Hyster-Yale (HY) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues declined 3.6–4% year-over-year to $979 million, with operating profit dropping over 90% due to lower volumes and $40 million in tariff costs; net loss attributable to stockholders was $2.3 million.

• Bookings improved sequentially to $380 million, but backlog fell to $1.35 billion as shipments outpaced new orders.

• The company is focusing on operational efficiency, product innovation, and customer engagement to navigate a challenging market.

• Strategic realignment and restructuring, including Nuvera integration and Bolzoni acquisition, led to $16.9 million in charges YTD.

Financial highlights

• Q3 2025 lift truck revenues were $929 million (down 4% y/y), Bolzoni revenues $87 million (down 11% y/y), and gross profit $155.9 million (down 19.2%).

• Adjusted operating profit was $3–3.3 million (down over 90% y/y); adjusted EBITDA for LTM was $136 million.

• Net loss for Q3 was $2.3 million; diluted EPS was $(0.13).

• Operating cash flow improved to $37 million, driven by inventory efficiency.

• Cash on hand at quarter-end was $71 million.

Outlook and guidance

• Q4 2025 is expected to see a moderate operating loss due to lower production rates and continued tariff headwinds.

• Tariff mitigation efforts may reduce Q4 impact by $2–$3 million; demand and margin pressures expected to persist into early 2026.

• Full-year 2025 cash flow from operations anticipated to be solid but below 2024, with capex of $50–$60 million focused on new products and manufacturing efficiencies.

• Project to streamline U.S. manufacturing footprint expected to deliver $30–$40 million in annualized savings by 2027.