Overview

• Forklift manufacturer reported Q4 revenue down 14% yr/yr, reflecting weaker shipments

• Company's Q4 operating loss was $37.2 mln due to lower volumes and tariff costs

• Q4 bookings rose 42% sequentially, indicating potential demand recovery in Americas

Outlook

• Company expects shipment volumes to increase in second half of 2026

• Moderate full-year 2026 operating profit expected

Result Drivers

• TARIFF IMPACT - Tariffs reduced Q4 revenue and operating profit, contributing to a $37.2 mln operating loss

• BOOKINGS INCREASE - Q4 bookings rose 42% sequentially, indicating potential demand recovery in Americas

• INVENTORY EFFICIENCY - Improved inventory efficiency drove operating cash flow to $57 mln

Company press release: ID:nPn2xLpPda

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the heavy machinery & vehicles peer group is "buy"

• Wall Street's median 12-month price target for Hyster-Yale Inc is $45.00, about 14.4% above its March 2 closing price of $39.34

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