HYSTER-YALE ANNOUNCES SECOND QUARTER 2025 RESULTS
Hyster-Yale (NYSE:HY) reported Q2 2025 results showing mixed performance. Consolidated revenues increased 5% quarter-over-quarter to $957 million, but declined 18% year-over-year. The company posted an operating loss of $8.5 million and adjusted operating profit of $7.2 million.
Key developments include a renewed $300 million revolving credit facility with improved terms and maturity extended to June 2030. However, bookings declined significantly due to tariff uncertainty, with unit bookings value dropping to $330 million, down 44% from Q1 2025. The backlog decreased to $1.65 billion, showing a 36% year-over-year decline.
The company faced challenges from increased product costs, with approximately $10 million in additional tariff-related expenses compared to the prior year. Despite these headwinds, Hyster-Yale maintained strong liquidity with $66.9 million in cash and $259 million in unused borrowing capacity.
Hyster-Yale (NYSE:HY) ha riportato risultati del secondo trimestre 2025 con performance contrastanti. I ricavi consolidati sono aumentati del 5% rispetto al trimestre precedente, raggiungendo 957 milioni di dollari, ma sono diminuiti del 18% su base annua. L'azienda ha registrato una perdita operativa di 8,5 milioni di dollari e un utile operativo rettificato di 7,2 milioni di dollari.
Tra gli sviluppi principali si segnala un rinnovo di una linea di credito revolving da 300 milioni di dollari con condizioni migliorate e scadenza prorogata a giugno 2030. Tuttavia, le prenotazioni sono diminuite significativamente a causa dell'incertezza sui dazi, con un valore delle unità prenotate sceso a 330 milioni di dollari, in calo del 44% rispetto al primo trimestre 2025. Il portafoglio ordini è sceso a 1,65 miliardi di dollari, segnando un calo del 36% su base annua.
L'azienda ha affrontato sfide dovute all'aumento dei costi dei prodotti, con circa 10 milioni di dollari di spese aggiuntive legate ai dazi rispetto all'anno precedente. Nonostante queste difficoltà, Hyster-Yale ha mantenuto una solida liquidità con 66,9 milioni di dollari in contanti e 259 milioni di dollari di capacità di indebitamento inutilizzata.
Hyster-Yale (NYSE:HY) presentó resultados del segundo trimestre de 2025 con un desempeño mixto. Los ingresos consolidados aumentaron un 5% trimestre a trimestre hasta 957 millones de dólares, pero disminuyeron un 18% interanual. La empresa registró una pérdida operativa de 8,5 millones de dólares y una ganancia operativa ajustada de 7,2 millones de dólares.
Entre los desarrollos clave se incluye una renovación de una línea de crédito revolvente de 300 millones de dólares con mejores condiciones y vencimiento extendido hasta junio de 2030. Sin embargo, las reservas disminuyeron significativamente debido a la incertidumbre arancelaria, con un valor de reservas de unidades que cayó a 330 millones de dólares, un 44% menos que en el primer trimestre de 2025. La cartera de pedidos disminuyó a 1,65 mil millones de dólares, mostrando una caída del 36% interanual.
La empresa enfrentó desafíos por el aumento de los costos de los productos, con aproximadamente 10 millones de dólares en gastos adicionales relacionados con aranceles en comparación con el año anterior. A pesar de estos obstáculos, Hyster-Yale mantuvo una sólida liquidez con 66,9 millones de dólares en efectivo y 259 millones de dólares en capacidad de endeudamiento no utilizada.
Hyster-Yale (NYSE:HY)는 2025년 2분기 실적에서 혼재된 성과를 보였습니다. 연결 매출은 전분기 대비 5% 증가한 9억 5,700만 달러였으나 전년 동기 대비 18% 감소했습니다. 회사는 850만 달러의 영업손실과 720만 달러의 조정 영업이익을 기록했습니다.
주요 사항으로는 조건이 개선되고 만기가 2030년 6월로 연장된 3억 달러 규모의 갱신된 회전 신용 한도가 있습니다. 그러나 관세 불확실성으로 인해 예약이 크게 감소했으며, 단위 예약 금액은 3억 3,000만 달러로 2025년 1분기 대비 44% 줄었습니다. 수주 잔액은 16억 5,000만 달러로 전년 동기 대비 36% 감소했습니다.
제품 비용 상승으로 인해 전년 대비 약 1,000만 달러의 추가 관세 관련 비용이 발생하는 어려움이 있었지만, Hyster-Yale는 6,690만 달러의 현금과 2억 5,900만 달러의 미사용 차입 한도로 강한 유동성을 유지했습니다.
Hyster-Yale (NYSE:HY) a publié des résultats du deuxième trimestre 2025 montrant une performance mitigée. Les revenus consolidés ont augmenté de 5% par rapport au trimestre précédent pour atteindre 957 millions de dollars, mais ont diminué de 18% en glissement annuel. La société a enregistré une perte d'exploitation de 8,5 millions de dollars et un bénéfice d'exploitation ajusté de 7,2 millions de dollars.
Parmi les faits marquants, on note un renouvellement d'une facilité de crédit renouvelable de 300 millions de dollars avec des conditions améliorées et une échéance prolongée jusqu'en juin 2030. Cependant, les commandes ont fortement diminué en raison de l'incertitude liée aux tarifs, la valeur des commandes unitaires étant tombée à 330 millions de dollars, soit une baisse de 44% par rapport au premier trimestre 2025. Le carnet de commandes a diminué à 1,65 milliard de dollars, soit une baisse de 36% en glissement annuel.
L'entreprise a été confrontée à des défis liés à l'augmentation des coûts des produits, avec environ 10 millions de dollars de dépenses supplémentaires liées aux tarifs douaniers par rapport à l'année précédente. Malgré ces vents contraires, Hyster-Yale a maintenu une solide liquidité avec 66,9 millions de dollars en liquidités et 259 millions de dollars de capacité d'emprunt non utilisée.
Hyster-Yale (NYSE:HY) meldete gemischte Ergebnisse für das zweite Quartal 2025. Die konsolidierten Umsätze stiegen im Quartalsvergleich um 5% auf 957 Millionen US-Dollar, sanken jedoch im Jahresvergleich um 18%. Das Unternehmen verzeichnete einen operativen Verlust von 8,5 Millionen US-Dollar und einen bereinigten operativen Gewinn von 7,2 Millionen US-Dollar.
Wesentliche Entwicklungen umfassen eine erneuerte revolvierende Kreditlinie über 300 Millionen US-Dollar mit verbesserten Konditionen und Verlängerung der Laufzeit bis Juni 2030. Aufgrund von Zollunsicherheiten gingen die Buchungen jedoch deutlich zurück, wobei der Buchungswert der Einheiten auf 330 Millionen US-Dollar sank, ein Rückgang von 44% gegenüber dem ersten Quartal 2025. Der Auftragsbestand verringerte sich auf 1,65 Milliarden US-Dollar, was einem Rückgang von 36% im Jahresvergleich entspricht.
Das Unternehmen sah sich mit steigenden Produktkosten konfrontiert, mit etwa 10 Millionen US-Dollar zusätzlichen zollbedingten Aufwendungen im Vergleich zum Vorjahr. Trotz dieser Gegenwinde behielt Hyster-Yale eine starke Liquidität mit 66,9 Millionen US-Dollar in bar und 259 Millionen US-Dollar ungenutzter Kreditlinie bei.
- Renewed $300M revolving credit facility with improved terms and extended maturity to 2030
- Consolidated revenues improved 5% quarter-over-quarter to $957M
- Generated $29M in cash from operations in Q2 2025
- Working capital efficiency improved to 21% of sales
- Completed Nuvera strategic realignment ahead of schedule with early cost savings
- Operating loss of $8.5M compared to $95.6M profit in Q2 2024
- Significant decline in bookings with unit bookings value down 44% quarter-over-quarter
- Backlog decreased 36% year-over-year to $1.65B
- Incurred $10M in additional tariff-related costs
- Net Debt/Adjusted EBITDA ratio deteriorated to 2.4x from 1.3x year-over-year
Insights
HY faces significant headwinds with widening losses, tariff pressures, and declining orders despite modest sequential revenue growth.
Hyster-Yale's Q2 2025 results reveal a company navigating difficult waters. While revenues improved 5% sequentially to
The core Lift Truck business, representing
Tariff impacts are creating substantial headwinds, adding approximately
The balance sheet shows modest improvement with net debt of
Regional performance shows particular weakness in EMEA with a
The company's strategic realignment of Nuvera appears to be yielding some cost benefits, but these savings are being overwhelmed by broader market challenges. Investors should watch closely for signs of booking recovery and effectiveness of tariff mitigation strategies in the second half of 2025.
Q2 2025 Consolidated Highlights:
- Consolidated revenues improved
5% from Q1 2025 to$957 million - Operating loss of
$8.5 million $7.2 million - Renewed
$300 million - Bookings declined significantly mainly due to tariff uncertainty within HY's customer base
Three Months Ended | |||||||||
($ in millions except per share amounts) | Q2 2025 | Q2 2024 | % Change | Q1 2025 | % Change | ||||
Revenues | (18) % | 5 % | |||||||
Operating Profit (Loss) | (109) % | (140) % | |||||||
Net Income (Loss) | (122) % | (262) % | |||||||
Diluted Earnings (Loss) per Share | (122) % | (265) % | |||||||
Adjusted Operating Profit(1) | (92) % | (67) % | |||||||
Adjusted Net Income (Loss)(1) | (104) % | (126) % | |||||||
Adjusted Diluted Earnings (Loss) per Share(1) | (104) % | (129) % | |||||||
(1) Reconciliations of reported to adjusted figures are included below. |
Lift Truck Business Results
Revenues by geographic segment were as follows:
($ in millions except per share amounts) | Q2 2025 | Q2 2024 | % Change | Q1 2025 | % Change | ||||
Revenues | (19) % | 5 % | |||||||
| (20) % | 1 % | |||||||
EMEA(2) | (21) % | 25 % | |||||||
JAPIC(2) | (1) % | 2 % |
(2) The |
Q2 2025 Lift Truck revenues declined
Lift Truck's year-over-year revenues declined due to lower volumes across all product lines compared to Q2 2024's strong results. Reduced volumes were a result of the impact of continued economic uncertainty on the Company's end-customer order patterns and overall weaker industry booking rates experienced since early 2024. In addition, there was also a shift towards lower average revenue Class 3 products.
Americas' sales decreased, particularly for higher-value Class 4 and Class 5 internal combustion engine trucks.- EMEA product revenues declined year-over-year primarily due to lower Class 1 product sales.
Sequentially, Lift Truck revenues increased due to improved sales of higher-value Class 4 and Class 5 internal combustion engine trucks.
Gross profit and operating profit (loss) by geographic segment were as follows:
($ in millions) | Q2 2025 | Q2 2024 | % Change | Q1 2025 | % Change | |||
Gross Profit | (38) % | (8) % | ||||||
| (35) % | (9) % | ||||||
EMEA | (54) % | 15 % | ||||||
JAPIC | (56) % | (38) % | ||||||
Operating Profit (Loss) | (112) % | (154) % | ||||||
| (87) % | (72) % | ||||||
EMEA | n.m. | (1) % | ||||||
JAPIC | (33) % | (4) % | ||||||
Adjusted Operating Profit (Loss)(1) | (95) % | (77) % | ||||||
(70) % | (36) % | |||||||
EMEA(1) | n.m. | 6 % | ||||||
JAPIC(1) | (32) % | (15) % |
(1) Reconciliations of reported to adjusted figures are included below. |
n.m. - not meaningful |
- Following Nuvera's strategic realignment in Q2 2025, the Company updated its operating segments. While consolidated financial results remain unchanged, Nuvera's results are now included in the
Americas segment, and prior period figures have been recast. - Q2 2025 adjusted results exclude
$15 million - Lift Truck operating results decreased compared to prior year, reflecting reduced volumes, lower manufacturing overhead absorption and unfavorable pricing.
- Product margins, a significant component of gross margins, declined mainly due to increased material costs from higher tariffs and an unfavorable product mix. However, product margins remained above the Company's targeted levels.
- Due to increased tariffs for products entering the
U.S. , the Company incurred approximately$10 million - Q2 2025 operating costs decreased year-over-year, mainly due to lower employee-related expenses including benefits from Nuvera's strategic realignment. The Company completed initial realignment actions ahead of schedule, resulting in earlier realization of cost savings. These benefits were partly offset by ongoing investments in information systems and customer-facing support that are central to the Company's mission to provide optimal customer solutions and exceptional customer care.
Americas operating profit declined primarily due to reduced volumes and resulting lower manufacturing overhead absorption. These unfavorable impacts were partially offset by lower warranty costs as new products reach maturity in the field.- EMEA's operating loss was primarily driven by reduced volumes and related lower manufacturing overhead absorption. Increased material and freight costs and lower pricing also contributed to the year-over-year operating profit decrease.
- Sequentially, Lift Truck adjusted operating profit declined primarily as result of lower product margins due to increased material and freight costs.
Bolzoni Results
($ in millions) | Q2 2025 | Q2 2024 | % Change | Q1 2025 | % Change | |||
Revenues | (12) % | 13 % | ||||||
Gross Profit | (4) % | 16 % | ||||||
Operating Profit | (40) % | 300 % | ||||||
Adjusted Operating Profit(1) | (40) % | 300 % |
(1) Reconciliations of reported to adjusted figures are included below. |
Bolzoni's year-over-year revenue declined as the Company continued to phase out its lower-margin legacy products. The reduction in operating profit was primarily driven by increased employee-related costs, largely attributable to inflationary wage pressures in
Bolzoni delivered sequential revenue growth, primarily due to increased volumes, led by improved attachment and fork sales in the
Income Tax Expense
Q2 2025's reported income tax expense of
The recent tax act signed into law on July 4, 2025 contains various business provisions that could have a favorable impact to the Company, particularly from provisions that allow the immediate expensing of research and development costs. The Company is evaluating the full impact of the recent legislation on its effective tax rate and cash tax position. These changes are not included in the Q2 2025 financial results since the legislation was signed in Q3 2025.
Liquidity and Capital Allocation
($ in millions) | June 30, 2025 | June 30, 2024 | March 31, 2025 | ||
Debt | |||||
Cash | 66.9 | 66.5 | 77.2 | ||
Net Debt | |||||
Net Income(3) | |||||
Adjusted EBITDA(3) | |||||
Debt/Net Income | 21.3 | 2.9 | 4.9 | ||
Net Debt /Adjusted EBITDA | 2.4 | 1.3 | 1.6 |
(3) Net Income and Adjusted EBITDA are presented for the last twelve month period. Reconciliation of adjusted EBITDA is included below. |
The Company renewed its
The Company reduced outstanding debt in Q2 2025 compared to both previous year and prior quarter. Its net debt position improved year-over-year by using excess cash generation to reduce debt while still maintaining a solid cash balance. 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. The Company remains focused on liquidity management as it navigates reduced production volumes related to the current cyclical industry downturn. These results demonstrate the Company's adaptability to dynamic market conditions.
In Q2 2025, the Company generated
The Company continues to prioritize working capital optimization, especially through inventory efficiency.
- Working capital was
21% of sales as of Q2 2025, a reduction from the prior quarter, primarily due to improved efficiency and increased revenues. - Absent the effects of foreign currency changes and added tariff costs, Q2 2025 inventory levels decreased by
$66 million $28 million $40 million - Despite challenges posed by heightened economic uncertainty and tariffs, working capital, including inventory, remains well controlled as a result of the Company's proactive efforts and operational discipline.
Outlook
Consolidated Strategic Perspective
The Company's full-year 2025 outlook includes numerous assumptions, including potential tariff impacts and actions to mitigate their effect on its financial results. The Company's proactive initiatives, including price increases and lower costs from changes to global product sourcing, supply chain adjustments, and cost optimization programs, are expected to partially offset higher, tariff-related costs. Key outlook assumptions include:
U.S. tariffs in effect on July 9, 2025, as the baseline,- current Section 301 tariff exemption related to lift truck parts not extended beyond August 31, 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.
Given these assumptions, tariffs are expected to negatively affect the Company's financial results in the second half of 2025, even after mitigation actions are implemented. We are pursuing strategies to reduce this impact. The possibility of further tariff measures creates uncertainty and makes it difficult to provide a precise impact estimate at this time. The Company will continue to maintain pricing strategies aligned with material cost changes and enforce cost discipline across the organization, regardless of tariff developments.
Despite the current uncertain economic environment, the Company remains committed to its mission to deliver optimal solutions and exceptional customer care and to position the Company for substantial long-term profitable growth.
Lift Truck Business
During Q2 2025, the total lift truck market declined. As result,the Company experienced a significant contraction of its global lift truck bookings, reflecting a more cautious customer approach amid ongoing economic uncertainty. HY traditional strong customers are deferring capital expenditures, resulting in delayed purchasing decisions and a temporary softening in lift truck order activity. However, the Company's sales quoting activity remained steady in Q2 compared to improved Q1 2025 levels.
This sustained higher quoting volume highlights resilient underlying demand opportunity and positions the Company to capitalize on market opportunities as customer confidence strengthens and capital spending accelerates. Management remains focused on proactive customer engagement, closely monitoring demand trends, and preserving the Company's agility to respond quickly to ensure that the Company is well prepared to increase bookings as macroeconomic and tariff uncertainty conditions improve.
Lift Truck bookings and backlog were as follows:
(In millions) | Q2 2025 | Q2 2024 | % Change | Q1 2025 | % Change | ||||
Unit Bookings $ Value | (13) % | (44) % | |||||||
Unit Backlog $ Value | (36) % | (14) % |
Dollar value bookings decreased to
At the end of Q2 2025, the Company's backlog stood at
Production output is currently expected to increase in the second half of 2025 compared to the first half of the year. However, in response to ongoing macroeconomic uncertainty and tariff pressures, the Company has moderated these production growth expectations. This adjustment will help to maintain manufacturing efficiency as well as optimize inventory levels. If the bookings market or the Company's traditional customer base bookings improvements do not materialize as expected, global production levels will likely moderate further in the latter half of 2025.
The Company continues to focus on maintaining bookings with product margins at or above targeted levels through a combination of new product introductions, including increasingly available modular and scalable models, and ongoing cost and pricing discipline for existing products. Product margins are expected to remain above targeted levels in 2025 but decline year-over-year due to increased competitive pressure in a lower-demand market.
In Q2 2025, the Company implemented monthly price adjustments to quickly address tariff changes. These pricing actions enable more effective margin management during this period of heightened volatility. Price adjustments will persist, as necessary, to minimize the impact of tariffs on the Company's cost structure. Price adjustments apply to new orders at the time they are booked, resulting in a temporary delay before the Company can recover the increased costs associated with tariffs.
Projects initiated in 2024 to streamline the Company's manufacturing footprint and optimize its operations are progressing with
Operating expenses are projected to decline modestly in 2025 year-over-year, primarily due to cost savings from Nuvera's strategic realignment. Results from this action are expected to generate annualized cost reductions of
Operating profit is projected to moderately increase in Q3 2025 compared to Q2 2025, driven primarily by higher sales volumes as a result of added consumer demand and enhanced manufacturing efficiency.
The Company anticipates a decline in full-year 2025 operating profit relative to prior guidance. This outlook reflects the near-term effects of reduced bookings and lower production volumes. Potential tariff costs and timing lags in mitigating actions may also create an earnings drag. However, management believes tax reform impacts could be favorable which will help to offset some of these adverse changes.
While the path forward likely presents demand and production volatility challenges, management is confident that its disciplined cost control actions and capital allocation efforts will position the Company to capitalize on growth opportunities as market conditions improve.
Bolzoni
Bolzoni's Q3 2025 revenues are projected to slightly improve compared to the second quarter as higher attachment sales are expected to offset reduced legacy component sales to the Lift Truck business. Q3 2025 operating profit is anticipated to increase moderately due to reduced manufacturing spending related to improved factory utilization.
Full year 2025 revenues are anticipated to decline year-over-year, reflecting weaker demand projections across Bolzoni's customer base. Product mix and cost control improvements are not expected to fully compensate for lower sales. As a result, 2025 operating profit is projected to be below 2024's adjusted operating profit.
Consolidated
The Company anticipates modest sequential growth in both revenue and operating profit growth in Q3 2025. For the full year 2025, the Company still expects revenues, production levels and profits to be below robust 2024 results. However, outlook has deteriorated due to tariff impacts to material cost and a greater than expected decline in demand in the second half of 2025. Global trade and geopolitical uncertainty, among other factors, may cause the Company's results to deviate significantly from its current outlook.
The financial discipline established over the past several years is helping the Company deliver stronger and more consistent financial results. The Company targets a
The Company continues to focus on generating strong operating cash flow and accretive capital deployment. To support these goals, the Company is actively implementing initiatives to drive working capital efficiency. With the expected 2025 lift truck production decrease, there is an intense focus on timely realignment of production and working capital processes. Key actions, including inventory optimization, are underway and are expected to yield significant progress in 2025. These efforts support strong full-year cash flow from operations generation, moderately below those achieved in 2024, despite the projected lower 2025 net income.
Effective cash flow utilization is critical to the Company's ongoing transformation. This involves substantial capital investments in advanced products, manufacturing efficiencies and information technology upgrades. For 2025, capital expenditures are now forecasted to range between
As the Company continues to generate cash, it remains committed to its disciplined capital allocation framework. This includes reducing leverage, executing strategic investments to support profitable 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 Q2 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 to ensure a clear understanding of 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, August 6, 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 imposition 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. | |||||||
FINANCIAL HIGHLIGHTS | |||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||
JUNE 30 | JUNE 30 | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(In millions, except per share data) | |||||||
Revenues | $ 956.6 | $ 1,168.1 | $ 1,867.0 | $ 2,224.6 | |||
Cost of sales | 788.4 | 908.8 | 1,521.1 | 1,729.6 | |||
Gross Profit | 168.2 | 259.3 | 345.9 | 495.0 | |||
Selling, general and administrative expenses | 161.0 | 163.7 | 317.2 | 315.6 | |||
Restructuring and impairment charges1 | 15.7 | — | 15.9 | — | |||
Operating Profit | (8.5) | 95.6 | 12.8 | 179.4 | |||
Other (income) expense | |||||||
Interest expense | 7.9 | 8.8 | 15.6 | 17.7 | |||
Income from unconsolidated affiliates | (2.7) | (2.1) | (5.6) | (3.1) | |||
Other, net | (0.5) | (1.1) | (0.8) | (2.1) | |||
Income before Income Taxes | (13.2) | 90.0 | 3.6 | 166.9 | |||
Income tax expense | 0.2 | 26.1 | 8.3 | 51.2 | |||
Net income attributable to noncontrolling interests | (0.2) | (0.2) | (0.2) | (0.4) | |||
Net income attributable to redeemable noncontrolling interests | — | (0.1) | 0.1 | — | |||
Accrued dividend to redeemable noncontrolling interests | (0.3) | (0.3) | (0.5) | (0.5) | |||
Net Income Attributable to Stockholders | $ (13.9) | $ 63.3 | $ (5.3) | $ 114.8 | |||
Basic Earnings per Share | $ (0.79) | $ 3.62 | $ (0.30) | $ 6.60 | |||
Diluted Earnings per Share | $ (0.79) | $ 3.58 | $ (0.30) | $ 6.51 | |||
Basic Weighted Average Shares Outstanding | 17.705 | 17.493 | 17.621 | 17.406 | |||
Diluted Weighted Average Shares Outstanding | 17.705 | 17.659 | 17.621 | 17.631 | |||
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 | SIX MONTHS ENDED | ||||||
JUNE 30 | JUNE 30 | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(In millions) | |||||||
Revenues | |||||||
| $ 707.5 | $ 881.5 | $ 1,406.4 | $ 1,651.4 | |||
EMEA | 148.3 | 187.8 | 266.5 | 387.2 | |||
JAPIC | 48.4 | 48.7 | 95.7 | 86.4 | |||
Lift Truck Business | $ 904.2 | $ 1,118.0 | $ 1,768.6 | $ 2,125.0 | |||
Bolzoni | 90.6 | 102.4 | 170.9 | 198.6 | |||
Eliminations | (38.2) | (52.3) | (72.5) | (99.0) | |||
Total | $ 956.6 | $ 1,168.1 | $ 1,867.0 | $ 2,224.6 | |||
Gross profit (loss) | |||||||
| $ 129.9 | $ 199.6 | $ 272.4 | $ 375.4 | |||
EMEA | 14.8 | 32.5 | 27.7 | 66.4 | |||
JAPIC | 2.1 | 4.8 | 5.5 | 8.4 | |||
Lift Truck Business | $ 146.8 | $ 236.9 | $ 305.6 | $ 450.2 | |||
Bolzoni | 21.4 | 22.4 | 39.9 | 44.2 | |||
Eliminations | — | — | 0.4 | 0.6 | |||
Total | $ 168.2 | $ 259.3 | $ 345.9 | $ 495.0 | |||
Operating profit (loss) | |||||||
| $ 11.7 | $ 92.5 | $ 54.2 | $ 172.7 | |||
EMEA | (15.0) | 4.8 | (29.9) | 10.0 | |||
JAPIC | (7.6) | (5.7) | (14.9) | (11.2) | |||
Lift Truck Business | $ (10.9) | $ 91.6 | $ 9.4 | $ 171.5 | |||
Bolzoni | 2.4 | 4.0 | 3.0 | 7.3 | |||
Eliminations | — | — | 0.4 | 0.6 | |||
Total | $ (8.5) | $ 95.6 | $ 12.8 | $ 179.4 | |||
HYSTER-YALE, INC. | |||||||
FINANCIAL HIGHLIGHTS | |||||||
CASH FLOW, CAPITAL STRUCTURE AND WORKING CAPITAL | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30 | June 30 | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(In millions) | |||||||
Net cash provided by (used for) operating activities | $ 28.9 | $ (2.5) | $ (7.5) | $ 19.9 | |||
Net cash used for investing activities | (15.3) | (11.7) | (25.6) | (18.7) | |||
Cash Flow Before Financing Activities | $ 13.6 | $ (14.2) | $ (33.1) | $ 1.2 | |||
June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||
(In millions) | |||||||
Debt | $ 473.2 | $ 484.0 | $ 440.7 | $ 465.8 | |||
Cash | 66.9 | 77.2 | 96.6 | 75.6 | |||
Net Debt | $ 406.3 | $ 406.8 | $ 344.1 | $ 390.2 | |||
June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||
(In millions) | |||||||
Accounts Receivable | $ 512.1 | $ 506.1 | $ 488.4 | $ 542.5 | |||
Inventory | 776.6 | 772.7 | 754.3 | 855.3 | |||
Accounts Payable | 474.4 | 474.1 | 455.5 | 533.9 | |||
Working Capital | $ 814.3 | $ 804.7 | $ 787.2 | $ 863.9 | |||
HYSTER-YALE, INC. | ||||||||||
ADJUSTED EBITDA RECONCILIATION | ||||||||||
6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | LTM | ||||||
(In millions) | ||||||||||
Net Income (Loss) Attributable to Stockholders | $ (13.9) | $ 8.6 | $ 10.3 | $ 17.2 | $ 22.2 | |||||
Noncontrolling interest income and dividends | 0.5 | 0.1 | 0.4 | 0.6 | 1.6 | |||||
Income tax expense | 0.2 | 8.1 | 13.3 | 10.3 | 31.9 | |||||
Interest expense | 7.9 | 7.7 | 7.7 | 8.4 | 31.7 | |||||
Interest income | (0.8) | (0.7) | (0.4) | (0.5) | (2.4) | |||||
Depreciation and amortization expense | 11.8 | 11.0 | 11.8 | 11.7 | 46.3 | |||||
Restructuring and impairment charges1 | 15.7 | 0.2 | 21.4 | 1.2 | 38.5 | |||||
Adjusted EBITDA | $ 21.4 | $ 35.0 | $ 64.5 | $ 48.9 | $ 169.8 | |||||
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 | Six months ended | ||||||
June 30, | June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(In millions, except per share data) | |||||||
Operating Profit (Loss) | $ (8.5) | $ 95.6 | $ 12.8 | $ 179.4 | |||
Adjustments: | |||||||
Restructuring and impairment charges1 | 15.7 | — | 15.9 | — | |||
Adjusted Operating Profit | $ 7.2 | $ 95.6 | $ 28.7 | $ 179.4 | |||
Net Income (Loss) Attributable to Stockholders | $ (13.9) | $ 63.3 | $ (5.3) | $ 114.8 | |||
Adjustments: | |||||||
Restructuring and impairment charges1 | 15.7 | — | 15.9 | — | |||
Income tax expense (credit)2 | (4.1) | — | (4.2) | — | |||
Adjusted Net Income (Loss) Attributable to Stockholders | $ (2.3) | $ 63.3 | $ 6.4 | $ 114.8 | |||
Diluted earnings (loss) per share | $ (0.79) | $ 3.58 | $ (0.30) | $ 6.51 | |||
Adjustments: | |||||||
Restructuring and impairment charges1 | 0.88 | — | 0.89 | — | |||
Income tax expense (credit)2 | (0.23) | — | (0.23) | — | |||
Adjusted diluted earnings (loss) per share | $ (0.14) | $ — | $ 0.36 | $ — | |||
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) | |||||
Q2 2025 | Q2 2024 | Q1 2025 | |||
(In millions) | |||||
Operating profit | $ 11.7 | $ 92.5 | $ 42.5 | ||
Adjustments: | |||||
Restructuring and impairment charges1 | 15.9 | — | 0.7 | ||
Adjusted operating profit | $ 27.6 | $ 92.5 | $ 43.2 | ||
EMEA | |||||
Operating profit (loss) | $ (15.0) | $ 4.8 | $ (14.9) | ||
Adjustments: | |||||
Restructuring and impairment charges (reversals)1 | (0.3) | — | (1.3) | ||
Adjusted operating profit (loss) | $ (15.3) | $ 4.8 | $ (16.2) | ||
JAPIC | |||||
Operating profit (loss) | $ (7.6) | $ (5.7) | $ (7.3) | ||
Adjustments: | |||||
Restructuring and impairment charges1 | 0.1 | — | 0.8 | ||
Adjusted operating profit (loss) | $ (7.5) | $ (5.7) | $ (6.5) | ||
Lift Truck | |||||
Operating profit (loss) | $ (10.9) | $ 91.6 | $ 20.3 | ||
Adjustments: | |||||
Restructuring and impairment charges1 | 15.7 | — | 0.2 | ||
Adjusted operating profit | $ 4.8 | $ 91.6 | $ 20.5 | ||
Bolzoni | |||||
Operating profit | $ 2.4 | $ 4.0 | $ 0.6 | ||
Adjustments: | |||||
Restructuring and impairment charges1 | — | — | — | ||
Adjusted operating profit | $ 2.4 | $ 4.0 | $ 0.6 | ||
Total | |||||
Operating profit (loss) | $ (8.5) | $ 95.6 | $ 21.3 | ||
Adjustments: | |||||
Restructuring and impairment charges1 | 15.7 | — | 0.2 | ||
Adjusted operating profit | $ 7.2 | $ 95.6 | $ 21.5 | ||
1 - Restructuring and impairment charges are referred to in the earnings release as manufacturing footprint improvement charges and Nuvera's strategic realignment. | |||||
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SOURCE Hyster-Yale, Inc.
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