Hyster-Yale is reporting a “significant” decline in Q2 bookings which it attributes as “mainly due to tariff uncertainty within HY’s customer base”.

Hyster-Yale’s financials for the quarter reveal an operating loss of USD8.5 million, a quarter-on-quarter (q-o-q) fall of 140% and a year-on-year (y-o-y) decline of 109%.

Revenue for Q2 was USD956.6 million, a dip of 5% q-o-q and an 18% y-o-y fall.

Hyster-Yale's lift truck (forklift) business reports Q2 revenues dropped 19% y-o-y, but improved by 5% q-o-q at USD904.2 million. 

Revenues from the Americas for Q2 was USD707.5 million, a y-o-y fall of 20%, but a 1% q-o-q improvement.

Q2 revenues from EMEA were USD148.3 million, down 21% y-o-y, but a 25% q-o-q jump while revenues from JAPIC were USD48.4 million, down 1% y-o-y and a 2% q-o-q increase.

Hyster-Yale says the revenue decline was “due to lower volumes across all product lines” compared to the strong results recorded for Q2 2024.

“During Q2 2025, the total lift truck market declined,” Hyster-Yale states. “As a result, the company experienced a significant contraction of its global lift truck bookings, reflecting a more cautious customer approach amid ongoing economic uncertainty. 

“HY traditional strong customers are deferring capital expenditures, resulting in delayed purchasing decisions and a temporary softening in lift truck order activity. 

“However, the company's sales quoting activity remained steady in Q2 compared to improved Q1 2025 levels.”

Hyster-Yale reports Bolzoni revenues also declined in Q2 to USD90.6 million, a 12% y-o-y decline and 13% q-o-q increase with adjusted operating profit for the quarter coming at USD2.4 million, a 40% y-o-y fall and 300% q-o-q jump.

Hyster-Yale says Bolzoni’s revenue decline was, in part, due to the phasing out of lower-margin legacy products while the fall in operating profit waa driven by increased employee-related costs including wages.

Hyster-Yale says its expects tariffs to “negatively affect” H2 financial results.

“The possibility of further tariff measures creates uncertainty and makes it difficult to provide a precise impact estimate at this time,” Hyster-Yale states. 

“The company will continue to maintain pricing strategies aligned with material cost changes and enforce cost discipline across the organisation, regardless of tariff developments.”