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What were the key takeaways from Hyster-Yale’s earnings call?

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- **Challenging Market Dynamics**: Q3 bookings rose 15% YoY to $380M, driven by EMEA/APAC growth, but macroeconomic uncertainty and tariffs weigh on demand.
- **Tariff Impact Mitigation**: $40M in direct costs partially offset by price increases; 50% of tariff impact neutralized through strategic sourcing.
- **Automation Momentum**: 600+ automated trucks in use, with new product launches every 6-9 months to capitalize on customer ROI validation.
- **Financial Resilience**: Operating cash flow improved 25% YoY, with disciplined cost management maintaining 20% working capital efficiency.

**【CEO Summary Section】**
- CEO Rajiv Prasad highlighted the challenging economic environment, citing customer hesitation due to macroeconomic uncertainty and tariffs. Q3 bookings rose to $380M (vs. $330M in Q2), driven by EMEA and APAC growth, with Class 1 trucks showing strong demand.
- Management emphasized modular and scalable product strategies to improve cost efficiency and customer engagement. The company is implementing targeted initiatives to enhance quote conversion rates and after-sales support.
- Tariffs added $40M in direct costs, partially offset by price increases. The CEO expects Q4 revenue to decline due to lower production rates and softer demand.

**【CFO Financial Commentary】**
- CFO Scott Minder reported Q3 revenue of $929M (-4% YoY), with operating profit impacted by higher tariffs and lower truck volumes. EMEA and APAC regions showed relative strength, while the Americas faced headwinds from higher-value truck pricing.
- The company maintained disciplined cost management, reducing operating expenses and improving inventory turnover. Q3 operating cash flow improved 25% YoY, with working capital at 20% of sales.
- Guidance for Q4 assumes continued tariff impacts, with revenue expected to decline due to reduced production rates and booking trends.

**【Q&A Highlights】**
- **Demand Uncertainty**: Customers are delaying capital expenditures, with 2-3 months of fleet analysis needed to drive decisions. Dealers are beginning to restock, but macroeconomic factors remain a drag.
- **Tariff Mitigation**: Pricing actions offset ~50% of tariff costs, with ongoing efforts to source alternative suppliers and optimize production schedules.
- **Automation Progress**: 600+ automated trucks in operation, with new product releases every 6-9 months. Management expects automation adoption to accelerate as customers validate ROI.
- **Backlog Health**: Cancellations peaked in Q1-Q2, with minimal Q3 cancellations. The $1.35B backlog reflects higher-value trucks but remains below prior-year levels due to volume declines.

Hyster-Yale, Inc. (HY) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

HY

HY fundamentals

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