Hyster-Yale Reports Decline in Revenue and Net Loss for Q3 and Nine Months of 2025

Hyster-Yale, Inc. reported a decline in financial performance for the third quarter and first nine months of 2025, with revenues of $979.1 million for the quarter, down 3.6% from $1,016.1 million in the same period last year. For the nine months ended September 30, 2025, revenues decreased 12.2% to $2,846.1 million compared to $3,240.7 million in 2024. The company's net loss attributable to stockholders was $2.3 million for the third quarter, a significant drop from a net income of $17.2 million in the prior year. For the nine-month period, the net loss was $7.6 million, compared to a profit of $132.0 million in 2024. The decline in revenues and profitability was attributed to lower unit volumes, particularly in the Americas, amid ongoing economic uncertainty and increased competition from low-cost foreign manufacturers.

In terms of operational metrics, the company reported a decrease in gross profit, which fell to $155.9 million in the third quarter of 2025 from $192.9 million in the same quarter of 2024. The gross profit margin was negatively impacted by tariff costs and lower production volumes. The Americas segment, which includes operations in the U.S., Canada, and Latin America, saw a notable decline in operating profit, dropping to $21.1 million from $40.9 million year-over-year. The EMEA segment also reported an operating loss of $16.9 million, compared to a loss of $9.6 million in the previous year, primarily due to unfavorable pricing and increased material costs.

Strategically, Hyster-Yale made significant changes during the quarter, including the merger of its Nuvera Fuel Cells, LLC into Hyster-Yale Materials Handling, Inc. This realignment aims to enhance profitability and integrate energy solutions within the Americas segment. Additionally, the company completed the acquisition of a manufacturing business in Italy for $2.6 million, which is expected to contribute to its Bolzoni segment. The company also recognized restructuring and impairment charges totaling $16.9 million, primarily related to the Nuvera realignment and inventory impairments.

The company’s operational indicators showed a decrease in backlog, which fell to $1.35 billion from $2.3 billion year-over-year, as shipments outpaced new bookings. The total dealer network consisted of approximately 270 independent dealers as of September 30, 2025. Hyster-Yale's cash and cash equivalents decreased to $71.1 million from $96.6 million at the end of 2024, while total assets increased slightly to $2.06 billion from $2.03 billion. The company’s total debt stood at $467.8 million, reflecting a slight increase from $440.7 million at the end of the previous year.

Looking ahead, Hyster-Yale anticipates continued challenges due to tariffs and market conditions. The company is implementing proactive measures, including pricing adjustments and cost optimization strategies, to mitigate the impact of increased tariff-related expenses. The outlook for Q4 2025 remains cautious, with expectations of a moderate operating loss due to reduced production rates. The company is focused on maintaining customer engagement and innovation to foster long-term growth, despite the current economic uncertainties affecting the lift truck market.