Hyster-Yale Reports Q1 Loss of $30.5M on 13% Revenue Decline
Hyster-Yale posted a Q1 net loss of $30.5 million, or $1.71 per share, on revenue of $795.2 million, a 13% decline year-over-year and 14% sequential drop. Operating loss of $28 million included about $30 million in tariff costs while bookings strengthened 7% sequentially.
1. Q1 Financial Results
Hyster-Yale posted a net loss of $30.5 million, or $1.71 per share, in the first quarter, compared with net income of $8.6 million in Q1 2025. Consolidated revenue declined 13% year-over-year to $795.2 million and fell 14% sequentially from Q4 2025.
2. Tariff Impact and Bookings Strength
The operating loss of $28 million included approximately $30 million in gross tariff costs, partially offset by favorable pricing actions in the Americas. Bookings rose 7% sequentially, suggesting early stabilization following the cyclic low in Q3 2025.
3. Product Mix Shift and Backlog Depletion
Year-over-year revenue decreased as shipments shifted toward lighter-duty, lower-priced trucks and excess backlog was depleted, reducing sales of higher-value counterbalanced models. Positive currency movements in EMEA provided a modest offset to the revenue decline.
4. Bolzoni Group Division
Bolzoni Group delivered a 3% revenue increase to $82.9 million driven by favorable foreign currency, but operating loss widened slightly due to higher employee expenses after the Valmar acquisition. Sequential volume gains improved manufacturing overhead absorption and narrowed the operating loss.