Hyster-Yale’s shares rose 2.5%, a roughly flat reaction. The quarter improved sequentially, while management’s outlook points to higher fourth-quarter shipments and a return to positive adjusted net income; conversion timing, tariff costs and competitive pricing remain risks.
- Revenue rose 2% sequentially to $827 million. Operating results improved by $10 million, though $20 million of lower tariff-related recoveries partly offset the improvement.
- Adjusted EBITDA returned to positive at $6 million; operating cash flow was $26 million, up $10 million sequentially.
- Bookings were $550 million, up 45% from the prior year, while backlog remained approximately $1.6 billion.
- Management expects fourth-quarter bookings to exceed both the prior-year quarter and Q3, with higher shipments supporting sequential revenue and gross-margin improvement. Adjusted net income is expected to return to positive levels.
- The outlook is tempered by elevated tariff costs, inflation and competitive pricing, and management expects 2027 operating-profit improvement to lag the recovery in demand and production.
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