Hyster-Yale, Inc. (HY) SEC Filings & Earnings Calls

No material risk from executive change; internal promotion suggests continuity.

“Internal appointment of existing subsidiary CEO.”

Tariff costs and trade barriers impacting operations

“Tariff refund of $35M offset by unfavorable capitalized material costs and $10M higher gross tariff costs” · word for word

Supply chain disruptions and inflation risks

“delays in delivery and other supply chain disruptions, or increases in costs as a result of inflation” · word for word

Tariff cost pressure and uncertainty

“$20M incremental gross tariff-related costs YoY; $35M tariff refund recorded but does not change future tariff exposure”

Customer shift to lower-priced models

“Customers shifted towards lighter-duty, lower-priced models, impacting revenue and margin”

Brazil valuation allowance

“$3.4M non-cash valuation allowance charge against deferred tax assets in Brazil”

High leverage and negative LTM EBITDA

“Net debt $427.4M, LTM Adjusted EBITDA $(4.1)M, Net Debt/Adjusted EBITDA not meaningful”

Persistent revenue decline and operating losses indicate structural demand weakness.

“Revenue down 15% YoY in Q2 2026; operating losses for four consecutive quarters; net losses for three consecutive quarters.”

Leverage increasing: debt to capitalization ratio rising.

“Debt to total capitalization 54.9% vs 50.9% at year-end 2025 and 46.5% in Q2 2025.”

Negative net income and weak cash flow strain financial flexibility.

“Net loss $31.6M in Q2; operating cash flow only $16.7M; cumulative net loss over last four quarters.”

Tariff cost pressure

“approximately $50 million of additional tariff-related costs during the first six months of 2026 compared to the first six months of 2025” · word for word

Unfavorable product mix shift

“This shift reflects continued market demand for lighter-duty, lower-priced trucks which has led to reduced shipment volumes of the traditional, higher-priced models across all Lift Truck segments.” · word for word

Competitive pricing pressure

“competitive pricing, particularly in South America and Europe, where competitors continue to compete aggressively with lower-priced value and standard products, is expected to limit the pace of margin improvement.” · word for word

Tariff costs significantly impacting margins.

“Approximately ~$30M in gross tariff costs.” · word for word

Demand shift to lower-margin products.

“Customer shift towards lighter-duty, lower priced configurations.” · word for word

Revenue decline of 12.7% YoY signals significant demand weakness in lift truck markets.

“Revenues - Consolidated Q1 2026: 795.2, -12.7% yr. over yr.”

Gross margin compression of 380 bps YoY to 15.7% indicates cost inflation or pricing pressure.

“Gross Profit % Q1 2026: 15.7%”

Operating loss of $(28.0)M vs profit of $21.3M a year ago reflects severe operational deterioration.

“Operating Profit (Loss) Q1 2026: (28.0)”

Net loss attributable to stockholders of $(30.5)M vs profit of $8.6M a year ago.

“Net Income (Loss) Attributable to Stockholders Q1 2026: (30.5)” · word for word

Debt to total capitalization increased to 52.8% from 47.8% a year ago, indicating higher leverage.

“Debt to Total Capitalization Q1 2026: 52.8%”

Tariff cost pressure: ~$30M gross tariff costs in Q1, significantly impacting operating results.

“Operating loss of $28 million included approximately $30 million of gross tariff costs.” · word for word

Product mix shift toward lower-priced models reducing revenue and margins.

“shift in the sales mix toward lighter-duty, lower priced models and depletion of excess backlog.” · word for word

Macroeconomic uncertainty and cautious customer spending weighing on demand.

“macroeconomic challenges, including ongoing economic uncertainty and cautious customer spending, further reduced potential revenues in Q1 2026.” · word for word

Tariff cost escalation

“Tariff costs of approximately $30 million in the Americas... Tariff expenses are expected to increase in Q2 2026 before mitigation benefits.” · word for word

Demand shift to lower-priced models

“The ongoing demand for lighter-duty, lower-priced models, often aggressively priced by foreign competitors, especially in South America and Europe, continues to have an impact on overall product mix and margin performance.” · word for word

Geopolitical uncertainty (Iran conflict)

“The introduction of additional Section 232 tariffs and the ongoing Iran conflict have prompted the Company to revise its projections.” · word for word

Demand weakness in lift truck bookings

“Lift Truck New Units Bookings % of Target Revenue │ 25% │ 100% │ 61.2% │ 40% │ 10%” · word for word

Operating profit significantly below plan

“Lift Truck Consolidated Operating Profit $ │ 20% │ $110,400,000 │ $53,900,000 │ 40.0% │ 8.0%” · word for word

Bolzoni operating profit and inventory issues

“Bolzoni Operating Profit $ │ 20% │ $13,300,000 │ $3,800,000 │ 40.0% │ 8.0%” · word for word

Tariff cost impact on financial results

“management recommended, and the Compensation Committee approved, an adjustment to reflect the Company's tariff-related cost recovery efforts and determined that 90% of the net tariff costs should not be included for incentive calculations.” · word for word

Significant revenue decline and operating loss due to tariffs and economic uncertainty.

“Tariffs and lower volumes impacted gross profit... Economic uncertainty impacted customer order activity” · word for word

Customer order deferrals indicate weak near-term demand outlook.

“Reflects significant customer order deferrals” · word for word

Tariff exposure: ~$40M in Q4 and ~$100M full year gross tariff costs; tariffs remain a major headwind.

“Tariffs remained a major headwind, reducing Q4 and full‑year revenue and operating profit” · word for word

Demand weakness: customers postponing purchases due to economic uncertainty and cash preservation.

“customers are postponing purchases in response to lower utilization rates and ongoing efforts toward cash preservation” · word for word

Market shift to lighter-duty, lower-priced trucks; company lacked competitive offerings in these segments.

“ongoing market shift toward lighter-duty, lower-priced trucks has led to reduced shipment volumes for traditional models” · word for word

Dual-Class Family Control

“Certain members of the Company’s extended founding family could have exercised 76 percent of the Company’s total voting power.” · word for word

High Debt and Covenant Risk

“As of December 31, 2025, the Company has a $300 million secured, floating-rate revolving credit facility, expiring in June 2030, and a $225 million term loan, maturing in May 2028, each of which has various restrictive covenants.” · word for word

Customer Financing Recourse Risk

“Total amounts subject to these types of obligations were $134.5 million and $219.2 million at December 31, 2025 and 2024, respectively.” · word for word

Deferred Tax Asset Realization Risk

“At December 31, 2025, the Company had gross deferred tax assets of $ 187.7 million which were reduced by valuation allowances of $ 165.9 million” · word for word

Key financial leadership departure may disrupt financial reporting and strategic planning during transition.

“CFO resignation effective year-end; CEO serving as interim principal financial officer.”

Industrial demand downturn risk

“current low industry volumes, particularly in the industrial segment” · word for word

Execution risk on restructuring

“effectiveness of the cost reduction programs implemented globally” · word for word

Tariff-driven cost increases and market demand uncertainty; inability to provide initial 2026 outlook.

“Higher tariffs creating cost and market demand uncertainty Evolving market trends impacting ability to provide initial 2026 performance outlook” · word for word

Supply chain disruptions, inflation, and geopolitical risks (tariffs, UFLPA, conflicts) could impact operations.

“Risk factors include delays in delivery, supply chain disruptions, tariffs, trade barriers, geopolitical developments.”

Tariff cost escalation

“While the Company is deploying significant mitigation strategies, tariffs remain a substantial financial challenge.” · word for word

Demand weakness and backlog erosion

“Given production scheduling requirements and the lower truck bookings, the Company anticipates further backlog degradation in the near term.” · word for word

Low-cost foreign competition

“The competitive landscape is also evolving, with increased pressure from low-cost foreign competitors in regions like South America and Europe particularly for smaller, standard and value configuration Class 5 products.” · word for word

Tariff cost pressure and demand uncertainty; production rate cuts; EMEA operating loss from low-cost competition

“Tariff costs ~$40M; EMEA operating loss $(16.9)M; lowering production rates to reflect softer demand.”