하이스터예일(HY) 2026년 3분기 실적 발표 콘퍼런스콜: 수주 45% 증가, 신규 비용 절감 계획 1억 달러 목표

하이스터-예일(Hyster-Yale Inc., NYSE: HY)은 지게차 출하량 증가와 구조적 비용 절감에 힘입어 2026년 3분기 실적이 전분기 대비 개선되었다고 실적 발표 컨퍼런스콜에서 밝혔다. 경영진은 4분기 출하량이 더욱 늘어나고 조정 순이익이 흑자로 돌아설 것으로 예상하는 한편, 2029년까지 연간 최소 1억 달러의 비용 절감을 목표로 하는 다년도 프로그램을 시작했다.

핵심 요약

• 2026년 3분기 매출은 출하량 증가가 부품 판매 감소를 상쇄하면서 전분기 대비 2% 증가한 8억 2,700만 달러를 기록했다.
• 조정 EBITDA는 600만 달러로 흑자 전환했다. 영업활동 현금흐름은 2분기 대비 1,000만 달러 증가한 2,600만 달러로 늘어났다.
• 신규 수주액은 전년 동기 대비 45% 증가한 5억 5,000만 달러를 기록했으며, 수주 잔고는 약 16억 달러로 유지되었다.
• 경영진은 4분기 수주액이 2026년 3분기와 2025년 4분기를 모두 웃돌 것으로 예상하며, 생산 및 출하량 증가가 전분기 대비 매출과 수익성 개선을 뒷받침할 것으로 내다봤다.
• 신규 구조조정 프로젝트와 관련된 실행 비용을 제외할 경우, 4분기 조정 순이익은 흑자로 전환될 것으로 예상된다.
• 하이스터-예일은 2026년 실적 대비 2029년까지 연간 최소 1억 달러의 비용 절감을 목표로 하고 있으며, 관련 실행 비용은 최소 5,000만 달러로 추산된다.

주요 재무 데이터

사업 및 영업 실적

3분기 동안 늘어난 수주가 생산과 출하로 전환되기 시작했다. 경영진은 지연되었던 차량(플릿) 교체 수요가 점차 장비 구매로 이어지고 있으며, 최근 출시된 경작업용 저가 제품들이 하이스터-예일의 전체 잠재시장(TAM)을 확장하고 있다고 밝혔다.

회사는 프리미엄 지게차 고객을 유지하면서 경작업용 및 표준 제품군 모두에서 성장을 기록했다고 밝혔다. 회사의 폭넓은 포트폴리오는 1~3.5톤, 4~9톤 및 대형 트럭 제품 라인을 아우른다. 모듈식 및 확장 가능한 설계를 통해 엔지니어링, 조달, 제조 전반의 복잡성을 낮추는 것을 목표로 한다.

3분기 매출은 주로 북미 지역의 부진으로 경영진의 기대치를 밑돌았다. 경영진은 매출 미달 원인의 약 3분의 1은 화물 운송 제약, 3분의 1을 소폭 웃도는 비중은 고객의 인도 연기 요청, 그리고 3분의 1에 약간 못 미치는 비중은 부품(특히 특정 전자 반도체 및 기판) 수급 문제 때문이라고 설명했다. 인도가 지연된 물량 대부분은 4분기 초에 도착하거나 설치될 것으로 예상되었다.

볼조니(Bolzoni)의 3분기 마진 약세는 마진이 높은 어태치먼트 대신 마진이 낮은 OEM 제품 비중이 커진 불리한 믹스를 반영했다. 경영진은 이 문제를 일시적인 것으로 보았으며, 4분기에 믹스가 개선된 후 2027년에는 한층 정상화될 것으로 예상했다.

하이스터-예일은 전동 지게차가 진출 시장 내에서 점유율을 확대함에 따라 일체형 리튬이온 배터리 및 충전 솔루션도 우선순위에 두고 있다. 반면 하이브리드 전기 충전 플랫폼과 관련 연료전지 기술 및 엔진을 포함한 수소 관련 개발과 생산은 중단한다. 또한 글로벌 전동 터미널 트랙터 프로그램을 일시 중단하고 노스캐롤라이나주 그린빌에 대형 트럭 생산 시설을 구축하려던 계획도 종료하기로 했다.

경영진 가이던스

경영진은 2026년 4분기 수주액이 2026년 3분기와 2025년 4분기를 모두 웃돌 것으로 예상했다. 수주 증가에 힘입어 생산량과 출하량이 크게 늘어나면서 전분기 대비 매출 성장을 견인할 것으로 기대된다.

회사는 생산량 확대, 출하량 증가, 제조 고정비 흡수율 개선, 가격 책정·조달·비용 절감 효과에 힘입어 4분기 매출총이익과 매출총이익률이 전분기 대비 개선될 것으로 예상했다. 다만 특히 남미와 유럽에서의 관세, 인플레이션 및 가격 경쟁 압박이 이러한 개선 효과를 일부 상쇄할 것으로 전망된다.

신규 프로그램 실행 비용을 제외할 경우, 경영진은 영업 실적이 개선되고 조정 순이익이 3분기 수준을 상회하며 다시 흑자로 돌아설 것으로 내다봤다.

2027년의 경우 경영진은 견조한 수요와 생산이 물량 및 매출 성장을 뒷받침할 것으로 예상했다. 그러나 지속적인 비용 압박, 경쟁적인 가격 환경, 전략적 성장 이니셔티브가 성숙하는 데 걸리는 시간 등으로 인해 영업이익 개선은 보다 점진적으로 이루어질 것으로 전망했다.

2025년 구조조정 프로그램은 2026년 말까지 연간 4,000만~4,500만 달러의 절감 효과를 완전히 달성하는 계획을 순조롭게 진행 중이다. 회사는 이에 더해 성숙 단계에 도달하는 2029년까지 연간 최소 1억 달러의 비용 절감을 목표로 하는 추가 프로젝트에 착수했다. 초기 효과는 2027년에 나타나기 시작해 시간이 지나면서 절감 효과가 누적될 것으로 기대된다.

이러한 프로젝트는 제품 및 유통 경로 변경, 제조 복잡성 완화 및 공장 통폐합, 지원 시설 통합, 조직 단순화, 자본 집약도 축소 등을 포괄한다. 프로그램 기간 동안 예상되는 실행 비용은 최소 5,000만 달러이며 퇴직금, 자산 손상차손, 계약 해지 및 기타 사업 정리 비용이 포함될 수 있다.

리스크 및 주시 요인

경영진은 인플레이션, 관세, 지정학적 불확실성, 경쟁 심화를 실적 전망에 영향을 미치는 주요 변수로 꼽았다. 특히 남미와 유럽에서 가격 경쟁 압박이 두드러지고 있다.

수주 물량의 출하 전환은 고객의 인도 일정, 생산 라인 전환, 부품 수급 상황, 해상 운송 역량 등에 여전히 민감하게 반응하고 있다. 관세를 회피하기 위해 단행된 생산지 이전으로 일부 제품의 물류 소요는 증가했다.

신규 비용 프로그램의 시행 시점과 재무적 영향은 일부 프로젝트가 여전히 최종 계획 수립, 법적·규제 요건, 노사 협의 의무, 통상적 승인 절차의 대상이라는 점에서 변동될 수 있다. 또한 프로그램 진행에 따른 실행 비용도 공시 실적에 부담으로 작용할 예정이다.

애널리스트 Q&A 주요 내용

경영진은 가동률과 내부 예산을 둘러싼 불확실성으로 인해 고객 장비 운용 기간이 평소보다 길어졌다고 밝혔다. 다만 9월과 10월의 견조한 수주와 2027년을 향한 견고한 파이프라인에 힘입어 이러한 교체 지연이 완화되기 시작한 것으로 보고 있다.

크리스마스 운송 성수기가 지나면서 화물 운송 여건이 개선되었으나, 중동 지역 배송과 중국발 북미행 항로는 어려움을 겪었다. 경영진은 4분기 부품 수급 제약의 대부분이 해결되었으며 추가 공급망 개선 작업은 계속 진행 중이라고 밝혔다.

판관비 감소는 대체로 구조적인 요인에 기인했다. 경영진은 500명을 소폭 웃도는 직원을 대상으로 시행된 과거 인력 감축 조치와 이를 연관 지었으며, 수소, 전동 터미널 트랙터, 미국 대형 트럭 생산 프로젝트의 중단에 따라 추가 조치가 이어질 것이라고 밝혔다.

제품 세분화와 관련해 경영진은 경작업용 트럭은 연간 약 700시간 가동되는 환경에 적합하고, 표준 용도는 약 1,400~1,500시간, 프리미엄 용도는 3,000~4,000시간에 달할 수 있다고 설명했다. 회사는 프리미엄 고객층을 유지하면서 경작업용 및 표준 제품군에서 강한 성장을 보이고 있다.

실적 발표 컨퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good day, and welcome to the Hyster-Yale Inc. Third Quarter 2026 Conference Call.

[Operator Instructions] Please note that today's event is being recorded.

I'd now like to turn the conference over to Andrea Sejba, Director of Investor Relations and Treasury. Please go ahead.

Andrea Sejba

Good morning, and thank you for joining Hyster-Yale's Third Quarter 2026 Earnings Call. Joining me today are Al Rankin, Executive Chairman; Rajiv Prasad, President and Chief Executive Officer; and Matt Cornell, our new Chief Financial Officer. We're pleased to welcome Matt to today's call. We will discuss our third quarter 2026 earnings release, which was issued yesterday. The release and a replay of this webcast will be available on the Hyster-Yale website.

Today's call contains forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks are described in our earnings release and SEC filings. We will also discuss adjusted results, which we believe are useful supplements to GAAP financial measures. Reconciliations of adjusted results to the most directly comparable GAAP measures are available in our earnings release and investor presentation.

Before turning the call over to Rajiv, I will briefly cover third quarter highlights. Third quarter 2026 results improved sequentially. Stronger bookings began to translate into higher shipments and structural cost savings supported operating performance. Revenue increased 2% sequentially to $827 million as higher shipments volumes more than offset lower parts sales. Operating results improved by $10 million, driven by higher shipment volumes and lower employee-related expenses. These improvements more than offset $20 million of lower tariff-related recoveries compared with the second quarter. As a result, both operating loss and net loss narrowed compared to the second quarter of 2026.

For the quarter, adjusted EBITDA returned to positive at $6 million. Operating cash flow increased to $26 million, $10 million above the second quarter, which primarily reflects stronger earnings and improved working capital execution, particularly in accounts payable. Bookings were $550 million, up 45% from prior year. This was the fourth consecutive quarter of elevated bookings relative to the cyclical low point in 2025. Backlog remained steady at approximately $1.6 billion.

With the overview of third quarter results, I will now turn the call over to Rajiv to discuss the market environment, our fourth quarter and longer-term outlook as well as the actions we are taking to strengthen the business.

Rajiv Prasad

Thank you, Andrea, and good morning, everyone. Third quarter performance showed further signs of the company's recovery. Most importantly, we are beginning to see stronger bookings convert to production and shipments. At the same time, our pricing, sourcing and cost actions are helping us manage challenging cost environment.

I'll first discuss demand and fourth quarter outlook, then I'll explain the structural actions we are taking to improve our competitive position, cost structure and cash generation. Industry conditions have continued to improve from 2025, although demand varies by region and customer application. Deferred fleet replacement needs are converting into new equipment purchases. Customer acceptance of our value and standard product offerings continue to grow.

As noted, third quarter bookings remained well above the cyclical low. Backlog held steady as production approximated shipment during the quarter. Together, they give us a solid base of demand as we increase production. Our product investments are a key reason for this momentum. They are broadening the portion of the market we can address. As customer demand shifted, recently introduced lighter intensity lower-priced products helped offset lower sales of higher value standard and premium counterbalance trucks. These expanded product offerings are not simply substitute for our previous models. They extend our reach into applications and price points where we historically had less coverage. They also help us win new customers and create opportunities to increase manufacturing scale over time.

Looking ahead, we expect our value and standard offerings to continue supporting volume growth, profitability and market share gains. This includes the 1 to 3.5 ton, the 4 to 9-ton and the big truck product lines. Our objective is to match product capability and total cost of ownership more precisely to each application. We're also using modular and scalable product solutions, which reduce complexity across engineering, sourcing and manufacturing.

Building on this momentum, we expect fourth quarter bookings to exceed both the fourth quarter of 2025 and the third quarter of 2026. This is supported by improving industry conditions, anticipated market share gains and broader customer acceptance of our expanded product portfolio. However, inflation, tariffs, geopolitical uncertainty and increased competition remain important variables. Strong booking activity is expected to translate into meaningfully higher production and shipment volumes in the fourth quarter. Higher shipments are expected to drive sequential revenue growth. Increased production should also improve manufacturing absorption and operating efficiency. This is the key operating lever in our fourth quarter outlook. More volume moving through our plants expected to improve the utilization of our people and facilities and better absorb fixed manufacturing costs.

Converting bookings into shipment is our priority. That is not automatic. During the third quarter, customer delivery schedules and production transition slowed expected conversion. These transitions were associated with tariff mitigation and sourcing initiatives that could continue to affect shipment timing. Our teams are focused on sequencing production, managing component availability and coordinating deliveries. We're also closely managing delivery dates and product mix. This will help us convert the backlog efficiently, on schedule and without compromising customer service.

Based on these factors, we expect gross profit and gross margin to improve sequentially primarily due to higher production and shipment volumes, improved manufacturing efficiencies and the benefits of pricing, sourcing and cost reduction actions. These benefits are expected to be partially offset by elevated tariff-related costs, inflation and competitive pricing, particularly in South America and Europe.

Operating results for the fourth quarter are expected to include anticipated implementation costs associated with the new programs I will discuss shortly. Excluding these costs, the same drivers expected to improve gross profit are expected to support stronger operating performance. As a result, adjusted net income is expected to be above the third quarter and return to positive levels. Alongside the expected fourth quarter earnings improvement, we remain focused on cash generation and working capital discipline. Our inventory and working capital progress provides a strong foundation as production and shipment increase. Priority is to have the right inventory to convert backlog into revenue while managing working capital.

Looking to 2027, we expect demand and production levels to remain healthy. This is supported by gradually strengthening market conditions and our growth initiatives. It should drive volume and revenue growth. However, we expect operating profit improvements to be more gradual than the recovery in demand and production. The reasons are continued cost pressure, a competitive pricing environment and the time required for strategic growth initiatives to mature.

Our previously announced 2024 U.S. manufacturing footprint optimization projects remain on track to deliver increased operational benefit in 2027. These benefits are expected to help offset ongoing cost increases and support underlying product margins. They're not expected to translate fully into incremental margin expansion. Our 2025 restructuring program is progressing as planned, and we expect to realize the full benefit of $40 million to $45 million of savings by year-end 2026. Together with the completed Nuvera realignment, which delivered $15 million of savings in 2025, these programs have lowered our structural breakeven point. This progress gives us a stronger base. It has also allowed us to identify additional opportunities to strengthen our business and improve our operation.

These opportunities are driven by the market. The types and volumes of lift trucks customers demand have changed significantly. Customers want a broader mix of value, standard and premium solutions with competitive lead times and strong route-to-market coverage. Regulatory requirements, tariffs, inflation and shifting regional demand adds to these changes. To compete, we need a cost structure that performs across the cycle with a more selective use of capital and resources. We are continuing to adapt to the market and build a more focused and flexible operating model.

In the fourth quarter of 2026, we launched a major set of projects to strengthen our cost structure, capital efficiency and long-term competitiveness. Our modular scalable products have created new product opportunities and production efficiencies. Together with our previously announced restructuring plans, they provide the foundation for these projects. The projects should improve operations and better align our business with evolving market and regulatory requirements, including changes in the types and volumes of lift truck customers' demand.

The projects are focused on 5 key areas. First, we are reshaping the product portfolio and route to market; second, we are reducing manufacturing complexity and costs, including plant consolidation; third, we are consolidating supporting facilities and activities; fourth, we are simplifying the organizational structure; and fifth, we are reducing capital intensity. These 5 areas work together. A more focused portfolio reduces complexity across engineering, sourcing and manufacturing. A simpler organization and footprint improves execution.

Lower capital intensity helps convert more of our earnings improvements into cash. We are targeting at least $100 million of annual cost reduction at maturity, which is anticipated in 2029. These savings come from direct cost reduction and from mitigating future expense associated with higher volumes and inflation. This is important because it allows us to grow volumes while keeping our cost structure under control. The target is measured against 2026 results and is in addition to the benefits from our earlier program. These savings will build over time rather than arrive all at once. We expect some benefits to start in 2027 and the full run rate to be reached in 2029. The pace will depend on the timing of implementation, so we are sequencing the projects to capture benefits as quickly and as responsibly as we can.

Achieving these savings requires investment upfront. Implementation costs are currently estimated at no less than $50 million over the duration of the program. These costs may include severance, impairment charges, contract terminations and other exit-related costs. Some costs will come ahead of savings while others will be recognized as incurred. We continue to pursue opportunities to mitigate these costs.

The first set of action to sharpen our focus on strengthening our core Lift Truck business, improving execution and directing resources to the areas where we see the greatest opportunity to create long-term strategic and financial value are the following difficult but necessary decisions. We are pausing the electric terminal tractor program globally and discontinuing our effort to establish big truck production in Greenville, North Carolina, in the United States.

We'll continue to serve the U.S. market through our existing big truck manufacturing operations. Effective immediately, we're also discontinuing the development and production of hydrogen-related solutions, including the hybrid electric charging platform and associated fuel cell technology and engines. At the same time, we will continue to invest in and accelerate our lithium-ion battery and charger solutions where we believe we can deliver greater value to our customers, dealers and business.

We'll implement the remaining projects in stages through 2029. Some are underway. Others remain subject to final planning, legal and regulatory requirements, consultation obligations and customary approvals. As a result, the scope, timing and financial effect of individual actions may change. We will update you as material plans, savings and implementation costs are finalized.

Beyond cost saving and cost mitigations, these programs are designed to strengthen cash generation to preserve cash amid a slower-than-anticipated recovery. We expect 2026 capital expenditures of $50 million to $60 million. We plan to limit 2027 capital expenditure to $40 million to $50 million. Over time, a simpler portfolio, less manufacturing complexity and lower capital intensity should also reduce working capital requirements. This supports our continued target of working capital at approximately 15% of revenue.

Importantly, the cost programs are just one part of our broader company strategy. Our focus is on strengthening the core business, serving customers more effectively and expanding our market reach. We are concentrating resources on product platforms, market segments and commercial capabilities with the strongest strategic and financial potential. This includes modular scalable lift truck solutions for lighter intensity and standard applications together with broader sales coverage across the addressable market. The cost programs support that strategy by reducing complexity and creating a more efficient operating model.

Alongside disciplined capital allocation and working capital management, these actions should support strong financial performance and business growth. Our objective is not simply to operate at a lower cost. It is to emerge as a stronger, more focused company, better positioned to pursue the opportunities with the greatest long-term impact.

Our long-term priorities remain consistent. We are focused on converting bookings momentum into shipment so that stronger demand translates into revenue growth. As production increases, improved manufacturing efficiency should help us earn more from that growth. Our modular product platforms and broader market coverage expand the opportunities we can serve, while simpler operations and our cost reduction initiatives should strengthen profitability. We will support this progress by managing tariff exposure and maintaining discipline in working capital and capital allocation. That discipline is important to improve cash generation while preserving flexibility to support future growth. Together, these efforts support our objectives of 7% operating profit over the business cycle.

With that, I'll pass the call over to Al for closing remarks before we open the lines for questions.

Alfred Rankin

Thank you, Rajiv. Having covered Hyster-Yale's earnings release details, I will step back and put the quarter in context. The third quarter showed meaningful sequential progress. We entered the fourth quarter with elevated bookings and a healthy backlog and customers are responding well to our broader product portfolio. The recovery is advancing. At the same time, the pace of improvement remains affected by shipment timing, product mix, tariffs and a competitive pricing environment. We are managing those factors carefully with a clear focus on turning market momentum into results.

A cyclical recovery is not sufficient. The market has changed, and our operating model is changing with it. Customers are asking for different products at different price points with different availability and flexibility. The actions we announced today respond directly to those shifts. They have clear focus on the products, markets and capabilities with the greatest potential. They are also designed to build a simpler, more efficient and more resilient business, one that can perform more effectively at all points in the cycle.

We recognize that some of these decisions are hard to make since they affect our employees and other stakeholders. We will carry them out with discipline while meeting our obligations to our employees, customers and suppliers. Our objective is to strengthen Hyster-Yale for the long term in order to serve our customers well and create lasting value for our shareholders. Implementation costs, which we are working to minimize, will affect reported results as the work progresses. We will provide additional information as material plans are finalized.

Our long-term vision of transforming the way the world moves materials from port to home remains. We intend to do that through our 2 promises to our customers. The first is to provide optimal customer solutions. The second is to provide exceptional customer care. The actions we are taking should strengthen our ability to keep both promises consistently.

For our shareholders, the objective is clear. We expect Hyster-Yale to emerge from these actions stronger, more cost efficient and more focused on our core business. Booking momentum and broader market coverage should reinforce this. Overall, we expect stronger profitable growth. Manufacturing and organizational improvements should help us earn more from that growth. Disciplined cash management and focused capital allocation should help turn those earnings into greater returns on capital employed.

Together, we believe these drivers will support improved financial results in 2027 and 2028, and over time, our objective of 7% operating profit over the business cycle as well as sustainable long-term shareholder value.

That concludes our prepared remarks. We'll now open the line for questions.

Operator

[Operator Instructions] Today's first question comes from Chip Moore of ROTH Capital Partners.

질의응답

Alfred Moore

Can you hear me now?

Operator

We can hear you now, yes, sir.

Alfred Moore

Awesome. I'm sorry about that. I wanted to ask on the demand environment, particularly around some of these deferrals of fleet replacement. Can you expand on sort of the pent-up demand you're seeing out there and some of the implications on trajectory next year?

Rajiv Prasad

Yes, Chip, this is Rajiv. So as I think we discussed last time, we see continued growth with certain customers of their fleet age as they have retained trucks longer than you would normally expect them to retain mainly because I think our customers were unsure of the utilization and also kind of trying to manage their internal budgets. We are seeing -- we're coming to the end of that. We've had good bookings in the third quarter. Now as you know, our third quarter is normally weaker in bookings because of July and August when there's a slowdown in the industries that we serve, but it came back pretty well in September, and then October has been also good.

So I think we still feel good about the market and the market potential going into the rest of this year, and looking ahead into next year, our pipelines look pretty strong.

Alfred Moore

And you also talked a little bit about just sort of managing the timing of deliveries and some of the puts and takes there. Maybe talk about that a little bit more about what you're watching closely?

Rajiv Prasad

Yes. I think there's been a little bit more dynamics on that, that customers have asked for us especially through that third quarter, to delay some deliveries as they've kind of made some changes into their own kind of infrastructure. And we've had that. We continue to see some of that. So that's been one factor. The other factor has been, as we said in our discussion that we are sourcing trucks from different locations, and we're transitioning production. What the modular scalable product allows us to do is build this product in multiple locations. And based on some tariff changes, we've changed the location of where they're built, and therefore, some of the product require increased logistics, particularly across the ocean.

And so again, timing that -- timing of that has been a little difficult, especially when the -- there's quite a bit of, again, I'll call it dynamics in the ocean freight market in availability, particularly, you can imagine the Middle East has been very difficult, and we still have a lot of deliveries to make to the Middle East to our dealers and customers. But also, for instance, from kind of some of the China to North America routes are still very busy. We're coming to the end of that because it's really driven by the Christmas season. And so we should see that ease off, but we have seen more difficult kind of availability on some of these lines.

Alfred Moore

Yes. And maybe if I could sneak one more in. Simplifying the portfolio makes a lot of sense and never easy actions, but those savings are substantial. Maybe flipping the other way, I think you talked about -- you called out investing or accelerating on the lithium and charging side. Just talk about that opportunity a little bit?

Rajiv Prasad

Yes. I mean we continue to see growth of electric trucks pretty much globally as a share of the market, especially, I would say, the counterbalance trucks, and we're starting to see also the big trucks electrify. We -- in the early stages of these, we didn't have our own battery and charger solutions. And what we've seen is customers struggle with the integration of these systems. So when you have a truck which has quite a lot of software these days, then you have the battery with the battery management system, which also has a lot of controls. And then you have the chargers, smart chargers these days, which also has a lot of software. You've got to keep these systems synchronized. And when you have 2 or 3 different suppliers providing these things, we've certainly seen customers struggle to keep them fully integrated and synchronized. And when they're not, then you get truck downtimes because the trucks won't charge.

We've seen an increasing case of that. And towards the end of last year, we decided that we needed to solve these issues for our customers and the best way for us to do that is bring it to a central point. So we're doing -- of course, we do all the electronics and software on our trucks. Now we're developing batteries systems, and especially all the control systems around it ourselves. And again, we have partners for the charging system. And so the plan is to be able to offer integrated solutions moving forward with a single point of service and management of that infrastructure.

And we think customers are very happy about that. Our dealers are feeling good about that as they have struggled to maintain these type of systems in the field. So we think it's a very positive move, and we expect this to be a good growth part of the business over the next few years.

Operator

[Operator Instructions] Our next question comes from Ted Jackson at Northland Securities.

Edward Jackson

Okay. I got a whole bunch of questions. I'd like to jump back in on the production shifts. The revenue number for the quarter, I mean, obviously, progress was shown, but it was a little light relative to expectations and a lot of it coming from North America. You commented that you had some headwinds with regards to delivery schedules from your customers and then some headwinds with regards to shifting some production to different locations to bring tariffs down. Can you kind of talk about maybe size the impact of each of those? And then on the latter with regards to the shifting, if you would, of production at different sites and those kind of issues. Do you see that headwind continuing into the fourth quarter and kind of limiting your ability to grow? Or do you feel like you've got that under control at this point? That's my first kind of...

Rajiv Prasad

Yes. So Ted, maybe if I could take the first one and kind of look at. So the revenue was a little under our expectations, and it was mostly in North America. And there are 3 factors there. The first factor is shipped in trucks. And as I said, there was -- there are issues about getting freight passage for some trucks, we found it difficult to time that perfectly. And those trucks basically are arriving now early in the fourth quarter. And as I said, the Christmas kind of peak is easing off. So we are able to get easier now in November and particularly in November. So we feel good that, that issue is mostly resolved.

I would say that it was about 1/3 of the issues. The other 1/3 was, maybe a little bit more than 1/3, was customers asking for deliveries to be really, kind of, delayed from the third quarter into the fourth quarter. Those trucks are ready and they'll be installed as soon as the -- and they're already installed. Some of those are already being installed. And then the last, just under 1/3 would be some production that's held up because of some component availability. One particular area we had concerns in the quarter was around our electronic suppliers. There was a shortage of certain chips and boards. We're working to get through that. We feel that we've eliminated most of those issues, at least for the fourth quarter. There's still work going on moving forward, but situation is improving. So that's the way I would kind of quantify it.

Edward Jackson

Okay. That was great. My next thing would be just going over to Bolzoni, and I know it's not the biggest topic for these types of calls. But -- can you give a little more color in terms of the revenue there, was kind of where Bolzoni seems to always sort of roll in, but the margin was just way off. And just kind of what was it that pushed the margins in Bolzoni down? And is that, kind of, just a blip with regards to the third quarter? Or is that something that we should take into account as we think going forward?

Rajiv Prasad

No, I think that was a blip. I think it was just a mix of -- there's -- if you look at Bolzoni has 2 types of businesses. They have what you would call the OEM business. So these are -- and of course, Hyster-Yale is an OEM for Bolzoni, where we buy things like cylinders, transmissions and axles from Bolzoni and a more straightforward systems that go on the mast like carriages, and forks. And those are lower-margin business. And then you have the attachment business. So these are the attachments that allow you to handle paper rolls or kind of beverage pallets or kind of appliances. So those are much more higher margin.

And just the margin mix was more towards the OEM type business in the third quarter, and we will see that ease in the fourth and then become more normal in 2027. Just been very lumpy, OEM, especially in Europe, some of our competitors have been taking a lot of downtime, especially our German competitors and a Japanese competitor who produces in Europe as well. So that's created a little bit of lumpiness in the OEM shipments.

Edward Jackson

And then my last one, kind of, with regards to just kind of model and financials, and I do have one more, just to kind of -- that's a little more fun. But on the SG&A decline, which was also somewhat substantial. I mean, I believe you guys mentioned that a lot of it was compensation. Is that just like a stock comp issue? Or is that part of your efficiency efforts and restructurings that we could see that kind of as a lower expense structure on a go-forward basis?

Rajiv Prasad

Yes. So Ted, we took quite a decent-sized action towards the end of 2026 to reduce our SG&A headcount. It was in the tune of just over 500 people. We stated that we'd see a $40 million to $45 million cost reduction through the year. I think that's matured as we expected. We'll take some additional, as we've said, because of the suspension of the fuel cell development, our electrical terminal tractor and our plan to move big truck manufacturing into North America, and there will be some more action related to those, which we've also announced. So that's -- those are the ones that we've taken so far, and there will be others in the future.

Edward Jackson

So a lot of that reduction was actually structural.

Rajiv Prasad

Yes.

Edward Jackson

Great. And then one that's probably a little more fun for you guys. But just kind of thinking about the lift truck business and the mix between the light and the heavy because the new modular trucks and the area it's getting it into -- the market that's getting into -- getting you into and the growth that it's driving. Maybe you could talk and give us some kind of sense in terms of kind of the mix between light and heavy at a unit level, the -- kind of like how that's changed, kind of some way to like give us some color on the growth you're seeing with those modular smaller trucks because, I mean, you spent many, many years positioning the company for this and now it's coming through. So maybe just a discussion on the success you're having there maybe and kind of -- with some kind of numbers behind it, how you see it trending out in go forward?

Rajiv Prasad

Yes. Ted, we think kind of if we concentrate on applications, what the application actually requires, we feel the center of the market is around us, what we call our standard configuration. And then we're starting to see, as we've analyzed the market more, that the quantity of low-intensity application is very high. And then the premium applications are very specialized. So I'll give you some examples of each. So if you think about any of the big box store, let's say, Lowe's, Home Depot, Sam's, they will -- they really need the low-intensity product because they don't -- the average hours our trucks do in a Lowe's store is around 700 hours a year. And we know that because we have telemetry on all those trucks.

A medium application is, I would say, light manufacturing. So if you think about one of the automotive Tier 1 suppliers, someone like Lear or Magna, they have -- they run a couple of shift operation, but the actual material handling intensity isn't as high as, let's say, the automotive guys. And so they need a more standard type of product. Those guys typically do about some -- around 1,400, 1,500 hours a year with the lift trucks. And then you've got high intensity. And a good example of that is paper manufacturing with let's say International Paper. Those guys could be doing 3,000 to 4,000 hours a year with those trucks. Those trucks only shut down to refuel because those guys are running a 3-shift operations with -- in a hot and humid environment, with particles in the air, and their needs are very different to a Lowe's store. So hopefully, that kind of provides a little bit of color.

In revenue terms, we still think that the standard part of the market is the biggest. And then certainly, in North America, we think the premium is next in revenue and then the, kind of, the low intensity. Elsewhere in the world, if I take Southeast Asia, that's a very low intensity market because the productivity needs are very different apart from very specialized customers. Standard would be next, and premium is a very small part of the market. So hopefully, that gives you a sense of, both by geography and application, how these are really targeted.

In terms of our own growth, we're seeing high growth in both the lower intensity and the standard product line while maintaining our customers from -- for the premium truck.

Operator

Thank you. And that does conclude our question-and-answer session. I'd like to turn the conference back over to the management team for any final remarks.

Andrea Sejba

Well, thank you for your questions today. We'll now conclude our session. A replay of today's call will be available on the Hyster-Yale website, and the transcript will be posted as well. If you have any follow-up questions, please contact me directly. My contact information is included in the earnings release. Thank you, and have a great day.

Operator

Thank you, ma'am. And this does conclude our conference call for today. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.