollari (in calo del 4% su base annua, +2% sequenziale) e un utile operativo di 2,3 milioni di dollari (in calo del 93% su base annua). La perdita netta è stata di 2,3 milioni di dollari o (0,13) per azione diluita; la perdita diluita rettificata è stata (0,09). I ricavi dai Lift Truck sono stati di 929,3 milioni di dollari (in calo del 4% YoY) con dazi di circa 40 milioni di dollari citati come principale freno. Il flusso di cassa operativo è migliorato a 37 milioni di dollari, trainato dall'efficienza delle scorte; l'ordinativo in portafoglio è sceso a 1,35 miliardi di dollari (in calo del 41% YoY). Il debito netto era di 396,7 milioni di dollari e il rapporto debito netto/EBITDA rettificato era 2,9x.
La direzione ha evidenziato pressioni tariffarie, azioni sui prezzi, riduzioni delle aliquote di produzione e l'ottimizzazione continua del capitale circolante.
Hyster-Yale (NYSE: HY) reportó ingresos consolidados del tercer trimestre de 2025 de 979,1 millones de dólares (cae 4% interanual, +2% secuencial) y una utilidad operativa de 2,3 millones de dólares (cae 93% interanual). La pérdida neta fue de 2,3 millones de dólares o (0,13) por acción diluida; la pérdida diluida ajustada fue (0,09). Los ingresos de Lift Truck fueron de 929,3 millones de dólares (cae 4% interanual) con aranceles de aproximadamente 40 millones de dólares citados como una traba principal. El flujo de efectivo operativo mejoró a 37 millones de dólares, impulsado por la eficiencia de inventarios; la cartera de pedidos cayó a 1,35 mil millones de dólares (cae 41% interanual). La deuda neta fue de 396,7 millones de dólares y la relación deuda neta/EBITDA ajustado fue de 2,9x. La dirección resaltó la presión arancelaria, las acciones de precios, las reducciones de tasas de producción y la optimización continua del capital de trabajo.
Hyster-Yale (NYSE: HY) 는 2025년 3분기 연결 매출이 9억 7910만 달러로 YoY -4%, 전분기 대비 +2%였고, 영업이익은 230만 달러로 YoY -93%였다. 순손실은 230만 달러 또는 희석주당 (0.13) 달러; 조정 희석 손실은 (0.09)였다. Lift Truck 매출은 929.3백만 달러로 YoY -4%였으며 관세가 약 4000만 달러로 주요 하방 요인으로 지적되었다. 영업현금흐름은 재고 효율성으로 3700만 달러로 개선되었고; 백로그는 13.5억 달러로 감소했다 (YoY -41%). 순부채는 3.967억 달러였고 순부채/조정 EBITDA 비율은 2.9x였다. 경영진은 관세 압력, 가격 책정 조치, 생산률 조정 및 지속적인 운전자본 최적화를 강조했다.
Hyster-Yale (NYSE: HY) a publié des revenus consolidés au T3 2025 de 979,1 millions de dollars (en baisse de 4% en glissement annuel, +2% séquentiel) et un résultat opérationnel de 2,3 millions de dollars (en baisse de 93% en glissement annuel). La perte nette était de 2,3 millions de dollars ou (0,13) par action diluée; la perte diluée ajustée était (0,09). Les revenus Lift Truck étaient de 929,3 millions de dollars (en baisse de 4% en glissement annuel) avec des droits de douane d’environ 40 millions de dollars cités comme principal frein. Le flux de trésorerie opérationnel s’est amélioré à 37 millions de dollars, porté par l’efficacité des stocks; le carnet de commandes a diminué à 1,35 milliard de dollars (en baisse de 41% en glissement annuel). La dette nette était de 396,7 millions de dollars et le ratio dette nette/EBITDA ajusté était de 2,9x. La direction a souligné la pression tarifaire, les actions sur les prix, les réductions des taux de production et l’optimisation continue du fonds de roulement.
Hyster-Yale (NYSE: HY) meldete im Q3 2025 konsolidierte Umsätze von 979,1 Mio. USD (YoY -4 %, +2 % sequenziell) und ein operatives Ergebnis von 2,3 Mio. USD (YoY -93 %). Nettoschuld betrug 2,3 Mio. USD oder (0,13) pro verwässerter Aktie; bereinigte verwässerte Verlust war (0,09). Lift Truck-Umsätze betrugen 929,3 Mio. USD (YoY -4 %) mit Zöllen von ca. 40 Mio. USD, die als Hauptbremsfaktor genannt wurden. Operativer Cashflow verbesserte sich auf 37 Mio. USD, getrieben durch Bestandsoptimierung; Backlog sank auf 1,35 Mrd. USD (YoY -41 %). Net Debt war 396,7 Mio. USD und Net Debt/Adj. EBITDA betrug 2,9x. Das Management hob Tariffdruck, Preispolitik, Produktionsratenreduktionen und fortlaufende Working-Capital-Optimierung hervor.
Hyster-Yale (NYSE: HY) أبلغت عن إيرادات موحدة للربع الثالث من 2025 قدرها 979.1 مليون دولار (بانخفاض 4% على أساس سنوي، +2% على أساس ربع سنوي) وهامش ربح تشغيلي قدره 2.3 مليون دولار (بانخفاض 93% على أساس سنوي). كانت الخسارة الصافية 2.3 مليون دولار أو (0.13) للسهم المخفف؛ الخسارة المخففة المعدلة كانت (0.09). بلغت إيرادات Lift Truck 929.3 مليون دولار (بانخفاض 4% على أساس سنوي) مع رسوم واردة قدرها نحو 40 مليون دولار كعائق رئيسي. تحسن التدفق النقدي من الأنشطة التشغيلية إلى 37 مليون دولار مدفوعاً بالكفاءة في إدارة المخزون؛ انخفضت قيمة الطلبات إلى 1.35 مليار دولار (بانخفاض 41% على أساس سنوي). بلغ الدين الصافي 396.7 مليون دولار ونسبة الدين الصافي إلى EBITDA المعدل كانت 2.9x. أشارت الإدارة إلى ضغوط الرسوم الجمركية، إجراءات التسعير، خفض معدلات الإنتاج، والاستمرار في تحسين رأس المال العامل.
- Operating cash flow of $37M improved sequentially
- Inventory levels decreased by $155M YoY excluding FX and tariffs
- Unit bookings dollar value rose to $380M (+3% YoY, +15% QoQ)
- Consolidated operating profit fell 93% YoY to $2.3M
- Tariff costs of approximately $40M in Q3 2025
- Lift Truck backlog declined 41% YoY to $1.35B
Insights
Q3 shows soft demand and tariff pressure causing a sharp profit decline despite stable cash and active working‑capital cuts.
The company generated
Key dependencies and risks include the ongoing tariff regime and demand softness: management cites U.S. tariffs (including Section 232 and Section 301) and assumes no new tariffs for its outlook, while also noting potential tariff relief that could improve Q4 results by
Watch for three near‑term items: 1) tariff policy developments and any extension/reduction of Section 301 exemptions through
Q3 2025 Consolidated Highlights:
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Consolidated revenues of
$979 million 2% sequentially; declined4% year-over-year - Operating profit declined year-over-year amid higher tariffs and lower truck volumes
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Operating cash flow of
$37 million
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($ in millions except per share amounts) |
Three Months Ended |
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Q3 2025 |
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Q3 2024 |
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% Change |
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Q2 2025 |
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% Change |
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Revenues |
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(4) % |
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2 % |
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Operating Profit (Loss) |
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(93) % |
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127 % |
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Net Income (Loss) |
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(113) % |
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83 % |
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Diluted Earnings (Loss) per Share |
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(113) % |
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84 % |
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Adjusted Operating Profit(1) |
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(90) % |
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(54) % |
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Adjusted Net Income (Loss)(1) |
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(109) % |
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30 % |
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Adjusted Diluted Earnings (Loss) per Share(1) |
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(109) % |
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36 % |
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(1) Reconciliations of reported to adjusted figures are included below. |
Lift Truck Business Results
Revenues by geographic segment were as follows:
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($ in millions except per share amounts) |
Q3 2025 |
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Q3 2024 |
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% Change |
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Q2 2025 |
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% Change |
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Revenues |
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(4) % |
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3 % |
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(5) % |
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4 % |
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EMEA(2) |
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4 % |
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1 % |
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JAPIC(2) |
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(9) % |
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(4) % |
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(2) The |
Q3 2025 Lift Truck revenues of
Americas' truck volumes declined, especially for higher-value Class 4 and Class 5 internal combustion engine trucks in the 1- to 3.5-ton range sold to industrial customers. The Company believes customers are deferring purchases as a result of lower equipment utilization rates and lower overall manufacturing output amid ongoing economic uncertainty.- EMEA revenues increased year-over-year primarily due to a favorable currency translation of higher truck sales.
Sequentially, Lift Truck revenues improved primarily due to increased sales of higher-value electric and internal combustion 4- to 9-ton trucks.
Gross profit and operating profit (loss) by geographic segment were as follows:
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($ in millions) |
Q3 2025 |
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Q3 2024 |
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% Change |
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Q2 2025 |
% Change |
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Gross Profit |
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(21) % |
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(9) % |
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(19) % |
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(9) % |
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EMEA |
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(37) % |
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(17) % |
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JAPIC |
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(25) % |
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100 % |
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Operating Profit (Loss) |
$— |
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(100) % |
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100 % |
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(48) % |
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80 % |
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EMEA |
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(76) % |
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(13) % |
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JAPIC |
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(2) % |
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45 % |
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Adjusted Operating Profit (Loss)(1) |
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(96) % |
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(79) % |
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(46) % |
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(20) % |
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EMEA(1) |
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(76) % |
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(10) % |
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JAPIC(1) |
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(35) % |
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44 % |
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(1) Reconciliations of reported to adjusted figures are included below. |
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n.m. - not meaningful |
- Q3 2025 Lift Truck operating results were below expectations primarily due to higher tariff costs, including new tariffs on steel imports. Tariff costs were approximately
$40 million - Lift Truck's operating profit year-over-year decline reflects lower truck volumes which were partly offset by the Company's pricing actions to help offset higher costs.
- Favorable sales mix toward higher-value electric and internal combustion 4- to 9-ton trucks in the
Americas partially offset the unfavorable effects of tariffs and reduced truck volumes. - Q3 2025 operating costs decreased year-over-year, mainly due to lower employee-related expenses, including lower incentive compensation expenses and savings from Nuvera's strategic realignment.
Americas operating profit declined primarily due to tariffs and reduced truck volumes. These unfavorable impacts were partially offset by price increase realization and lower freight expenses.- EMEA's operating loss was primarily attributable to increased pressure from low-cost foreign competitors and higher material expenses resulting from inflation.
- Sequentially, Lift Truck adjusted operating profit declined primarily as result of lower product margins due to increased tariff-related costs.
Bolzoni Results
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($ in millions) |
Q3 2025 |
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Q3 2024 |
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% Change |
Q2 2025 |
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% Change |
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Revenues |
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(11) % |
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(4) % |
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Gross Profit |
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(8) % |
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— % |
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Operating Profit |
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(66) % |
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(13) % |
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Adjusted Operating Profit(1) |
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(66) % |
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(13) % |
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(1) Reconciliations of reported to adjusted figures are included below. |
Bolzoni's revenue declined year-over-year primarily due to the ongoing phase-out of lower-margin legacy products and softer demand in the lift truck industry, primarily in the
Bolzoni's sales decreased sequentially, mainly due to reduced volumes in specialized attachment sales in the
Income Tax Expense
Q3 2025's reported income tax benefit of
Liquidity and Capital Allocation
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($ in millions) |
September 30, 2025 |
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September 30, 2024 |
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June 30, 2025 |
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Debt |
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Cash |
71.1 |
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75.6 |
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66.9 |
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Net Debt |
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LTM Net Income(3) |
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LTM Adjusted EBITDA(3) |
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Debt/Net Income |
173.3 |
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3.0 |
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21.3 |
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Net Debt /Adjusted EBITDA |
2.9 |
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1.2 |
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2.4 |
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(3) Net Income and Adjusted EBITDA are presented for the last twelve month period (LTM). Reconciliation of adjusted EBITDA is included below. |
The Company modestly reduced debt compared to both the previous year and prior quarters, despite a challenging economic environment. Disciplined cash management and borrowing kept debt levels stable. As of September 30, 2025, unused borrowing capacity of
The Company's financial leverage, measured by net debt to adjusted EBITDA, increased compared to both prior periods as a result of lower earnings. This increase is due to the significant EBITDA decline and is despite the lower debt levels. The Company remains focused on liquidity management in this period of lower truck demand by further optimizing working capital levels and managing capital and operating expenses.
In Q3 2025, the Company generated
Working capital optimization is a top priority, with particular emphasis on inventory reduction.
- Working capital was
20% of sales as of Q3 2025,$30 million - Excluding foreign currency and tariff-related impacts of
$40 million $155 million $35 million - The Company's ongoing inventory optimization efforts are designed to enable cash generation and preserve financial flexibility, supporting its capital allocation priorities throughout this extended market downturn.
Outlook
The Company's Q4 2025 outlook is based on a set of assumptions, including the anticipated impact of tariffs and related mitigation efforts to help improve financial results. Proactive measures such as price increases, cost reductions through adjustments in global product sourcing, supply chain enhancements, and cost optimization programs are expected to partially offset increased tariff-related expenses. Key assumptions for the outlook include:
U.S. tariffs in effect as of September 5, 2025, including Chinese tariffs at79% , used as the baseline,- inclusion of Section 232 tariff for steel and steel derivatives,
- current Section 301 tariff exemption for lift truck parts not extended beyond November 29, 2025,
- no additional tariffs will be added globally,
- company demand forecasts are based on bookings trends, backlog levels and market data, and
- the successful implementation of the Company's proactive initiatives outlined above.
Recent informal announcements suggest that Chinese tariff levels will be reduced, including an extension of Section 301 tariff exemptions to November 2026, which would have a favorable financial impact of
The Company's financial outlook continues to be shaped by the considerable and evolving impact of tariffs on its costs, product demand and overall operating results. While the Company is deploying significant mitigation strategies, tariffs remain a substantial financial challenge. Persistent uncertainty around future tariff policies makes it challenging to estimate the final impact, which is expected to remain negative through the foreseeable future. Nevertheless, the Company is committed to disciplined cost controls, pricing and cost alignment, and pursuing other broad initiatives to help moderate these pressures. Management remains focused on navigating the current environment and positioning the Company for long-term profitable growth.
Lift Truck Business
During Q3 2025, the total lift truck market contracted in all geographic regions and classes compared to Q2 2025, reflecting a more cautious customer approach amid ongoing economic uncertainty. We believe many customers are deferring capital expenditure, resulting in delayed purchasing decisions and a temporary softening in lift truck order activity.
Despite the broader lift truck market contraction, the Company experienced an uptick in booking activity, with improvements over both the prior year and previous quarter. A portion of this dollar increase is attributable to the increased pricing on the Company's trucks due to tariff-related material cost increases.
Lift Truck bookings and backlog were as follows:
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(In millions) |
Q3 2025 |
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Q3 2024 |
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% Change |
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Q2 2025 |
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% Change |
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Unit Bookings $ Value |
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3 % |
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15 % |
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Unit Backlog $ Value |
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(41) % |
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(18) % |
- Dollar value bookings improved to
$380 million $330 million Americas remained stable at relatively low levels. Bookings improved across all product classes. - Compared to Q3 2024, dollar value bookings increased modestly, primarily in the
Americas , in part due to lift truck market growth led by the warehouse segment. The Company's Class 1 bookings grew, positioning it for further expansion in the warehouse segment.
The Company initially expected a factory booking demand recovery to start in Q3 2025, but it has been slow to materialize. Mixed market demand indicators are contributing to cautious expectations for future production and revenue growth over the next few quarters. If customers continue to require shipments at current levels, the Company expects factory bookings to increase in the near future.
The Company's key customers' purchasing decisions are largely tied to macroeconomic factors, including expectation for lower interest rates and favorable tariff negotiations with countries that most impact industrial supply chains. Customer quoting activity coupled with current shipment rates suggests underlying demand, but that demand is not likely to translate into higher booking rates until macroeconomic uncertainty is reduced. During this period of lower market activity, the Company is taking proactive steps to safeguard its competitive position, implementing targeted actions to increase bookings and truck sales. The Company is executing focused initiatives to improve quote closure rate, guided by our two missions, delivering optimal solutions and excellent customer care.
At the end of Q3 2025, the Company's backlog was
Given production scheduling requirements and the lower truck bookings, the Company anticipates further backlog degradation in the near term.
If shipments continue to outpace new bookings by a significant margin due to ongoing weaker demand, the Company will consider the need for additional actions to better align its cost structure with the evolving market environment.
Sustaining a backlog that supports the current multi-month production schedule is increasingly difficult and the Company must now work to align its supply chain and production levels with the lower market demand environment. As a result, the Company is moderating near-term production expectations to help preserve manufacturing efficiency, optimize inventory levels, and maintain an appropriate backlog level.
The competitive landscape is also evolving, with increased pressure from low-cost foreign competitors in regions like
As customer confidence returns and capital spending resumes over the next several quarters, the Company remains committed to maintaining a high level of customer engagement, prioritizing innovation and delivering differentiated solutions that foster long-term market share growth.
Operational improvement projects initiated in 2024 to streamline the Company's manufacturing footprint and optimize its operations are progressing, although at a slower pace, with
Operating expenses in Q4 2025 are expected to remain consistent with the year-to-date run rate, resulting in a modest year-over-year decrease. This is primarily due to lower incentive compensation and cost savings from Nuvera's strategic realignment. These savings are partially offset by higher employee-related costs.
Q4 2025 is anticipated to result in a moderate operating loss, compared to Q3 2025's operating profit, primarily due to moderated production rates. Tariff costs are projected to be consistent with Q3 2025 levels. To help mitigate these tariff-related impacts, the Company continues to pursue global sourcing adjustments, supply chain improvements, and cost optimization actions.
Bolzoni
Bolzoni's Q4 2025 revenues are projected to slightly decrease compared to third quarter levels reflecting weaker demand in Bolzoni's
Consolidated
The financial discipline established over the past several years has positioned the Company to navigate challenging market conditions and deliver more stable financial results. The Company continues to target a
The Company continues to focus on generating strong operating cash flow and accretive capital deployment across the business cycle. To support these goals, the Company is actively implementing initiatives to drive working capital efficiency, including an intense focus on the timely realignment of production and working capital processes as production volumes decrease. The Company expects to make further progress in Q4 2025. Working capital optimization and cost-saving efforts should support a solid cash flow from operations, well below 2024 levels, despite the projected lower 2025 net income.
Effective investments are critical to the Company's ongoing transformation. This involves capital expenditures for advanced new products, manufacturing efficiencies and information technology upgrades. For 2025, capital expenditures are forecasted to range between
As the Company continues to generate cash, it remains committed to its disciplined capital allocation framework. This includes continued debt reduction, executing strategic investments to support profitable long-term growth, and delivering sustainable value and strong returns to shareholders.
Long-Term Objectives
Hyster-Yale's vision is to transform the way the world moves materials from Port to Home. It strives to do this through its two customer promises: first, to provide optimal customer solutions, and second, to provide exceptional customer care. The Company is focused on executing established strategic initiatives and key projects to transform the Company's core lift truck business while building new business opportunities in the warehouse lift truck, vehicle automation, energy management and attachment business activities. These complementary growth and profit improvement projects should help the Company fulfill these two promises while achieving long-term revenue and operating profit growth. The Company believes key projects will contribute to an increased and sustainable lift truck and attachment competitive advantage over time.
Further information regarding the Company's strategic initiatives can be found in the Company's Q3 2025 Investor Deck. This presentation, currently available on the Hyster-Yale website, elaborates on the strategies that are critical for Hyster-Yale's long-term prospects. The Company encourages investors to review this material as a supplement to understand Hyster-Yale's future direction.
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Conference Call
The management of Hyster-Yale, Inc. will conduct a conference call with investors and analysts on Wednesday, November 5, 2025, at 11:00 a.m. Eastern Time to discuss the financial results. The conference call will be broadcast and can be accessed through Hyster-Yale's website at https://www.hyster-yale.com/investor-overview. Please allow 15 minutes to register, download and install any necessary audio software required to listen to the webcast. An archive of the webcast will be available on the Company's website two hours after the live call ends.
Reconciliations and Other Measures
The Company uses certain financial measures not in accordance with
Adjusted Operating Profit (Loss), Adjusted Net Income and Adjusted Diluted Earnings per Share exclude restructuring and impairment charges, referred to in the release as manufacturing footprint improvement and operational optimization charges, from the comparable GAAP measurement. Management believes that these adjusted measures provide investors with a useful perspective on underlying business results and trends and help with assessing period-over-period results. Reconciliations of adjusted results to the most directly comparable GAAP measures are included in the financial highlights.
Adjusted EBITDA, Net Debt and the ratio of Net Debt to Adjusted EBITDA are provided as supplemental measures. Adjusted EBITDA is defined as income (loss) before income taxes and noncontrolling interests plus restructuring and impairment charges, referred to in the release as manufacturing footprint improvement charges and Nuvera's strategic realignment, net interest expense and depreciation and amortization expense. Net Debt is defined as debt less cash. These measures are not GAAP measurements and should not be considered as substitutes for operating profit (loss), net income (loss) or debt. Management believes that these measures help investors understand the Company's results of operations.
For purposes of this release, discussions about net income (loss) refer to net income (loss) attributable to stockholders.
Forward-looking Statements Disclaimer
The statements contained in this news release that are not historical facts are "forward-looking statements." These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) delays in delivery and other supply chain disruptions, or increases in costs as a result of inflation or otherwise, including materials, critical components and transportation costs and shortages, the effects of tariffs on raw materials or sourced products, and labor, or changes in or unavailability of quality suppliers or transporters, including the impacts of the foregoing risks on the Company's liquidity, (2) impacts resulting from increased trade barriers and restrictions on international trade, including as a result of previously announced, and potentially new, changes to
About Hyster-Yale, Inc.
Hyster-Yale, Inc., headquartered in
The Company's wholly owned operating subsidiary, Hyster-Yale Materials Handling, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, aftermarket parts and technology and energy solutions marketed globally under the Hyster®, Yale®, Maximal®, and Nuvera® brand names. Hyster-Yale Materials Handling's subsidiary, Bolzoni S.p.A., is a leading worldwide producer of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names. Hyster-Yale Materials Handling also has an unconsolidated joint venture in
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HYSTER-YALE, INC. |
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FINANCIAL HIGHLIGHTS |
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THREE MONTHS ENDED |
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NINE MONTHS ENDED |
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SEPTEMBER 30 |
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SEPTEMBER 30 |
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2025 |
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2024 |
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2025 |
|
2024 |
|
|
(In millions, except per share data) |
||||||
|
Revenues |
$ 979.1 |
|
$ 1,016.1 |
|
$ 2,846.1 |
|
$ 3,240.7 |
|
Cost of sales |
823.2 |
|
823.2 |
|
2,344.3 |
|
2,552.8 |
|
Gross Profit |
155.9 |
|
192.9 |
|
501.8 |
|
687.9 |
|
Selling, general and administrative expenses |
152.6 |
|
158.6 |
|
469.8 |
|
474.2 |
|
Restructuring and impairment charges1 |
1.0 |
|
1.2 |
|
16.9 |
|
1.2 |
|
Operating Profit |
2.3 |
|
33.1 |
|
15.1 |
|
212.5 |
|
Other (income) expense |
|
|
|
|
|
|
|
|
Interest expense |
8.0 |
|
8.4 |
|
23.6 |
|
26.1 |
|
Income from unconsolidated affiliates |
(1.6) |
|
(3.6) |
|
(7.2) |
|
(6.7) |
|
Other, net |
0.5 |
|
0.2 |
|
(0.3) |
|
(1.9) |
|
Income before Income Taxes |
(4.6) |
|
28.1 |
|
(1.0) |
|
195.0 |
|
Income tax expense (benefit) |
(2.9) |
|
10.3 |
|
5.4 |
|
61.5 |
|
Net income attributable to noncontrolling interests |
(0.1) |
|
(0.1) |
|
(0.3) |
|
(0.5) |
|
Net income attributable to redeemable noncontrolling interests |
(0.3) |
|
(0.3) |
|
(0.2) |
|
(0.3) |
|
Accrued dividend to redeemable noncontrolling interests |
(0.2) |
|
(0.2) |
|
(0.7) |
|
(0.7) |
|
Net Income Attributable to Stockholders |
$ (2.3) |
|
$ 17.2 |
|
$ (7.6) |
|
$ 132.0 |
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share |
$ (0.13) |
|
$ 0.98 |
|
$ (0.43) |
|
$ 7.57 |
|
Diluted Earnings per Share |
$ (0.13) |
|
$ 0.97 |
|
$ (0.43) |
|
$ 7.47 |
|
Basic Weighted Average Shares Outstanding |
17.717 |
|
17.500 |
|
17.651 |
|
17.435 |
|
Diluted Weighted Average Shares Outstanding |
17.717 |
|
17.752 |
|
17.651 |
|
17.674 |
|
|
|||||||
|
1 - Restructuring and impairment charges are referred to in the earnings release as manufacturing footprint improvement charges and Nuvera's strategic realignment. |
|
HYSTER-YALE, INC. |
|||||||
|
FINANCIAL HIGHLIGHTS |
|||||||
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED |
|
NINE MONTHS ENDED |
||||
|
|
SEPTEMBER 30 |
|
SEPTEMBER 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
(In millions) |
||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
$ 732.7 |
|
$ 771.5 |
|
$ 2,139.1 |
|
$ 2,422.9 |
|
EMEA |
150.1 |
|
145.0 |
|
416.6 |
|
532.2 |
|
JAPIC |
46.5 |
|
51.3 |
|
142.2 |
|
137.7 |
|
Lift Truck Business |
$ 929.3 |
|
$ 967.8 |
|
$ 2,697.9 |
|
$ 3,092.8 |
|
Bolzoni |
87.0 |
|
97.6 |
|
257.9 |
|
296.2 |
|
Eliminations |
(37.2) |
|
(49.3) |
|
(109.7) |
|
(148.3) |
|
Total |
$ 979.1 |
|
$ 1,016.1 |
|
$ 2,846.1 |
|
$ 3,240.7 |
|
|
|
|
|
|
|
|
|
|
Gross profit (loss) |
|
|
|
|
|
|
|
|
|
$ 117.8 |
|
$ 144.8 |
|
$ 390.2 |
|
$ 520.2 |
|
EMEA |
12.3 |
|
19.5 |
|
40.0 |
|
85.9 |
|
JAPIC |
4.2 |
|
5.6 |
|
9.7 |
|
14.0 |
|
Lift Truck Business |
$ 134.3 |
|
$ 169.9 |
|
$ 439.9 |
|
$ 620.1 |
|
Bolzoni |
21.4 |
|
23.3 |
|
61.3 |
|
67.5 |
|
Eliminations |
0.2 |
|
(0.3) |
|
0.6 |
|
0.3 |
|
Total |
$ 155.9 |
|
$ 192.9 |
|
$ 501.8 |
|
$ 687.9 |
|
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
|
|
|
|
|
|
|
|
|
$ 21.1 |
|
$ 40.9 |
|
$ 75.3 |
|
$ 213.6 |
|
EMEA |
(16.9) |
|
(9.6) |
|
(46.8) |
|
0.4 |
|
JAPIC |
(4.2) |
|
(4.1) |
|
(19.1) |
|
(15.3) |
|
Lift Truck Business |
$ — |
|
$ 27.2 |
|
$ 9.4 |
|
$ 198.7 |
|
Bolzoni |
2.1 |
|
6.2 |
|
5.1 |
|
13.5 |
|
Eliminations |
0.2 |
|
(0.3) |
|
0.6 |
|
0.3 |
|
Total |
$ 2.3 |
|
$ 33.1 |
|
$ 15.1 |
|
$ 212.5 |
|
HYSTER-YALE, INC. |
|||||||
|
FINANCIAL HIGHLIGHTS |
|||||||
|
|
|||||||
|
|
|||||||
|
CASH FLOW, CAPITAL STRUCTURE AND WORKING CAPITAL |
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
September 30 |
|
September 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
(In millions) |
||||||
|
Net cash provided by (used for) operating activities |
$ 37.1 |
|
$ 70.1 |
|
$ 29.6 |
|
$ 90.0 |
|
Net cash used for investing activities |
(14.2) |
|
(12.0) |
|
(39.8) |
|
(30.7) |
|
Cash Flow Before Financing Activities |
$ 22.9 |
|
$ 58.1 |
|
$ (10.2) |
|
$ 59.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
June 30, 2025 |
|
March 31, 2025 |
|
December 31, 2024 |
|
|
(In millions) |
||||||
|
Debt |
$ 467.8 |
|
$ 473.2 |
|
$ 484.0 |
|
$ 440.7 |
|
Cash |
71.1 |
|
66.9 |
|
77.2 |
|
96.6 |
|
Net Debt |
$ 396.7 |
|
$ 406.3 |
|
$ 406.8 |
|
$ 344.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
June 30, 2025 |
|
March 31, 2025 |
|
December 31, 2024 |
|
|
(In millions) |
||||||
|
Accounts Receivable |
$ 520.6 |
|
$ 512.1 |
|
$ 506.1 |
|
$ 488.4 |
|
Inventory |
740.3 |
|
776.6 |
|
772.7 |
|
754.3 |
|
Accounts Payable |
476.0 |
|
474.4 |
|
474.1 |
|
455.5 |
|
Working Capital |
$ 784.9 |
|
$ 814.3 |
|
$ 804.7 |
|
$ 787.2 |
|
|
|
|
|
|
|
|
|
|
HYSTER-YALE, INC. |
||||||||||
|
ADJUSTED EBITDA RECONCILIATION |
||||||||||
|
|
|
9/30/2025 |
|
6/30/2025 |
|
3/31/2025 |
|
12/31/2024 |
|
LTM |
|
|
(In millions) |
|||||||||
|
Net Income (Loss) Attributable to Stockholders |
|
$ (2.3) |
|
$ (13.9) |
|
$ 8.6 |
|
$ 10.3 |
|
$ 2.7 |
|
Noncontrolling interest income and dividends |
|
0.6 |
|
0.5 |
|
0.1 |
|
0.4 |
|
1.6 |
|
Income tax expense |
|
(2.9) |
|
0.2 |
|
8.1 |
|
13.3 |
|
18.7 |
|
Interest expense |
|
8.0 |
|
7.9 |
|
7.7 |
|
7.7 |
|
31.3 |
|
Interest income |
|
(0.6) |
|
(0.8) |
|
(0.7) |
|
(0.4) |
|
(2.5) |
|
Depreciation and amortization expense |
|
11.3 |
|
11.8 |
|
11.0 |
|
11.8 |
|
45.9 |
|
Restructuring and impairment charges1 |
|
1.0 |
|
15.7 |
|
0.2 |
|
21.4 |
|
38.3 |
|
Adjusted EBITDA |
|
$ 15.1 |
|
$ 21.4 |
|
$ 35.0 |
|
$ 64.5 |
|
$ 136.0 |
|
|
||||||||||
|
1 - Restructuring and impairment charges are referred to in the earnings release as manufacturing footprint improvement charges and Nuvera's strategic realignment. |
||||||||||
|
HYSTER-YALE, INC. |
|||||||
|
RECONCILIATION OF ADJUSTED RESULTS |
|||||||
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
||||
|
|
September 30, |
|
September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
(In millions, except per share data) |
||||||
|
Operating Profit (Loss) |
$ 2.3 |
|
$ 33.1 |
|
$ 15.1 |
|
$ 212.5 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Restructuring and impairment charges1 |
1.0 |
|
1.2 |
|
16.9 |
|
1.2 |
|
Adjusted Operating Profit |
$ 3.3 |
|
$ 34.3 |
|
$ 32.0 |
|
$ 213.7 |
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Stockholders |
$ (2.3) |
|
$ 17.2 |
|
$ (7.6) |
|
$ 132.0 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Restructuring and impairment charges1 |
1.0 |
|
1.2 |
|
16.9 |
|
1.2 |
|
Income tax expense (credit)2 |
(0.3) |
|
(0.3) |
|
(4.4) |
|
(0.3) |
|
Adjusted Net Income (Loss) Attributable to Stockholders |
$ (1.6) |
|
$ 18.1 |
|
$ 4.9 |
|
$ 132.9 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share |
$ (0.13) |
|
$ 0.97 |
|
$ (0.43) |
|
$ 7.47 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Restructuring and impairment charges1 |
0.06 |
|
0.07 |
|
0.96 |
|
0.07 |
|
Income tax expense (credit)2 |
(0.02) |
|
(0.02) |
|
(0.25) |
|
(0.02) |
|
Adjusted diluted earnings (loss) per share |
$ (0.09) |
|
$ 1.0 |
|
$ 0.28 |
|
$ 7.5 |
|
|
|||||||
|
1 - Restructuring and impairment charges are referred to in the earnings release as manufacturing footprint improvement charges and Nuvera's strategic realignment. |
|||||||
|
2 - Tax adjustment at an effective rate of |
|
HYSTER-YALE, INC. |
|||||
|
RECONCILIATION OF ADJUSTED OPERATING PROFIT (LOSS) |
|||||
|
|
|
|
|
|
|
|
|
Q3 2025 |
|
Q3 2024 |
|
Q2 2025 |
|
|
(In millions) |
||||
|
|
|
|
|
|
|
|
Operating profit |
$ 21.1 |
|
$ 40.9 |
|
$ 11.7 |
|
Adjustments: |
|
|
|
|
|
|
Restructuring and impairment charges1 |
1.0 |
|
0.2 |
|
15.9 |
|
Adjusted operating profit |
$ 22.1 |
|
$ 41.1 |
|
$ 27.6 |
|
EMEA |
|
|
|
|
|
|
Operating profit (loss) |
$ (16.9) |
|
$ (9.6) |
|
$ (15.0) |
|
Adjustments: |
|
|
|
|
|
|
Restructuring and impairment charges (reversals)1 |
— |
|
— |
|
(0.3) |
|
Adjusted operating profit (loss) |
$ (16.9) |
|
$ (9.6) |
|
$ (15.3) |
|
JAPIC |
|
|
|
|
|
|
Operating profit (loss) |
$ (4.2) |
|
$ (4.1) |
|
$ (7.6) |
|
Adjustments: |
|
|
|
|
|
|
Restructuring and impairment charges1 |
— |
|
1.0 |
|
0.1 |
|
Adjusted operating profit (loss) |
$ (4.2) |
|
$ (3.1) |
|
$ (7.5) |
|
Lift Truck |
|
|
|
|
|
|
Operating profit (loss) |
$ — |
|
$ 27.2 |
|
$ (10.9) |
|
Adjustments: |
|
|
|
|
|
|
Restructuring and impairment charges1 |
1.0 |
|
1.2 |
|
15.7 |
|
Adjusted operating profit |
$ 1.0 |
|
$ 28.4 |
|
$ 4.8 |
|
Bolzoni |
|
|
|
|
|
|
Operating profit |
$ 2.1 |
|
$ 6.2 |
|
$ 2.4 |
|
Adjustments: |
|
|
|
|
|
|
Restructuring and impairment charges1 |
— |
|
— |
|
— |
|
Adjusted operating profit |
$ 2.1 |
|
$ 6.2 |
|
$ 2.4 |
|
Total |
|
|
|
|
|
|
Operating profit (loss) |
$ 2.3 |
|
$ 33.1 |
|
$ (8.5) |
|
Adjustments: |
|
|
|
|
|
|
Restructuring and impairment charges1 |
1.0 |
|
1.2 |
|
15.7 |
|
Adjusted operating profit |
$ 3.3 |
|
$ 34.3 |
|
$ 7.2 |
|
|
|||||
|
1 - Restructuring and impairment charges are referred to in the earnings release as manufacturing footprint improvement charges and Nuvera's strategic realignment. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/hyster-yale-announces-third-quarter-2025-results-302604726.html
SOURCE Hyster-Yale, Inc.
FAQ
What were Hyster-Yale (HY) Q3 2025 revenues and EPS?
How did tariffs affect Hyster-Yale (HY) results in Q3 2025?
What was Hyster-Yale's (HY) Q3 2025 operating cash flow and why did it change?
How much did Hyster-Yale's (HY) lift truck backlog fall by Q3 2025?
What liquidity and leverage metrics did Hyster-Yale (HY) report for Sept 30, 2025?
Did Hyster-Yale (HY) report any operational actions for weaker demand in Q3 2025?
