Hyster-Yale has announced it is lowering production rates to reflect what it describes as “softer demand” on the back of Q3 financial results which reveal Q3 revenue of USD979.1 million, a 4% drop on Q3 2024 (USD1.02 billion) but a 2% increase on Q2 revenue (USD956.6 million).

Its forklift business results “were below expectations, primarily due to higher tariff costs, including new tariffs on steel imports” Hyster-Yale states, reporting tariffs for the quarter were approximately USD40 million.

Revenue for the forklift business for Q3 2025 was USD929.3 million, a 4% decrease year-on-year and 3% fall quarter-on-quarter.

“Reduced volumes reflected ongoing economic uncertainty which dampened customer bookings activity over the past several quarters,” Hyster-Yale says of the Q3 forklift division revenue. “As a result of the company's reduced truck bookings and backlog, it is lowering production rates to reflect softer demand.”

Forklift revenue for the Americas was USD732.7 million, a 5% y-o-y fall and 4% decrease q-o-q, with Hyster-Yale saying volumes in this market, “especially for higher-value Class 4 and Class 5 internal combustion engine trucks in the 1- to 3.5T range sold to industrial customers”.

“The company believes customers are deferring purchases as a result of lower equipment utilisation rates and lower overall manufacturing output amid ongoing economic uncertainty.”

The EMEA market bucked the trend, with Q3 revenue from the region for Hyster-Yale’s forklift business recorded at USD150.1 million, a 4% y-o-y increase and 1% q-o-q rise.

“EMEA revenues increased year-over-year primarily due to a favourable currency translation of higher truck sales,” the company states.

Bolzoni, a Hyster-Yale business, reports Q3 2025 revenues of USD87 million, a fall of 11% y-o-y and down 4% q-o-q.

“Bolzoni's revenue declined year-over-year primarily due to the ongoing phase-out of lower-margin legacy products and softer demand in the lift truck industry, primarily in the Americas,” Hyster-Yale states. 

“Gross profit declined moderately as a favourable product mix helped offset reduced volumes and lower manufacturing overhead absorption. Higher employee-related costs further contributed to the decline in operating profit.

“Bolzoni's sales decreased sequentially, mainly due to reduced volumes in specialised attachment sales in the Americas.”

Hyster-Yale says if the recent “informal announcement” tariffs may be reduced on Chinese imports until November 2026 proceeds, it would have a positive financial impact of around USD2-3 million for Q4.

If it does not, Hyster-Yale anticipates “a moderate operating loss”.

“The company's financial outlook continues to be shaped by the considerable and evolving impact of tariffs on its costs, product demand and overall operating results,” it says of its Q4 outlook. 

“While the company is deploying significant mitigation strategies, tariffs remain a substantial financial challenge. Persistent uncertainty around future tariff policies makes it challenging to estimate the final impact, which is expected to remain negative through the foreseeable future.

“To help mitigate these tariff-related impacts, the company continues to pursue global sourcing adjustments, supply chain improvements, and cost optimisation actions.”