Hyster-Yale (HY) Q2 2025 earnings summary

Executive summary

• Q2 2025 consolidated revenues were $956.6M–$957M, down 18–19% year-over-year but up 5% sequentially, driven by lower volumes, pricing pressures, and tariff-related uncertainty, especially in the Americas and EMEA.

• Operating loss was $8.5M, with adjusted operating profit at $5M–$7.2M, both down sharply from Q2 2024; net loss attributable to stockholders was $13.9M, adjusted net loss $2M–$2.3M.

• Bookings dropped to $330M from $590M in Q1, with order backlog falling to $1.7B, reflecting shipment outpacing new orders and ongoing demand softness, especially in EMEA and the Americas.

• Management is prioritizing proactive customer engagement, flexible production, and inventory alignment to navigate economic and tariff volatility.

• Renewed $300M revolving credit facility with improved terms and extended maturity to June 2030.

Financial highlights

• Q2 2025 revenues: $956.6M–$957M (down 18–19% year-over-year, up 5% sequentially).

• Adjusted operating profit: $5M–$7.2M; operating loss: $8.5M; adjusted EBITDA: $21M; net loss: $13.9M; adjusted net loss: $2M–$2.3M.

• Gross profit: $168.2M (down 35% year-over-year); diluted EPS: $(0.79); adjusted diluted EPS: $(0.14).

• Q2 product margins were negatively impacted by $10M in tariff-driven material and freight increases.

• Q2 income tax expense was $200,000, down from $26M prior year, reflecting lower pre-tax earnings.

Outlook and guidance

• Full-year 2025 revenues, production, and profits expected below 2024 due to tariffs, weaker demand, and competitive pressures.

• Q3 2025 operating profit projected to improve sequentially, but full-year 2025 operating profit will decline significantly year-over-year and be slightly below previous guidance.

• Tariffs are anticipated to negatively affect H2 2025 results, with mitigation efforts ongoing but unable to fully offset impacts.

• Bolzoni's full-year 2025 revenues and profits are expected to decline year-over-year, with legacy product phase-out continuing.

• Capital expenditures for 2025 are expected to be $50–$60M, with continued focus on manufacturing efficiency and technology upgrades.