Financial Data and Key Metrics Changes - Q3 2025 revenues for lift trucks were $929 million, reflecting a 4% decline compared to the prior year, primarily due to lower truck volumes across all product lines [14][15] - Operating profit declined by $27 million year over year, mainly driven by lower truck volumes and higher tariff costs [16] - Q3 operating cash flow improved by nearly 25% from Q2, reaching $37 million, largely driven by improved inventory performance [18] Business Line Data and Key Metrics Changes - Lift truck bookings rose to $380 million in Q3, up from $330 million in Q2, with gains led by the EMEA and JPEC regions [5] - Bolzoni's Q3 revenues dropped 11% year over year to $87 million, primarily due to the planned phase-out of lower-margin legacy components and softer lift truck demand in the US [17] Market Data and Key Metrics Changes - Overall lift truck market demand declined across all regions and most product categories compared to Q2, with many customers postponing capital expenditures [5] - In the Americas, truck volumes fell significantly, particularly in higher-value Class 4 and 5 trucks, due to reduced manufacturing output amid demand uncertainty [15] Company Strategy and Development Direction - The company is implementing targeted initiatives to increase bookings and enhance market participation, including expanding product offerings to modular and scalable lift truck models [6][9] - The competitive landscape is changing rapidly, with increasing pressure from low-cost foreign competitors, particularly in South America and Europe [9] Management's Comments on Operating Environment and Future Outlook - Management noted that ongoing macroeconomic uncertainty, largely due to tariffs and interest rate discussions, is causing delays in customer order conversions [6] - The expectation is for demand to remain soft in the near term, with production rates adjusted to reflect actual booking and cancellation trends [11] Other Important Information - The company's backlog stood at $1.35 billion at the end of Q3, down from $1.65 billion in Q2, driven by fewer trucks shipped [10] - Direct tariff costs totaled $40 million in Q3, significantly impacting demand levels across various end markets [22] Q&A Session Summary Question: How does the current demand uncertainty compare to previous cycles? - Management indicated that while the market remains active with requests for quotes, decision-making is slow due to volatility in the environment, including concerns about tariffs and interest rates [32][33] Question: What actions could be taken if demand further degrades? - The company is reviewing all cost structures and production utilization, preparing for a conservative posture while remaining ready to ramp up if bookings increase [36] Question: What is the status of the modular scalable platform and lithium-ion strategy? - The modular scalable products have received positive feedback in key markets, and the company is launching integrated lithium-ion solutions in North America and Europe [37][38] Question: Are there specific verticals experiencing more headwinds? - Management noted a slowdown in heavy manufacturing, particularly in the auto sector, while light manufacturing and distribution have been stable [42] Question: What is the outlook for the fourth quarter? - The company expects Q4 revenue to decline compared to Q3 due to lower production rates and persistent tariff headwinds, projecting a moderate operating loss [24]

But I mean and I think this is a question for the other side as well. It's too too facing. Yes, of course, tariffs and dealings with foreign powers.But the vehicle is imposition of taxes uh on on Americans. And that has always been the core power of Congress. So to have the president's foreign affairs power trump that that uh basic power uh for Congress uh seems to me to kind of at least ne neutralize uh between the two powers the executive power and the legislative power.>> Let me say two things in respons ...

Market Overview - S&P and NASDAQ experienced their worst day in about a month, with Russell 2000 closing below the 50-day moving average, indicating increased market volatility [1] Tariff and Trade Outlook - The probability of the court upholding Trump's tariffs is estimated at 50%, contrasting with betting markets that suggest a 40% chance of the tariffs being overturned, indicating a higher probability than consensus for Trump to prevail [3] - If tariffs are not upheld, it could lead to market negativity due to deficit concerns, rising bond yields, and increased uncertainty regarding future tariffs [4] - A potential positive outcome could be a more structured tariff regime, which may provide medium-term stability despite near-term uncertainty [4] Economic Indicators - There is a tension between seasonal market dynamics and concerns over high valuations, particularly in AI-related sectors, suggesting a need for market digestion before further gains [6] - The Federal Reserve's trajectory for interest rate cuts is less certain, with a 65% probability of a December cut, but expectations of a pause in cuts thereafter [7][8] - Discrepancies in economic data show that while services are accelerating, manufacturing is weakening, contradicting the intended strengthening effects of tariffs on manufacturing [9][11] Consumer Behavior - The economy is exhibiting a K-shaped recovery, with disparities between high-end and low-end consumers, affecting consumer discretionary stocks [11][12] - Companies like McDonald's are reflecting significant signs of weakness in sectors related to lower-end consumers, despite overall solid performance in services [12]

Meanwhile, S&P and NASDAQ coming off their worst day in about a month. Russell 2000 closed below the 50-day moving average as volatility now picks up on the street. We're joining us with said with his outlook this morning, Evercore ISI vice chairman Krishna Gua is with us.Krishna, it's great to have you. Good morning. Thanks for being with us.>> Um, we had Aean at the top of the hour talk about Scotas and you guys have been writing about how these arguments uh are expected to go. Do you have a call yet on w ...

The Supreme Court just kicking off arguments on the legality of President Trump's tariffs. Aean Javvers is outside the court and he has the latest for us. Good morning, Aman. >> Hey, good morning, David.It's going to be an enormously high stakes day here at the Supreme Court today. President Trump says he's not going to attend today's oral arguments after all, but Treasury Secretary Scott Bessant is expected to be seated in the front row. President Trump says he believes this will be one of the most importa ...

The Supreme Court just kicking off arguments on the legality of President Trump's tariffs. Aean Javvers is outside the court and he has the latest for us. Good morning, Aman. >> Hey, good morning, David.It's going to be an enormously high stakes day here at the Supreme Court today. President Trump says he's not going to attend today's oral arguments after all, but Treasury Secretary Scott Bessant is expected to be seated in the front row. President Trump says he believes this will be one of the most importa ...

The Japanese auto giant said the impact of higher U.S. tariffs on its profit was 450 billion yen last quarter, equivalent to $2.9 billion https://t.co/Yfk1k2CHX2 ...

Toyota (TM), the world's largest automaker, is chugging along despite steep tariff hits to its business. The Japanese automaker said the impact of tariffs in its fiscal second quarter hit 450 billion yen ($2.93 billion), with its year-to-date amount hitting 900 billion yen ($5.86 billion). Toyota also raised its full-year tariff projection to 1.45 trillion yen ($9.43 billion) from its previous outlook of ¥1.40 trillion ($9.11 billion). "Despite the impact of US tariffs, strong demand supported by produ ...

The large services side of the U.S. economy grew in October at the fastest pace in eight months with the help of lower interest rates, but businesses expressed lingering worries over high tariffs and said the government shutdown could also cause pain if it drags on. ...

Through August, the government collected around $90 billion from the sweeping global tariffs that the Supreme Court is now considering https://t.co/vbBX4H0G8T ...