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Hyster-Yale Q1 2025 Earnings Report
Hyster-Yale reported a decline in revenues and operating profit in the first quarter of 2025 compared to the prior year, primarily due to reduced lift truck market demand, but saw a significant increase in lift truck bookings.
Key Takeaways
Hyster-Yale's consolidated revenues for Q1 2025 were $910.4 million, a 14% decrease from Q1 2024, and operating profit was $21.3 million, a 75% decrease. Despite the decline in financial performance, the company experienced a significant increase in Lift Truck bookings compared to both the prior year and Q4 2024, and inventory decreased by $69 million.
Consolidated revenues decreased by 14% year-over-year to $910.4 million.
Consolidated operating profit declined by 75% year-over-year to $21.3 million.
Lift Truck bookings significantly increased by 13% year-over-year and 48% sequentially.
Inventory decreased by $69 million in Q1 2025 compared to Q1 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Hyster-Yale anticipates full-year 2025 revenues, production levels, and profits to be below 2024 results, with modest sequential revenue growth in Q2 2025. The company expects to remain profitable, targeting a 7% operating profit margin across the business cycle, and is focused on generating strong operating cash flow and accretive capital deployment.
Positive Outlook
- Market demand growth expected in the second half of 2025, absent potential effects from tariffs.
- Strategic realignment of Nuvera fuel cell business expected to increase near-term profits and create integrated energy solutions.
- Direct annualized cost reductions of $15 million to $20 million expected starting in the second half of 2025 from strategic realignment.
- Battery program sales expected to accelerate from 2024 levels and continue growing.
- Projects initiated in 2024 to streamline manufacturing footprint and optimize operations are progressing as planned, with significant income and cash benefits projected from 2027.
Challenges Ahead
- Full-year 2025 revenues, production levels, and profits expected to be below robust 2024 results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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