Revenue Performance - Revenues for the third quarter of 2025 decreased by 3.6% to $979.1 million compared to $1,016.1 million in the third quarter of 2024, primarily due to a decline in unit volume in the Americas [99]. - The Americas segment reported revenues of $732.7 million, down 5.0% from $771.5 million in the same period last year [96]. - The EMEA segment saw a revenue increase of 3.5% to $150.1 million, compared to $145.0 million in the third quarter of 2024 [96]. - Bolzoni's revenues decreased by 10.9% to $87.0 million in the third quarter of 2025, compared to $97.6 million in the same period last year [96]. - Bolzoni's revenues decreased by 12.2% to $2,846.1 million in the first nine months of 2025 from $3,240.7 million in the same period of 2024, primarily due to a decline in unit volume [106]. Profitability and Income - Net income attributable to stockholders for the third quarter of 2025 was a loss of $2.3 million, a significant decline from a profit of $17.2 million in the same quarter of 2024 [97]. - The diluted earnings per share for the third quarter of 2025 was a loss of $0.13, compared to earnings of $0.97 in the third quarter of 2024 [97]. - The company reported an operating profit of $2.3 million in Q3 2025, down from $33.1 million in Q3 2024, largely due to tariff costs of approximately $40 million and lower unit volumes [101]. - Operating profit in the Americas decreased to $21.1 million in Q3 2025 from $40.9 million in Q3 2024, attributed to lower gross profit and overhead absorption rates [102]. - EMEA experienced an operating loss of $16.9 million in Q3 2025, compared to a loss of $9.6 million in Q3 2024, driven by unfavorable pricing and increased material costs [103]. - The net loss attributable to stockholders was $2.3 million in Q3 2025, a significant decline from net income of $17.2 million in Q3 2024 [105]. - For the first nine months of 2025, the operating profit decreased from $212.5 million in 2024 to $15.1 million, primarily due to lower gross profit and approximately $60 million in tariff costs [107]. - JAPIC's operating loss increased to $19.1 million in the first nine months of 2025 from $15.3 million in the same period of 2024, mainly due to lower gross profit and higher material costs [110]. Cash Flow and Financing - Net cash provided by operating activities decreased by $60.4 million in the first nine months of 2025 compared to the same period in 2024, primarily due to changes in net income and increased employee-related payments [113]. - The company entered into a $300.0 million secured revolving credit facility in Q2 2025, which can be increased to $400.0 million, maturing on June 24, 2030 [116]. - As of September 30, 2025, the book value of assets held as collateral under the revolving credit facility was approximately $1.1 billion [117]. - The Company has a U.S. borrowing capacity of $210.0 million and a non-U.S. borrowing capacity of $90.0 million, with total availability of $225.1 million as of September 30, 2025 [119]. - The Term Loan outstanding amount is $215.0 million, with a net amount outstanding of $212.7 million after discounts and fees, and an applicable interest rate of 7.78% [123]. Backlog and Bookings - The backlog of lift truck orders as of September 30, 2025, was approximately $1.35 billion, down from $2.3 billion in the previous year [98]. - The Company’s backlog at the end of Q3 2025 was $1.35 billion, down from $1.65 billion at the end of Q2 2025, indicating a reduction in new bookings [138]. - Dollar value bookings improved to $380 million in Q3 2025, up from $330 million in the prior quarter, driven by gains in the EMEA and JAPIC regions [133]. Strategic Initiatives and Future Outlook - The company completed a strategic realignment of Nuvera Fuel Cells, merging it into HYMH to enhance integrated energy solutions in the Americas segment [94]. - Planned capital expenditures for 2025 are expected to range between $50 million and $60 million, with $38.9 million spent in the first nine months of 2025 [126][150]. - The Company anticipates a moderate operating loss in Q4 2025, primarily due to moderated production rates and consistent tariff costs with Q3 2025 levels [145]. - Operational improvement projects initiated in 2024 are expected to generate annualized income and cash benefits ranging between $30 million to $40 million by 2027 [143]. - The Company is committed to disciplined capital allocation, including continued debt reduction and strategic investments for long-term growth [151]. Risks and Challenges - The Company operates internationally and is subject to variability from foreign currency exchange rate movements, impacting revenues, operating profit, and net income [153]. - The Company faces risks from supply chain disruptions, including delays in delivery and increased costs due to inflation, affecting liquidity [155]. - There is a potential reduction in global demand for lift trucks and related aftermarket parts, which may impact overall sales [155]. - The Company is exposed to geopolitical risks, including changes in U.S. trade policy and tariffs, which could affect operations and costs [155]. - The effectiveness of global cost reduction programs and successful implementation of procurement initiatives are critical for maintaining profitability [155]. - The Company is focused on the successful commercialization of products related to the energy solutions program, which is a key growth area [155]. - Political and economic uncertainties in operating countries may impact business operations and strategic decisions [155]. - The Company must navigate challenges related to workforce management, including attracting and retaining employees [155]. - Exchange rate fluctuations and interest rate volatility are ongoing concerns that could affect financial performance [155]. - The Company is committed to protecting its information technology infrastructure against potential cyber threats and service interruptions [155].

Financial Performance - Q3 2025 consolidated revenues were $979.1 million, a 4% decline year-over-year but a 2% increase sequentially [4]. - Operating profit decreased to $2.3 million, down 93% year-over-year, while net loss was $2.3 million compared to a net income of $17.2 million in Q3 2024 [4]. - Revenues for Q3 2025 were $979.1 million, a decrease of 3.9% from $1,016.1 million in Q3 2024 [57]. - Gross profit for Q3 2025 was $155.9 million, down 19.2% from $192.9 million in Q3 2024 [57]. - Net income attributable to stockholders for Q3 2025 was a loss of $2.3 million, compared to a profit of $17.2 million in Q3 2024 [57]. - Basic earnings per share for Q3 2025 were $(0.13), compared to $0.98 in Q3 2024 [57]. - Total revenues for the nine months ended September 30, 2025, were $2,846.1 million, down 12.2% from $3,240.7 million in the same period of 2024 [57]. - Cash flow before financing activities for Q3 2025 was $22.9 million, a decrease from $58.1 million in Q3 2024 [62]. - Net cash provided by operating activities for Q3 2025 was $37.1 million, down from $70.1 million in Q3 2024 [62]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $136.0 million, compared to $64.5 million in the same period of 2024 [62]. Revenue and Backlog - Lift Truck revenues were $929.3 million, reflecting a 4% decline year-over-year due to lower truck volumes across all product lines [5]. - The backlog at the end of Q3 2025 was $1.35 billion, down from $1.65 billion at the end of Q2 2025, as shipments outpaced new bookings [29]. - The company anticipates further backlog degradation in the near term due to ongoing weaker demand and reduced truck bookings [30]. - Q3 2025 unit bookings increased to $380 million, a 3% rise from Q3 2024 and a 15% increase from Q2 2025 [32]. - Unit backlog value decreased to $1.35 billion, down 41% from Q3 2024 and down 18% from Q2 2025 [32]. Operating Expenses and Profitability - Operating cash flow improved to $37 million, attributed to increased inventory efficiency [6]. - Tariff costs amounted to approximately $40 million in Q3 2025, impacting overall profitability [11]. - Operating expenses in Q4 2025 are projected to remain consistent with year-to-date levels, resulting in a modest year-over-year decrease [36]. - Q4 2025 is expected to result in a moderate operating loss due to moderated production rates, with tariff costs projected to remain consistent with Q3 2025 [37]. - The company aims to maintain a 7% operating profit margin over the business cycle, although near-term results are expected to fall below this target due to ongoing market uncertainty [39]. - The company is focusing on generating strong operating cash flow despite projected lower net income in 2025 [41]. Strategic Initiatives - The company expects a favorable financial impact of $2 million to $3 million in Q4 2025 from potential reductions in Chinese tariff levels [21]. - The company remains focused on liquidity management and optimizing working capital levels amid ongoing economic uncertainty [19]. - The company is committed to disciplined capital allocation, including continued debt reduction and strategic investments for long-term growth [43]. - The company is expanding modular and scalable models to support customer applications and enhance competitive positioning across product ranges [33]. - The company expects operational improvement projects to incur an additional $3 million in Q4 2025 and between $12 million to $25 million in 2026, with anticipated annualized income benefits of $30 million to $40 million by 2027 [35]. Regional Performance - Q3 2025 adjusted operating profit for the Americas was $22.1 million, down from $41.1 million in Q3 2024, reflecting a decrease of 46.3% [65]. - EMEA region reported an adjusted operating loss of $16.9 million in Q3 2025, worsening from a loss of $9.6 million in Q3 2024 [65]. - JAPIC adjusted operating loss was $4.2 million in Q3 2025, compared to a loss of $3.1 million in Q3 2024 [65]. - Lift Truck segment showed an adjusted operating profit of $1.0 million in Q3 2025, significantly down from $28.4 million in Q3 2024 [65]. - Bolzoni's adjusted operating profit remained stable at $2.1 million in Q3 2025, unchanged from Q3 2024 [65]. - Total adjusted operating profit for the company was $3.3 million in Q3 2025, a decline from $34.3 million in Q3 2024, representing a decrease of 90.4% [65]. Restructuring and Operational Efficiency - The company reported restructuring and impairment charges of $1.0 million for Q3 2025, compared to $1.2 million in Q3 2024 [64]. - Restructuring and impairment charges included $1.0 million in Q3 2025, compared to $1.2 million in Q2 2025 [65]. - The company is undergoing a strategic realignment, impacting its manufacturing footprint and operational efficiency [65]. - The company continues to focus on improving its operational performance amid challenging market conditions [65].

Core Insights - Hyster-Yale, Inc. reported a decline in revenues and profits for Q3 2025, reflecting ongoing economic uncertainty and reduced truck volumes across all product lines [1][7][9] Financial Performance - Revenues for Q3 2025 were $979.1 million, down 4% year-over-year from $1,016.1 million in Q3 2024, but up 2% sequentially from $956.6 million in Q2 2025 [2][7] - Operating profit fell to $2.3 million, a 93% decrease from $33.1 million in Q3 2024, while net income was a loss of $2.3 million compared to a profit of $17.2 million in the same quarter last year [2][7] - Diluted earnings per share were $(0.13), down from $0.97 in Q3 2024, reflecting a 113% decline [2][7] Lift Truck Business Results - Lift Truck revenues were $929.3 million, a 4% decline year-over-year, attributed to lower truck volumes due to economic uncertainty [3][4] - The Americas segment saw revenues of $732.7 million, down 5% from $771.5 million in Q3 2024, while EMEA revenues increased by 4% year-over-year [3][8] - Gross profit for the Lift Truck business was $134.3 million, down 21% from $169.9 million in Q3 2024 [5][7] Tariff Impact - Tariff costs were approximately $40 million in Q3 2025, contributing to the decline in operating profit [9] - The company is implementing price increases and cost reductions to mitigate the impact of tariffs on financial results [18][19] Cash Flow and Liquidity - Operating cash flow improved to $37 million, driven by increased inventory efficiency [17] - The company reduced debt slightly to $467.8 million compared to $468.5 million a year ago, maintaining a focus on liquidity management [14][15] Market Outlook - The company anticipates continued challenges due to tariffs and economic uncertainty, with proactive measures in place to improve financial results [18][19] - Despite a contraction in the lift truck market, there was an uptick in booking activity, with dollar value bookings improving to $380 million from $330 million in the prior quarter [21][24] Strategic Initiatives - The company is focused on operational improvement projects to streamline manufacturing and optimize operations, with expected benefits starting in 2026 [31] - Long-term objectives include transforming the lift truck business and expanding into new markets, with a commitment to innovation and customer engagement [38]

Core Viewpoint - Hyster-Yale, Inc. is set to release its Third Quarter 2025 financial results on November 4, 2025, followed by a webcast to discuss these results on November 5, 2025 [1][2]. Company Overview - Hyster-Yale, Inc. is headquartered in Cleveland, Ohio, and operates as a globally integrated company providing a full line of lift trucks and solutions tailored to meet specific materials handling needs [3]. - The company's vision focuses on transforming material movement from port to home, emphasizing understanding customer applications and delivering optimal solutions to enhance productivity at the lowest cost of ownership [3]. - Hyster-Yale Materials Handling, Inc., a wholly owned subsidiary, designs, engineers, manufactures, and sells a comprehensive range of lift trucks and aftermarket parts under various brand names, including Hyster®, Yale®, Maximal®, and Nuvera® [4]. Financial Communication - The financial results for the third quarter will be discussed in a live audio webcast available on the company's website, with an archive accessible two hours post-event [1][2].

Core Viewpoint - Hyster-Yale's stock performance has shown resilience, outperforming major indices, but upcoming earnings are expected to reflect significant declines in both earnings per share and revenue compared to the previous year [1][3][4]. Company Performance - Hyster-Yale's stock closed at $37.72, marking a +1.37% change from the previous day's closing price, outperforming the S&P 500's daily gain of 0.79% [1]. - Over the past month, Hyster-Yale shares have gained 3.05%, while the Industrial Products sector and the S&P 500 gained 2.29% and 1.27%, respectively [2]. Earnings Forecast - The upcoming earnings report is projected to show earnings of $0.03 per share, representing a year-over-year decline of 96.91%, with revenue expected to be $955.69 million, indicating a 5.95% decline compared to the same quarter last year [3]. - For the full year, analysts expect earnings of $0.75 per share and revenue of $3.77 billion, reflecting changes of -91.65% and -12.59% from the previous year [4]. Analyst Estimates - Recent changes to analyst estimates for Hyster-Yale are being monitored, as they often indicate shifts in near-term business trends, with positive revisions suggesting optimism about the business outlook [5]. - The Zacks Rank system, which incorporates estimate changes, currently ranks Hyster-Yale at 3 (Hold), with no changes in the consensus EPS estimate over the last 30 days [6][7]. Valuation Metrics - Hyster-Yale is currently trading at a Forward P/E ratio of 49.61, which is significantly higher than the industry average Forward P/E of 16.37 [8]. - The Manufacturing - Construction and Mining industry, part of the Industrial Products sector, has a Zacks Industry Rank of 201, placing it in the bottom 19% of over 250 industries [8][9].

Core Insights - Hyster-Yale's stock closed at $36.09, reflecting a -1.5% change from the previous day, underperforming compared to the S&P 500, Dow, and Nasdaq indices [1] - The company has experienced a 1.87% decline in stock price over the past month, while the Industrial Products sector and S&P 500 saw gains of 1.64% and 1.13%, respectively [1] Earnings Projections - Upcoming earnings per share (EPS) for Hyster-Yale is projected at $0.03, indicating a significant 96.91% decrease compared to the same quarter last year [2] - Revenue is anticipated to be $955.69 million, representing a 5.95% decline from the same quarter last year [2] Fiscal Year Estimates - For the entire fiscal year, earnings are projected at $0.75 per share, reflecting a -91.65% change from the prior year, while revenue is expected to be $3.77 billion, down -12.59% from the previous year [3] - Recent changes to analyst estimates are crucial as they indicate the evolving business outlook [3] Analyst Ratings and Valuation - The Zacks Rank system, which assesses estimate changes, currently rates Hyster-Yale at 3 (Hold), with the consensus EPS estimate remaining unchanged over the past month [5] - Hyster-Yale's Forward P/E ratio stands at 48.85, significantly higher than the industry average of 16.3, indicating a premium valuation [6] Industry Context - Hyster-Yale operates within the Manufacturing - Construction and Mining industry, which is part of the Industrial Products sector, currently ranked 201 out of over 250 industries, placing it in the bottom 19% [6][7] - The Zacks Industry Rank suggests that higher-rated industries tend to outperform lower-rated ones by a factor of 2 to 1 [7]

Core Viewpoint - The Zacks Manufacturing - Construction and Mining industry is currently facing challenges due to a prolonged contraction in the manufacturing sector, but increased infrastructure investment and demand from the mining sector are expected to provide support for growth [1][4][5]. Industry Overview - The industry includes companies that manufacture and sell construction, mining, and utility equipment, supporting various sectors such as oil and gas, power generation, and infrastructure projects [3]. Current Trends - The manufacturing index has been in contraction for 26 consecutive months until December 2024, with a recent reading of 49.1% in September, indicating ongoing weakness in customer spending due to tariffs [4]. - The energy transition trend is expected to drive demand for mining equipment, supported by U.S. government infrastructure investments in critical sectors [5]. - Companies are focusing on pricing strategies and cost-cutting measures to sustain margins amid input cost inflation [6]. Digital Transformation - Industry participants are investing in digital initiatives such as AI and robotics to enhance productivity and efficiency, which is crucial for meeting the demand for autonomous machinery [7]. Market Performance - The Manufacturing - Construction and Mining industry has outperformed the broader market, growing 33.7% over the past year compared to a 0.3% decline in the sector [11]. Valuation Metrics - The industry is currently trading at a trailing 12-month EV/EBITDA ratio of 15.82X, lower than the S&P 500's 18.51X and the Industrial Products sector's 24.36X [14]. Company Highlights - **Terex Corporation (TEX)**: Recently sold its Terex Tower and Rough Terrain Cranes businesses to reduce cyclicality and enhance growth. The company is expected to benefit from its focus on environmental solutions, which now account for approximately 30% of its global revenues [18]. The Zacks Consensus Estimate for Terex's 2025 earnings has increased by 0.2% over the past 60 days [19]. - **Hyster-Yale, Inc. (HY)**: Despite challenges in the lift truck market, the company has maintained steady sales quoting activity, indicating resilient demand. Hyster-Yale is focused on cost reduction and productivity improvements to enhance profitability [24]. The Zacks Consensus Estimate for Hyster-Yale's 2025 earnings has remained unchanged over the past 60 days [22].

Company Performance - Hyster-Yale's stock closed at $36.65, reflecting a +1.41% change from the previous day's closing price, outperforming the S&P 500's daily gain of 0.4% [1] - The company has seen a 0.64% increase in shares over the past month, while the Industrial Products sector and the S&P 500 both gained 1.02% during the same period [1] Earnings Expectations - The upcoming earnings report is expected to show an EPS of $0.03, representing a significant decline of 96.91% compared to the same quarter last year [2] - Revenue is anticipated to be $955.69 million, down 5.95% from the prior-year quarter [2] Full Year Projections - For the full year, earnings are projected at $0.75 per share, indicating a decrease of 91.65% from the previous year [3] - Revenue for the year is estimated at $3.77 billion, reflecting a decline of 12.59% compared to the prior year [3] Analyst Estimates - Recent changes to analyst estimates for Hyster-Yale are being monitored closely, as upward revisions indicate positive sentiment regarding the company's business operations [4] - The Zacks Rank system, which assesses these estimate changes, currently ranks Hyster-Yale at 3 (Hold) [6] Valuation Metrics - Hyster-Yale's Forward P/E ratio stands at 48.19, which is significantly higher than the industry average Forward P/E of 20.3 [7] - The Manufacturing - Construction and Mining industry, part of the Industrial Products sector, holds a Zacks Industry Rank of 201, placing it in the bottom 19% of over 250 industries [7]

Financial Data and Key Metrics Changes - In Q2 2025, Lift Truck revenues declined by 19% year over year, primarily due to lower volumes across all product lines and weaker industry booking rates since early 2024 [19][20] - Adjusted Q2 operating profit was $5 million, significantly down from the prior year, impacted by lower volumes and increased material and freight costs due to tariffs [21][22] - The company reported a net debt position improvement year over year, with a steady liquidity position and increased unused borrowing capacity by 3% to nearly $260 million at the end of Q2 [27][28] Business Line Data and Key Metrics Changes - Lift Truck bookings in Q2 decreased to $330 million from $590 million in Q1 2025, with a notable decline in Europe and The Americas, while Asia Pacific bookings remained steady [13][14] - Bolzoni's revenue declined year over year due to the phase-out of lower-margin legacy products, but Q2 revenue grew sequentially due to higher volumes in attachments and forks sales in The Americas [23][24] Market Data and Key Metrics Changes - The global lift truck bookings market contracted in Q2, reflecting broader capital goods sector trends, with customers deferring capital expenditures due to economic uncertainty [11][12] - The order backlog at the end of Q2 was $1.7 billion, down from $1.9 billion in the previous quarter, primarily due to shipments outpacing new bookings [14][15] Company Strategy and Development Direction - The company is focusing on manufacturing and selling products within the same region to lower shipping costs and speed delivery, while also seeking new cost-effective supply partners [8][9] - Strategic initiatives include optimizing the manufacturing footprint and realigning the Nuvera business to adapt to changing economic conditions [10] Management's Comments on Operating Environment and Future Outlook - Management noted that economic uncertainty and fluctuating tariff levels continue to impact business, but they are taking proactive measures to protect financial health and maintain dealer relationships [5][6] - The company expects to increase production rates in the second half of 2025, contingent on demand stabilization, while remaining cautious due to ongoing economic uncertainty [17][18] Other Important Information - The company plans to invest between $50 million and $60 million in capital expenditures for 2025, focusing on advanced products and manufacturing efficiency initiatives [44] - Recent tax legislation is expected to lower tax expenses and cash outflows, positively impacting financial results in the second half of 2025 [43] Q&A Session Summary Question: Expectations for seasonal trends in North America and EMEA - Management expects more stable decision-making in the Americas as tariff rules stabilize, while EMEA is anticipated to follow typical seasonal trends with a weaker third quarter [51][57] Question: Changes in views on tariffs and their impact - Management has adjusted to the tariff environment, expecting a mix of pre- and post-tariff pricing in the backlog, with ongoing adjustments based on tariff changes [58][62] Question: Competitive landscape following Toyota's privatization - Management does not expect immediate market dynamics to change but acknowledges the potential for increased flexibility among competitors [66] Question: Concerns about investing in technology amidst profitability challenges - Management remains committed to investing in technology and efficiency, with capital expenditures exceeding depreciation and amortization [70] Question: Mix and profitability within the backlog - Management maintains pricing discipline and expects to improve the margin profile of the backlog, despite challenges from tariffs [75][78] Question: Impact of sourcing components from China and India - Management is working to transition sourcing to mitigate tariff impacts, particularly for highly engineered components [80][82] Question: Bolzoni's legacy products and market share outlook - Management anticipates the phase-out of legacy products by 2027 and has made progress in gaining market share despite a smaller market size [88][93] Question: Competitive behavior in the current market - Management notes that while some pricing actions are observed, traditional competitors are generally maintaining discipline in production and pricing [95][97]

Q2 2025 Financial Performance - Hyster-Yale's Q2 2025 consolidated revenue reached $957 million, an 18% decrease compared to the prior year[14, 17] - The company reported an adjusted operating profit of $7 million, down from Q2 2024's strong results[14, 17] - Hyster-Yale's adjusted net loss was $2 million in Q2 2025[14, 20] - Lift Truck revenue was $904 million, a 19% year-over-year decrease[20, 23] - Bolzoni's revenue was $91 million, a 12% decrease compared to the prior year[20, 23] Liquidity and Outlook - Hyster-Yale extended its credit facility to 2030, maintaining liquidity of $300 million[17, 27] - The company's working capital as a percentage of sales decreased by 100 basis points to 21% compared to Q1 2025[17, 28] - The unit bookings value declined to $330 million, a 44% decrease compared to Q1 2025[17] - The unit value backlog is $17 billion, representing approximately 4-5 months of production[17] - Full year 2025 is projected to be below the robust results of 2024, with higher tariffs creating cost and market demand uncertainty[18, 35] Strategic Initiatives and Long-Term Objectives - Hyster-Yale aims for long-term financial objectives including revenue growth at GDP++, operating profit margins of 7% of sales, working capital at 15% of sales, and a Return on Total Capital Employed (ROTCE) greater than 20%[105] - The company is focused on modular, scalable product platforms and optimized manufacturing footprint to improve capital efficiency[75, 94]