Hyster-Yale Materials Handling Inc
NYSE:HY
Hyster-Yale Materials Handling Inc
Hyster-Yale Materials Handling, Inc. engages in the manufacture of lift trucks. The company is headquartered in Cleveland, Ohio and currently employs 8,100 full-time employees. The Company, through Hyster-Yale Group, Inc., designs, engineers, manufactures, sells and services a line of lift trucks, attachments and aftermarket parts marketed globally, primarily under the Hyster and Yale brand names. Its segments include the Americas; Europe, the Middle East and Africa (EMEA), and Japan, Asia, Pacific, India and China (JAPIC). The company offers a range of solutions, including attachments and hydrogen fuel cell power products, telematics, automation and fleet management services, as well as a variety of other power options for its lift trucks. The company also sells aftermarket parts under the UNISOURCE and PREMIER brands to Hyster and Yale dealers for the service of competitor lift trucks. Its lift trucks and component parts are manufactured in the United States, China, Northern Ireland, Mexico, the Netherlands, Brazil, the Philippines, Italy, Japan and Vietnam.
Hyster-Yale Materials Handling, Inc. engages in the manufacture of lift trucks. The company is headquartered in Cleveland, Ohio and currently employs 8,100 full-time employees. The Company, through Hyster-Yale Group, Inc., designs, engineers, manufactures, sells and services a line of lift trucks, attachments and aftermarket parts marketed globally, primarily under the Hyster and Yale brand names. Its segments include the Americas; Europe, the Middle East and Africa (EMEA), and Japan, Asia, Pacific, India and China (JAPIC). The company offers a range of solutions, including attachments and hydrogen fuel cell power products, telematics, automation and fleet management services, as well as a variety of other power options for its lift trucks. The company also sells aftermarket parts under the UNISOURCE and PREMIER brands to Hyster and Yale dealers for the service of competitor lift trucks. Its lift trucks and component parts are manufactured in the United States, China, Northern Ireland, Mexico, the Netherlands, Brazil, the Philippines, Italy, Japan and Vietnam.
Bookings: Bookings strengthened to $540 million in Q4 (up from $380 million in Q3 and $400 million a year ago), with momentum continuing into early 2026, led by North America counterbalance trucks.
Revenue: Q4 revenue fell to $923 million and full-year 2025 revenue was $3.8 billion as shipments remained weak amid customer caution.
Tariffs: Tariffs were a major headwind—Q4 included $40 million of gross tariff costs and full-year 2025 included approximately $100 million; management expects tariff headwinds to remain broadly consistent with Q4 2025 through 2026.
Profit & cash: Q4 adjusted operating loss was $16 million; full-year adjusted operating profit was $16 million. Q4 operating cash flow improved to $57 million driven by inventory efficiency.
Outlook: Management expects Q1 2026 to be the cyclical trough, a small loss in H1 2026 and moderate full-year operating profit as volumes and cost actions improve in H2.
Cost actions: Company pursuing multi-year savings: $15 million from Nuvera realignment in 2025; $40–45 million annualized restructuring savings targeted beginning in 2020 sales; $20–30 million benefit from manufacturing footprint optimization in 2027 and $30–40 million by 2028; total recurring savings of $85–100 million by 2028 versus beginning of 2025.
Investment: 2026 capital expenditures guided to $55–75 million (timing dependent on production ramp); continued investment in modular platforms, automation, lithium-ion energy systems and IT.
