Hyster-Yale, Inc. reported consolidated revenues of $910.4 million for the first quarter of 2025, a 14% decrease year-over-year. Operating profit plummeted by 75% to $21.3 million, and net income fell by 83% to $8.6 million. Diluted earnings per share were $0.48, an 84% decline compared to Q1 2024.
The Lift Truck business experienced a 14% revenue decline, primarily due to lower sales volumes in the Americas and EMEA, consistent with reduced market demand in the latter half of 2024. Gross profit decreased by 25% year-over-year, while Nuvera did not generate any revenue in Q1 2025, with its operating loss increasing to $9.9 million.
Despite the profit decline, the company saw a substantial increase in Lift Truck bookings, which rose by 48% sequentially and 13% year-over-year to $590 million. This improvement was driven by heightened demand for higher-priced Class 4 and 5 products, including new modular, scalable lift trucks, particularly in the Americas and EMEA.
The company's backlog remained stable at $1.91 billion. Hyster-Yale maintains its full-year 2025 outlook, expecting revenues, production levels, and profits to be below the robust 2024 results. Q2 operating profit is projected to moderately decline sequentially due to the impact of tariffs and a temporary lag in implementing price increases.
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