Earnings

Hyster-Yale Adjusted EBITDA Turns Positive as Loss Narrows

The Tip Desk · November 11, 2026 · 3 min read

The lift-truck maker posted $6.0 million of adjusted EBITDA in the third quarter and said fourth-quarter adjusted net income should return to positive.

Hyster-Yale, Inc. (HY), the Cleveland-based lift-truck manufacturer, reported third-quarter 2026 revenue of $827.4 million, up 2% from $812.9 million in the second quarter, as stronger bookings began to convert into shipments.

The sequential lift followed a second-quarter increase of the same 2% pace from the first quarter. Year over year, revenue fell 15% from $979.1 million.

The operating loss narrowed to $9.1 million from $18.4 million, a 51% sequential improvement the company attributed to improved volumes and structural cost savings. Net loss narrowed to $14.9 million, or $0.83 a share, from $31.6 million, or $1.76 a share. Adjusted operating loss was $7.6 million and adjusted net loss $13.8 million, or $0.77 a share.

Adjusted EBITDA returned to positive at $6.0 million, compared with a $4.9 million adjusted EBITDA loss in the second quarter. Operating cash flow rose to $26 million, $10 million higher than in the second quarter, which the company said reflected stronger earnings and improved working-capital execution, particularly accounts payable. Cash generation enabled a debt reduction during the quarter.

Lift Truck revenue was $775.5 million, up 3% sequentially from $755.5 million. The company said higher volume drove the sequential improvement, partially offset by lower parts sales. Year over year, Lift Truck revenue declined 17% from $929.3 million, primarily due to unfavorable product mix and lower shipment volumes; positive pricing of $11 million partially offset those impacts. The year-over-year decline reflected lower sales of higher-value standard and premium counterbalanced trucks, particularly Class 1 and Class 4 products, as customers shifted toward lighter-intensity, lower-priced models.

Americas Lift Truck revenue was $608.6 million, EMEA $122.8 million and JAPIC $44.1 million. Lift Truck operating results improved $10 million sequentially, driven by higher shipment volumes and lower employee-related expenses, including incentive compensation. Those improvements more than offset $20 million of lower tariff-related recoveries. Lift Truck operating loss narrowed to $10.7 million from $20.5 million. Americas operating profit was $12.2 million, up from $3.6 million. EMEA operating loss was $17.2 million and JAPIC operating loss $5.7 million.

Bolzoni Group revenue was $82.3 million, essentially unchanged sequentially, primarily due to higher product volumes. Operating profit decreased $0.2 million to $1.8 million, which the company said was driven by unfavorable product mix, partially offset by lower selling, general and administrative expenses and improved manufacturing efficiencies.

Bookings were $550 million, a 45% increase from the prior year and the fourth consecutive quarter of elevated bookings from the cyclical low in the second quarter of 2025. Bookings declined 19% sequentially from $680 million, which the company attributed to normal seasonal declines. Unit backlog remained steady at $1.6 billion as production approximated shipments.

Working capital improved by $123 million from the prior year to $662 million. Inventory decreased $76 million from the prior year, with days inventory outstanding consistent with the second quarter.

The company said it expects substantially stronger operating performance in the fourth quarter of 2026, as stronger bookings are expected to increasingly convert into shipments. Excluding anticipated implementation costs of new programs, adjusted net income is expected to be significantly higher than in the third quarter and return to positive levels.

In the fourth quarter, Hyster-Yale launched operational initiatives and cost-reduction programs targeting at least $100 million of annual cost savings at maturity in 2029, including exiting the hydrogen fuel cell and HydroCharge business and discontinuing plans to manufacture Big Trucks in the United States. Implementation costs are estimated at at least $50 million. The company expects 2026 capital expenditures of $50 million to $60 million and to limit 2027 capital expenditures to $40 million to $50 million.

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