HY · Hyster-Yale Materials Handling, Inc.

Hyster-Yale, Inc. disclosed updated Q1 2026 financials revealing significant revenue declines across most segments, with consolidated revenues dropping 12.7% year-over-year to $795.2 million, driven by sharp falls in Lift Truck Americas (-17.2% to $578.4M) and JAPIC (-25.4% to $35.3M), partially offset by EMEA growth of 6.6% to $126.0M and Bolzoni's 3.2% rise to $82.9M. Gross profit fell to $124.8 million (15.7% margin) from $177.7 million (19.5%), reflecting pricing pressures and cost challenges. Operating expenses rose to 19.2% of revenue, contributing to a $28.0 million operating loss versus $21.3 million profit prior year, exacerbated by $1.6 million restructuring charges in Americas. Net loss widened to $30.5 million from a $8.6 million profit, with interest expense at $6.6 million. Balance sheet shows net working capital at $706.1 million (22.2% of revenue), total debt up to $505.3 million (52.8% of capitalization), and equity at $450.9 million. Cash used in operations was $32.9 million, with capex of $9.8 million. Segmentally, Lift Truck operating loss was $27.9 million (-3.8% margin), while Bolzoni maintained strength with 24.7% gross margins. Restructuring continues, with cumulative 2025 charges at $38.4 million and Q1 2026 adding $1.6 million, signaling ongoing cost optimization amid weak demand.