Business Segments

6 Months Ended

Jun. 30, 2025

Segment Reporting Disclosure [Text Block]

Business Segments

The Company defines reportable and operating segments on the same basis used to evaluate performance internally by the CODM, which the Company has determined is the Chief Executive Officer. The Company uses operating profit (loss) to evaluate segment profitability. The CODM uses operating profit (loss) to allocate resources predominately in the annual forecasting process and as the measure of segment profit or loss. The CODM considers forecast-to-actual variances on a monthly basis when assessing segment performance and making decisions about allocating resources to the segments. The Company has four segments, which include three in the lift truck business, as well as Bolzoni.

Operating segments within the lift truck business include the Americas, EMEA and JAPIC, collectively the "lift truck business." Americas includes lift truck operations in the U.S., Canada, Mexico, Brazil, Latin America and the corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions, including China, as well as the equity earnings of SN operations. Certain amounts are allocated to these geographic operating segments and are included in the reportable segment results presented below, including product development costs, corporate headquarters' expenses and information technology infrastructure costs. These allocations among geographic operating segments are determined by senior management and not directly incurred by the geographic operations. In addition, other costs are incurred directly by these geographic operating segments based upon the location of the manufacturing plant or sales units, including manufacturing variances, product liability, warranty and sales discounts, which may not be associated with the geographic operating segments of the ultimate end user sales location where revenues and margins are reported. Therefore, the reported results of each operating segment for the lift truck business cannot be considered stand-alone entities as all segments are inter-related and integrate into a single global lift truck business.

The Company reports the results of Bolzoni as a separate segment. Intercompany sales between Bolzoni and the lift truck business have been eliminated.

During the second quarter of 2025, the Company announced a strategic business realignment of Nuvera designed both to increase near-term profits and to create an integrated energy solutions program in the Americas, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025. As a result, the Company revised its operating segments to reflect changes in the way the CODM manages and evaluates the business. These changes did not impact the Company's unaudited condensed consolidated financial statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment.

Financial information for each reportable segment is presented in the following table:


	THREE MONTHS ENDED				SIX MONTHS ENDED
	JUNE 30				JUNE 30
	2025		2024		2025		2024
Revenues from external customers
Americas	$	707.5	$	881.5	$	1,406.4	$	1,651.4
EMEA	148.3		187.8		266.5		387.2
JAPIC	48.4		48.7		95.7		86.4
Lift truck business	904.2		1,118.0		1,768.6		2,125.0
Bolzoni	90.6		102.4		170.9		198.6
Eliminations	(38.2)		(52.3)		(72.5)		(99.0)
Total	$	956.6	$	1,168.1	$	1,867.0	$	2,224.6
Cost of Sales
Americas	$	577.6	$	681.9	$	1,134.0	$	1,276.0
EMEA	133.5		155.3		238.8		320.8
JAPIC	46.3		43.9		90.2		78.0
Lift truck business	757.4		881.1		1,463.0		1,674.8
Bolzoni	69.2		80.0		131.0		154.4
Eliminations	(38.2)		(52.3)		(72.9)		(99.6)
Total	$	788.4	$	908.8	$	1,521.1	$	1,729.6
Gross profit (loss)
Americas	$	129.9	$	199.6	$	272.4	$	375.4
EMEA	14.8		32.5		27.7		66.4
JAPIC	2.1		4.8		5.5		8.4
Lift truck business	146.8		236.9		305.6		450.2
Bolzoni	21.4		22.4		39.9		44.2
Eliminations	—		—		0.4		0.6
Total	$	168.2	$	259.3	$	345.9	$	495.0
Selling, general and administrative expenses
Americas	$	102.3	$	107.1	$	201.6	$	202.7
EMEA	30.1		27.7		59.2		56.4
JAPIC	9.6		10.5		19.5		19.6
Lift truck business	142.0		145.3		280.3		278.7
Bolzoni	19.0		18.4		36.9		36.9
Total	$	161.0	$	163.7	$	317.2	$	315.6
Adjustments(a)
Americas	$	15.9	$	—	$	16.6	$	—
EMEA	(0.3)		—		(1.6)		—
JAPIC	0.1		—		0.9		—
Lift truck business	15.7		—		15.9		—
Bolzoni	—		—		—		—
Eliminations	—		—		—		—
Total	$	15.7	$	—	$	15.9	$	—


	THREE MONTHS ENDED				SIX MONTHS ENDED
	JUNE 30				JUNE 30
	2025		2024		2025		2024
Operating profit (loss)
Americas	$	11.7	$	92.5	$	54.2	$	172.7
EMEA	(15.0)		4.8		(29.9)		10.0
JAPIC	(7.6)		(5.7)		(14.9)		(11.2)
Lift truck business	(10.9)		91.6		9.4		171.5
Bolzoni	2.4		4.0		3.0		7.3
Eliminations	—		—		0.4		0.6
Total	$	(8.5)	$	95.6	$	12.8	$	179.4
Interest expense
Americas	$	7.3	$	8.0	$	14.5	$	16.0
EMEA	0.3		0.7		0.4		1.3
JAPIC	0.3		0.3		0.6		0.6
Eliminations	(0.2)		(0.3)		(0.4)		(0.5)
Lift truck business	7.7		8.7		15.1		17.4
Bolzoni	0.6		0.5		1.1		0.9
Eliminations	(0.4)		(0.4)		(0.6)		(0.6)
Total	$	7.9	$	8.8	$	15.6	$	17.7
Depreciation and amortization
Americas	$	5.0	$	5.2	$	9.1	$	10.0
EMEA	2.2		2.1		4.3		4.2
JAPIC	1.6		2.0		3.3		3.9
Lift truck business	8.8		9.3		16.7		18.1
Bolzoni	3.0		3.1		6.1		6.0
Total	$	11.8	$	12.4	$	22.8	$	24.1
Capital expenditures
Americas	$	(8.3)	$	(8.4)	$	(14.4)	$	(14.4)
EMEA	(3.3)		(1.0)		(4.4)		(1.2)
JAPIC	(1.1)		(1.7)		(2.3)		(2.1)
Lift truck business	(12.7)		(11.1)		(21.1)		(17.7)
Bolzoni	(1.1)		(1.1)		(3.3)		(2.0)
Total	$	(13.8)	$	(12.2)	$	(24.4)	$	(19.7)

(a) Consists of restructuring charges (reversals) recognized during the three and six months ended June 30, 2025 related to programs initiated in 2024 and the strategic realignment of Nuvera in 2025. See Note 15, Restructuring and Impairment Charges, of the Company's unaudited condensed consolidated financial statements for further discussion.


	JUNE 30 2025		DECEMBER 31 2024
Total assets
Americas	$	1,936.9	$	1,938.6
EMEA	701.6		678.5
JAPIC	255.2		252.9
Eliminations	(929.9)		(928.3)
Lift truck business	1,963.8		1,941.7
Bolzoni	336.1		290.8
Eliminations	(224.8)		(203.3)
Total	2,075.1		2,029.2

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

HYSTER-YALE, INC. 10-Q