Hyster-Yale Materials Handling, Inc.

Q2 2026 bookings were $680 million, up 17% sequentially and more than double Q2 2025. Revenue was $813 million, up 2% versus Q1 2026. Consolidated operating loss improved to $18 million, about $10 million better than Q1, and net loss was $32 million, including a $3 million noncash valuation allowance for Brazilian deferred tax assets. Operating cash flow was a source of $17 million, improving by approximately $50 million from Q1. Management said full-year 2026 should be a moderate operating loss, with the most significant improvement in the second half; bookings growth is expected to outpace shipments for now because of tariff-related production changes and delivery timing shifts.

Rajiv Prasad framed the first half of 2026 as the low point of the cycle and said the business is now seeing early signs of recovery. He emphasized that the company is expanding its product portfolio with value, standard and premium offerings, which is broadening customer reach and supporting market share gains. He also stressed that tariff mitigation, modular platforms and manufacturing footprint optimization are strategic priorities that should improve competitiveness and profitability over time.

Andrea Sejba highlighted sequential improvement across bookings, revenue, operating performance and cash flow. She noted $35 million in tariff refunds in the quarter, but those were largely offset by unfavorable capitalized material costs and $10 million in higher gross tariff expenses. She also pointed to the $17 million of operating cash flow and said the improvement came from lower inventory and favorable accrued liabilities after first-quarter annual incentive payments. Management reiterated that 2025 restructuring should deliver approximately $40 million to $45 million of annualized savings, and that manufacturing footprint optimization is expected to contribute $15 million to $20 million of annualized benefits beginning in the second half of 2027.

Analysts focused on whether booking strength is continuing into Q3, and Rajiv Prasad said the trend has continued, though July and August holidays typically soften bookings seasonally. On revenue timing, he confirmed some shipments originally expected earlier are being pushed later because of tariff-driven production changes, including shifting certain North America trucks from Europe to North America. He also said production will lag bookings temporarily and that the backlog should flatten in 2027 as ramp-up progresses. On product mix and parts, he said the company is seeing a shift toward simpler standard and value trucks and is early in building aftermarket opportunities such as tires and remanufactured components, but declined to quantify parts revenue or margins publicly.