Hyster-Yale reports Q1 revenues for its Lift Truck business were USD910.4 million, a 14% fall year-on-year (y-o-y) decline and a 15% quarter-on-quarter drop.

Lift Truck revenue in the Americas for the quarter were USD698.9 million, a fall of 9% y-o-y and 13% q-o-q while revenue for the EMEA region was USD118.2 million, a sharp 41% y-o-y and 33% q-o-q decline.

The JAPIC (Japan, Asia Pacific and China) region bucked the trend recording revenue of USD47.3 million in Q1, a 25% y-o-y increase, but a 3% q-o-q dip.

“The decline [in the Americas and EMEA] was in line with the company's expectations and was due to reduced lift truck market demand and bookings levels in the second half of 2024,” Hyster-Yale states.

The company notes the reduces sales in the Americas was particularly notable for higher-value Class 4 and Class 5 internal combustion engine forklifts while EMEA product revenues declined y-o-y primarily due to lower Class 1 product sales.

“Sequentially, Lift Truck revenues declined largely due to reduced bookings during the latter part of 2024,” the company notes. “This decline subsequently led to decreased production in Q1 2025.”

Hyster-Yale subsidiary Bolzoni also followed the trend recording lower revenues for the quarter, falling to USD80.3 million, down 17% y-o-y and a dip of 5% q-o-q.

“Bolzoni's revenues declined primarily due to the planned phase-out of lower-margin legacy products,” Hyster-Yale states. “Gross profit margins improved versus prior year due to improved pricing and lower material costs, while reduced volumes negatively impacted gross profit.” 

Meanwhile, Hyster-Yale has announced a “strategic business realignment” of its Nuvera fuel cell business to create an integrated energy solutions program at Nuvera's Billerica facility, which is to become part of its Hyster-Yale Materials Handling (HYMH) business.

HYMH says the development of lithium-ion batteries and management systems “are critical [to its] success with the next generation of batteries expected to be used broadly in electric forklift trucks”.

The new program will also look at the development, manufacturing and commercialisation of a mobile, modular and scalable hybrid electric charging platform to provide off-grid power solutions using HYMH's battery solutions

“This strategic alignment is expected to achieve, beginning in the second half of 2025, direct annualised cost reductions of USD15 to USD20 million,” the company states. “And indirect cost reductions of USD10 to USD15 million by absorbing Nuvera resources into open positions focused on accelerating development of its battery products and services and mobile charging platform as well as other HYMH immediate needs.”

Hyster-Yale says battery program sales are expected to “accelerate substantially from 2024 levels in 2025 and in following years”. 

It adds that the strategic realignment has been designed to transform Hyster-Yale’s historical core counterbalance forklift business “while building new business opportunities in the warehouse forklift truck market, automation, energy management, and attachment activities through its HYMH and Bolzoni businesses”.