Hội nghị công bố kết quả kinh doanh quý 3 năm 2026 của Hyster-Yale (HY): Lượng đơn đặt hàng tăng 45%, kế hoạch chi phí mới đặt mục tiêu 100 triệu USD

Hyster-Yale Inc. (NYSE: HY) đã báo cáo sự cải thiện so với quý trước tại cuộc họp công bố kết quả kinh doanh quý 3/2026, nhờ sản lượng xuất xưởng xe nâng tăng và các khoản tiết giảm chi phí mang tính cơ cấu. Ban lãnh đạo kỳ vọng sản lượng trong quý 4 sẽ tăng mạnh hơn và lợi nhuận ròng điều chỉnh đạt mức dương, đồng thời triển khai chương trình kéo dài nhiều năm nhằm mục tiêu cắt giảm ít nhất 100 triệu USD chi phí hàng năm vào năm 2029.

Thông tin trọng tâm

• Doanh thu quý 3/2026 tăng 2% so với quý trước lên 827 triệu USD, do sản lượng xuất xưởng tăng đã bù đắp cho sự sụt giảm từ doanh số bán phụ tùng.
• EBITDA điều chỉnh đã quay trở lại mức dương, đạt 6 triệu USD. Dòng tiền từ hoạt động kinh doanh tăng lên 26 triệu USD, tăng 10 triệu USD so với quý 2.
• Giá trị đơn hàng mới đạt 550 triệu USD, tăng 45% so với cùng kỳ năm trước, trong khi lượng đơn hàng tồn đọng duy trì ở mức khoảng 1,6 tỷ USD.
• Ban lãnh đạo kỳ vọng giá trị đơn hàng mới trong quý 4 sẽ vượt cả quý 3/2026 lẫn quý 4/2025, cùng với sản lượng sản xuất và xuất xưởng cao hơn sẽ hỗ trợ cải thiện doanh thu và biên lợi nhuận so với quý trước.
• Lợi nhuận ròng điều chỉnh dự kiến sẽ quay trở lại mức dương trong quý 4, không bao gồm chi phí triển khai liên quan đến các dự án tái cấu trúc mới.
• Hyster-Yale đang đặt mục tiêu cắt giảm ít nhất 100 triệu USD chi phí hàng năm vào năm 2029 so với kết quả năm 2026, với chi phí triển khai ước tính không dưới 50 triệu USD.

Dữ liệu tài chính chủ chốt

Kết quả kinh doanh và hoạt động

Lượng đơn hàng mới tăng mạnh đã bắt đầu chuyển hóa thành sản xuất và xuất xưởng trong quý 3. Ban lãnh đạo cho biết nhu cầu thay thế đội xe bị trì hoãn đang ngày càng chuyển hóa thành các đơn mua thiết bị, trong khi các sản phẩm giá thấp hơn mới ra mắt gần đây dành cho các ứng dụng cường độ nhẹ hơn đang mở rộng thị trường có thể tiếp cận của Hyster-Yale.

Công ty ghi nhận mức tăng trưởng ở cả dòng sản phẩm cường độ thấp và dòng sản phẩm tiêu chuẩn, đồng thời vẫn giữ chân được khách hàng của dòng xe nâng cao cấp. Danh mục sản phẩm mở rộng của công ty bao gồm các dòng xe từ 1 đến 3,5 tấn, từ 4 đến 9 tấn và dòng xe tải lớn. Thiết kế theo dạng mô-đun và có thể mở rộng quy mô nhằm mục đích giảm độ phức tạp trong các khâu kỹ thuật, mua sắm và sản xuất.

Doanh thu quý 3 thấp hơn kỳ vọng của ban lãnh đạo, chủ yếu ở khu vực Bắc Mỹ. Ban lãnh đạo cho rằng khoảng một phần ba mức thiếu hụt là do hạn chế về vận chuyển, hơn một phần ba một chút do khách hàng yêu cầu lùi thời hạn giao hàng, và dưới một phần ba một chút do tình trạng thiếu hụt linh kiện, đặc biệt là một số loại chip và bo mạch điện tử. Phần lớn các thiết bị bị chậm trễ dự kiến sẽ được giao đến nơi hoặc lắp đặt vào đầu quý 4.

Biên lợi nhuận quý 3 suy yếu của Bolzoni phản ánh cơ cấu sản phẩm kém thuận lợi khi nghiêng về các sản phẩm OEM có biên lợi nhuận thấp hơn thay vì các bộ công tác đính kèm có biên lợi nhuận cao hơn. Ban lãnh đạo nhận định đây chỉ là vấn đề tạm thời và kỳ vọng cơ cấu sản phẩm sẽ cải thiện trong quý 4 trước khi trở lại mức bình thường hơn vào năm 2027.

Hyster-Yale cũng đang ưu tiên các giải pháp sạc và pin lithium-ion tích hợp trong bối cảnh xe nâng điện gia tăng thị phần tại các thị trường mà công ty phục vụ. Công ty đang dừng các hoạt động phát triển và sản xuất liên quan đến hydro, bao gồm nền tảng sạc điện lai (hybrid) cùng công nghệ pin nhiên liệu và động cơ đi kèm. Doanh nghiệp cũng tạm dừng chương trình xe đầu kéo chuyên dụng chạy điện trên toàn cầu và chấm dứt kế hoạch thiết lập dây chuyền sản xuất xe tải lớn tại Greenville, Bắc Carolina.

Định hướng của ban lãnh đạo

Ban lãnh đạo kỳ vọng giá trị đơn hàng mới trong quý 4/2026 sẽ vượt cả quý 3/2026 lẫn quý 4/2025. Lượng đơn hàng mới cao hơn dự kiến sẽ hỗ trợ gia tăng đáng kể sản lượng sản xuất và xuất xưởng, qua đó thúc đẩy tăng trưởng doanh thu so với quý trước.

Công ty kỳ vọng lợi nhuận gộp và biên lợi nhuận gộp quý 4 sẽ cải thiện so với quý trước, chủ yếu nhờ sản lượng sản xuất cao hơn, lượng hàng xuất xưởng tăng, mức độ hấp thụ chi phí sản xuất tốt hơn cùng lợi ích từ giá bán, hoạt động thu mua và cắt giảm chi phí. Thuế quan, lạm phát và áp lực cạnh tranh về giá—đặc biệt tại Nam Mỹ và châu Âu—dự kiến sẽ bù trừ một phần các mức cải thiện này.

Nếu không tính chi phí triển khai các chương trình mới, ban lãnh đạo kỳ vọng hiệu quả hoạt động sẽ khởi sắc hơn và lợi nhuận ròng điều chỉnh sẽ vượt mức quý 3, đồng thời quay trở lại mức dương.

Trong năm 2027, ban lãnh đạo kỳ vọng nhu cầu và sản xuất ổn định sẽ hỗ trợ tăng trưởng sản lượng và doanh thu. Tuy nhiên, lợi nhuận hoạt động dự kiến sẽ cải thiện chậm hơn do áp lực chi phí tiếp diễn, cạnh tranh về giá và thời gian cần thiết để các sáng kiến tăng trưởng chiến lược phát huy đầy đủ hiệu quả.

Chương trình tái cấu trúc năm 2025 vẫn đang đi đúng lộ trình để mang lại toàn bộ lợi ích tiết kiệm hàng năm từ 40 triệu đến 45 triệu USD vào cuối năm 2026. Công ty hiện đã khởi động thêm các dự án mới nhằm mục tiêu giảm ít nhất 100 triệu USD chi phí hàng năm khi hoàn tất vào năm 2029. Những lợi ích ban đầu dự kiến sẽ đạt được vào năm 2027, với mức tiết kiệm tăng dần theo thời gian.

Các dự án này bao gồm việc thay đổi sản phẩm và kênh tiếp cận thị trường, giảm độ phức tạp trong sản xuất và hợp nhất nhà máy, hợp nhất các cơ sở hỗ trợ, tinh giản tổ chức và giảm cường độ vốn. Chi phí triển khai ước tính ít nhất là 50 triệu USD trong suốt thời gian thực hiện chương trình và có thể bao gồm trợ cấp thôi việc, tổn thất do giảm giá trị tài sản, chấm dứt hợp đồng cùng các chi phí rút lui khác.

Rủi ro và các yếu tố cần theo dõi

Ban lãnh đạo xác định lạm phát, thuế quan, bất ổn địa chính trị và cạnh tranh gia tăng là những biến số quan trọng tác động đến triển vọng kinh doanh. Áp lực cạnh tranh về giá diễn ra rõ nét nhất tại Nam Mỹ và châu Âu.

Tiến độ chuyển đổi thành hàng xuất xưởng vẫn nhạy cảm với lịch giao hàng của khách hàng, việc chuyển đổi sản xuất, nguồn cung linh kiện và công suất vận tải biển. Việc dịch chuyển sản xuất nhằm giảm thiểu tác động của thuế quan đã làm tăng các yêu cầu hậu cần đối với một số sản phẩm.

Thời điểm và tác động tài chính của chương trình chi phí mới có thể thay đổi do một số dự án vẫn cần hoàn tất khâu lập kế hoạch, đáp ứng các yêu cầu pháp lý và quy định, nghĩa vụ tham vấn cũng như các phê duyệt thông thường. Chi phí triển khai cũng sẽ gây áp lực lên kết quả kinh doanh được báo cáo trong quá trình thực hiện chương trình.

Điểm nhấn phiên hỏi đáp với chuyên gia phân tích

Ban lãnh đạo cho biết các đội xe của khách hàng đã hoạt động lâu hơn thường lệ do sự không chắc chắn về mức độ sử dụng và ngân sách nội bộ. Doanh nghiệp tin rằng tình trạng trì hoãn thay thế này đang bắt đầu giảm bớt, nhờ lượng đơn hàng mới khả quan trong tháng 9 và tháng 10 cùng danh mục đơn hàng tiềm năng dồi dào bước vào năm 2027.

Khả năng đáp ứng vận tải đã cải thiện khi giai đoạn cao điểm giao hàng Giáng sinh hạ nhiệt, mặc dù các đơn giao hàng tại Trung Đông và các tuyến từ Trung Quốc đến Bắc Mỹ từng gặp nhiều khó khăn. Ban lãnh đạo cho biết phần lớn các điểm nghẽn linh kiện trong quý 4 đã được xử lý, trong khi các công tác khác liên quan đến chuỗi cung ứng vẫn đang được tiếp tục.

Mức giảm chi phí bán hàng, chi phí quản lý doanh nghiệp phần lớn mang tính cơ cấu. Ban lãnh đạo cho biết mức giảm này gắn liền với các đợt cắt giảm nhân sự trước đó ảnh hưởng đến hơn 500 nhân viên, đồng thời cho biết các biện pháp tiếp theo sẽ được triển khai từ việc dừng các sáng kiến về hydro, xe đầu kéo chuyên dụng chạy điện và sản xuất xe tải lớn tại Mỹ.

Về phân khúc sản phẩm, ban lãnh đạo cho biết các dòng xe nâng cường độ thấp có thể phục vụ những ứng dụng vận hành khoảng 700 giờ mỗi năm, trong khi các ứng dụng tiêu chuẩn có thể chạy khoảng 1.400 - 1.500 giờ và các ứng dụng cao cấp có thể đạt 3.000 - 4.000 giờ. Công ty đang ghi nhận mức tăng trưởng mạnh mẽ ở các sản phẩm tiêu chuẩn và cường độ thấp, đồng thời vẫn duy trì được tệp khách hàng cao cấp.

Toàn văn biên bản cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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.