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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

 _______________________________________________________________________________________________________________________________________________________________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 5, 2025
HYSTER-YALE, INC.
(Exact name of registrant as specified in its charter)
Delaware 000-54799 31-1637659
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
5875 Landerbrook Drive, Suite 300
Cleveland (440)
OH 449-9600 44124-4069
(Address of principal executive offices) (Registrant's telephone number, including area code) (Zip code)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share HY New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition and
Item 7.01 Regulation FD Disclosure.
    
On August 5, 2025, Hyster-Yale, Inc. (the “Company”) will post on its website at www.hyster-yale.com additional historical quarterly financial data and update the schedules that were previously posted to the website for the second quarter 2025 results. A copy of the data is attached as Exhibit 99 to this Current Report on Form 8-K.

This Current Report on Form 8-K and the information attached hereto are being furnished by the Company pursuant to Item 2.02 of Form 8-K, insofar as they disclose historical information regarding the Company's results of operations.

The information in this Current Report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

As described in Item 2.02 and 7.01 of this Current Report on Form 8-K, the following Exhibit is furnished as part of this Current Report on Form 8-K.
    
(d) Exhibits
99
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)





SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 5, 2025 HYSTER-YALE, INC.
By: /s/ Dena R. McKee
Dena R. McKee
Title: Vice President, Controller and Chief Accounting Officer

                            

                            

EX-99 2 hydataschedule63025ex99.htm EX-99 Document

EXHIBIT 99
Hyster-Yale, Inc.
(in millions of $, except percentage data)
Revenues - Consolidated
Revenues - Consolidated - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 732.2  765.6  748.2  829.7  3,075.7  2021 -6.8  % 17.0  % 14.7  % 15.3  % 9.4  %
2022 827.6  895.4  840.1  985.2  3,548.3  2022 13.0  % 17.0  % 12.3  % 18.7  % 15.4  %
2023 999.3  1,090.6  1,001.2  1,027.2  4,118.3  2023 20.7  % 21.8  % 19.2  % 4.3  % 16.1  %
2024 1,056.5  1,168.1  1,016.1  1,067.5  4,308.2  2024 5.7  % 7.1  % 1.5  % 3.9  % 4.6  %
2025 910.4  956.6  2025 -13.8  % -18.1  %
Gross Profit Gross Profit %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 118.4  116.4  65.1  63.5  363.4  2021 16.2  % 15.2  % 8.7  % 7.7  % 11.8  %
2022 101.2 99.1 86.9 146.7 433.9  2022 12.2  % 11.1  % 10.3  % 14.9  % 12.2  %
2023 174.4 197.9 203.6 209.7 785.6  2023 17.5  % 18.1  % 20.3  % 20.4  % 19.1  %
2024 235.7 259.3 192.9 207.6 895.5  2024 22.3  % 22.2  % 19.0  % 19.4  % 20.8  %
2025 177.7 168.2 2025 19.5  % 17.6  %
Operating Expenses (8)(9)
Operating Expenses as a % of Revenue (8)(9)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 115.3  110.5  119.4  170.5  515.7  2021 15.7  % 14.4  % 16.0  % 20.5  % 16.8  %
2022 119.5  114.8  111.8  126.9  473.0  2022 14.4  % 12.8  % 13.3  % 12.9  % 13.3  %
2023 131.8  139.1  145.0  161.0  576.9  2023 13.2  % 12.8  % 14.5  % 15.7  % 14.0  %
2024 151.9  163.7  159.8  175.3  650.7  2024 14.4  % 14.0  % 15.7  % 16.4  % 15.1  %
2025 156.4  176.7  2025 17.2  % 18.5  %
Restructuring & Impairment Charges (6)(7)(8)(9)(10)(11)(12)
Q1 Q2 Q3 Q4 FY
2021 —  —  24.8  56.9  81.7 
2024 —  —  1.2  21.4  22.6 
2025 0.2  15.7 
Operating Profit (Loss) (6)(7)(8)
Operating Profit (Loss) % (6)(7)(8)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 3.1  5.9  (54.3) (107.0) (152.3) 2021 0.4  % 0.8  % -7.3  % -12.9  % -5.0  %
2022 (18.3) (15.7) (24.9) 19.8  (39.1) 2022 -2.2  % -1.8  % -3.0  % 2.0  % -1.1  %
2023 42.6  58.8  58.6  48.7  208.7  2023 4.3  % 5.4  % 5.9  % 4.7  % 5.1  %
2024 83.8  95.6  33.1  32.3  244.8  2024 7.9  % 8.2  % 3.3  % 3.0  % 5.7  %
2025 21.3  (8.5) 2025 2.3  % -0.9  %
Interest (Income) Expense
Q1 Q2 Q3 Q4 FY
2021 2.7  3.7  4.0  4.5  14.9 
2022 4.9  5.9  7.3  9.2  27.3 
2023 9.6  7.8  8.9  8.4  34.7 
2024 7.8  8.0  7.9  7.3  31.0 
2025 7.0  7.1 
Income (Loss) Before Taxes
Effective Income Tax Rate (7)(13)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 8.5  (0.1) (56.3) (107.0) (154.9) 2021 28.2  % n.m. -36.4  % -7.3  % -18.3  %
2022 (21.3) (21.8) (32.4) 13.1  (62.4) 2022 -13.6  % 14.2% -13.0  % 39.7  % -14.7  %
2023 35.9  50.8  52.6  41.7  181.0  2023 24.2  % 23.6% 30.8  % 38.4  % 29.2  %
2024 76.9  90.0  28.1  24.0  219.0  2024 32.6  % 29.0% 36.7  % 55.4  % 34.2  %
2025 16.8  (13.2) 2025 48.2  % n.m.


Hyster-Yale, Inc.
(in millions of $, except percentage data)
Net Income (Loss) Attributable to Stockholders (6)(7)
Q1 Q2 Q3 Q4 FY
2021 5.6  1.9  (77.2) (103.3) (173.0)
2022 (25.0) (19.4) (37.3) 7.6  (74.1)
2023 26.6  38.3  35.8  25.2  125.9 
2024 51.5  63.3  17.2  10.3  142.3 
2025 8.6  (13.9)
Depreciation and Amortization Expense
Q1 Q2 Q3 Q4 FY
2021 11.7  11.6  11.4  11.5  46.2 
2022 11.1  11.0  10.9  10.4  43.4 
2023 11.2  11.3  11.3  11.3  45.1 
2024 11.7  12.4  11.7  11.8  47.6 
2025 11.0  11.8 
Net Working Capital (1)
Net Working Capital as % of Revenue (2)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 539.7  645.9  692.4  697.0  697.0  2021 18.4  % 21.1  % 23.1  % 22.7  % 22.7  %
2022 704.7  751.9  686.2  715.7  715.7  2022 21.3  % 21.0  % 20.4  % 20.2  % 20.2  %
2023 763.0  809.0  777.8  783.0  783.0  2023 19.1  % 18.5  % 19.4  % 19.0  % 19.0  %
2024 789.6  855.9  863.9  787.2  787.2  2024 18.7  % 18.3  % 21.3  % 18.3  % 18.3  %
2025 804.7  814.3  2025 22.1  % 21.3  %
Capital Expenditures
Q1 Q2 Q3 Q4 FY
2021 7.7  10.4  11.4  14.8  44.3 
2022 9.7  5.6  4.4  9.1  28.8 
2023 3.3  7.3  8.3  16.5  35.4 
2024 7.5  12.2  10.2  17.9  47.8 
2025 10.6  13.8 
Net Cash Provided By (Used For) Operating Activities
Q1 Q2 Q3 Q4 FY
2021 (47.1) (53.6) (91.1) (61.7) (253.5)
2022 59.1  (58.9) 34.1  6.3  40.6 
2023 9.0  35.8  60.3  45.6  150.7 
2024 22.4  (2.5) 70.1  80.7  170.7 
2025 (36.4) 28.9 
Net Cash Provided By (Used For) Investing Activities
Q1 Q2 Q3 Q4 FY
2021 9.5  (8.7) (10.9) (14.4) (24.5)
2022 (9.3) (13.6) (4.3) (8.2) (35.4)
2023 (5.0) (6.9) (7.9) (14.7) (34.5)
2024 (7.0) (11.7) (12.0) (16.9) (47.6)
2025 (10.3) (15.3)
Cash Flow Before Financing Activities (3)
Q1 Q2 Q3 Q4 FY
2021 (37.6) (62.3) (102.0) (76.1) (278.0)
2022 49.8  (72.5) 29.8  (1.9) 5.2 
2023 4.0  28.9  52.4  30.9  116.2 
2024 15.4  (14.2) 58.1  63.8  123.1 
2025 (46.7) 13.6 


Hyster-Yale, Inc.
(in millions of $, except percentage data)
Net Cash Provided By (Used For) Financing Activities
Q1 Q2 Q3 Q4 FY
2021 (8.0) 45.5  77.2  78.9  193.6 
2022 (50.9) 84.4  (35.4) (9.0) (10.9)
2023 (2.5) (26.4) (40.2) (31.4) (100.5)
2024 (30.5) 19.1  (50.8) (37.9) (100.1)
2025 25.9  (26.2)
Dividends Paid to Stockholders
Q1 Q2 Q3 Q4 FY
2021 5.3  5.4  5.5  5.4  21.6 
2022 5.4  5.5  5.5  5.4  21.8 
2023 5.6  5.5  5.6  5.6  22.3 
2024 5.7  6.1  6.1  6.1  24.0 
2025 6.2  7.7 
Total Debt
Debt to Total Capitalization (4)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 285.4  345.7  428.0  518.5  518.5  2021 31.7  % 35.4  % 45.6  % 57.5  % 57.5  %
2022 479.0  580.6  545.0  552.9  552.9  2022 57.7  % 72.2  % 80.1  % 71.1  % 71.1  %
2023 560.6  542.3  510.6  494.0  494.0  2023 67.3  % 63.9  % 61.4  % 54.8  % 54.8  %
2024 474.8  501.9  468.5  440.7  440.7  2024 52.5  % 51.0  % 46.0  % 47.1  % 47.1  %
2025 484.0  473.2  2025 47.8  % 46.5  %
Total Equity
Return on Equity (5)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 615.8  630.0  510.2  382.9  382.9  2021 4.6  % 4.2  % -9.4  % -31.0  % -31.0  %
2022 351.5  223.4  135.2  225.1  225.1  2022 -40.9  % -53.6  % -57.7  % -28.1  % -28.1  %
2023 272.3  306.2  320.6  406.8  406.8  2023 -9.3  % 15.1  % 43.0  % 41.1  % 41.1  %
2024 429.3  482.1  549.0  494.1  494.1  2024 43.5  % 45.2  % 35.9  % 30.1  % 30.1  %
2025 529.4  563.4  2025 20.0  % 30.2  %
(1) Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable.
(2) Net working capital as a percentage of revenue is equal to net working capital divided by annualized revenues for the quarter and the annual revenue at year end.
(3) Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
(4) Debt to total capitalization is equal to total debt divided by total debt plus permanent equity.
(5) Return on equity is equal to the sum of the trailing 4 quarters net income divided by average equity calculated over the last 5 quarters.
(6) During the fourth quarter of 2021, JAPIC recognized a $55.6 million goodwill impairment charge, of which $11.7 million related to the non-controlling interest share.
(7) During the third and fourth quarters of 2021, the Company recognized a valuation allowance of $38.4 million and $20.2 million, respectively, provided against deferred tax assets.
(8) During the third quarter of 2024, JAPIC recognized $1.0 million and Americas recognized $0.2 million in restructuring & impairment charges.
(9) During the fourth quarter of 2024, the Company recognized $17.1 million ($6.8 million in the Americas, $2.7 million in EMEA and $7.6 million in JAPIC), Bolzoni recognized $4.3 million of restructuring & impairment charges.
(10) Restructuring and impairment charges are included in Gross Profit (Loss) and Operating Expenses as noted above.
(11) During the first quarter of 2025, the Company recognized $0.2 million ($0.7 million in the Americas, ($1.3 million) reversal in EMEA and $0.8 million in JAPIC) of restructuring charges.
(12) During the second quarter of 2025, the Company recognized restructuring and impairment charges of $15.7 million ($15.9 million in the Americas, $(0.3) million in EMEA and $0.1 million in JAPIC).
(13) "n.m." - not meaningful


Hyster-Yale, Inc.
(in millions of $, except percentage data)
Non-GAAP Reconciliation of ROTCE
2019 2021 2022 2023 2024
LTM 6/30/25 (4)
Average Stockholders' Equity (1)
 527.8 525.5 241.9 288.9 454.4 505.1
Average Debt (1)
 324.0 373.4 535.2 532.2 476.0 473.7
Average Cash (1)
 (63.4) (93.8) (66.8) (69.3) (75.9) (76.6)
Average Capital Employed 788.4 805.1 710.3 751.8 854.5 902.2
Net Income (Loss) 35.8 (173.0) (74.1) 125.9 142.3 22.2
Plus: Interest Expense, Net 18.0 14.9 27.3 34.7 31.0 29.3
Plus: Restructuring and Impairment Charges 18.0 70.0 — — 22.6 35.4
Plus: Tax Valuation on Deferred Tax Assets 58.6 — — — —
Less: Income Taxes on Interest Expense, Net (2)
 (4.7) (3.9) (6.8) (8.7) (8.1) (9.2)
Less: Income Taxes on Restructuring and Impairment Charges (2)
 — — — (5.9) (7.6)
Actual Return on Capital Employed (3)
 67.1 (33.4) (53.6) 151.9 181.9 70.1
Actual Return on Total Capital Employed Percentage (3)
 8.5% (4.1)% (7.5)% 20.2% 21.3% 7.8%
(1) Average stockholder's equity, debt and cash are calculated using the quarter ends and year ends of each respective year.
(2) Tax rate used is the Company's target U.S. marginal tax rate. Rates used were 26% for 2021, 2024 and 2025, 25% for 2022 and 2023.
(3) Return on total capital employed is provided solely as a supplemental disclosure with respect to income generation because management believes it provides useful information with respect to earnings in a form that is comparable to the Company's cost of capital employed, which includes both equity and debt securities, net of cash.
(4) LTM 6/30/25 average stockholders' equity, debt and cash are calculated using the quarters ending 6/30/24, 9/30/24, 12/31/24, 3/31/25 and 6/30/25.




Lift Truck Business
(in millions of $, except percentage data)
Revenues - Americas (6)
 Revenues - Americas - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 459.7  479.2  494.3  551.6  1,984.8  2021 -16.5  % 5.3  % 15.8  % 20.2  % 4.9  %
2022 558.3  596.9  571.4  680.1  2,406.7  2022 21.4  % 24.6  % 15.6  % 23.3  % 21.3  %
2023 686.3  788.5  717.5  708.3  2,900.6  2023 22.9  % 32.1  % 25.6  % 4.1  % 20.5  %
2024 770.2  881.7  771.4  800.6  3,223.9  2024 12.2  % 11.8  % 7.5  % 13.0  % 11.1  %
2025 698.9  707.5  2025 -9.3  % -19.8  %
Revenues - EMEA Revenues - EMEA - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 170.7  175.1  153.4  179.7  678.9  2021 12.2  % 45.8  % 6.7  % 4.1  % 15.3  %
2022 169.7  184.8  159.4  190.3  704.2  2022 -0.6  % 5.5  % 3.9  % 5.9  % 3.7  %
2023 214.9  200.6  183.9  221.1  820.5  2023 26.6  % 8.5  % 15.4  % 16.2  % 16.5  %
2024 199.4  187.8  145.0  175.4  707.6  2024 -7.2  % -6.4  % -21.2  % -20.7  % -13.8  %
2025 118.2  148.3  2025 -40.7  % -21.0  %
Revenues - JAPIC Revenues - JAPIC - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 60.5  65.0  56.1  52.3  233.9  2021 35.7  % 35.4  % 16.9  % -0.4  % 21.1  %
2022 51.7  64.9  65.5  67.9  250.0  2022 -14.5  % -0.2  % 16.8  % 29.8  % 6.9  %
2023 47.9  49.6  51.6  52.0  201.1  2023 -7.4  % -23.6  % -21.2  % -23.4  % -19.6  %
2024 37.7  48.7  51.3  46.0  183.7  2024 -21.3  % -1.8  % -0.6  % -11.5  % -8.7  %
2025 47.3  48.4  2025 25.5  % -0.6  %
Revenues - Lift Truck Business (6)
 Revenues - Lift Truck Business - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 690.9  719.3  703.8  783.6  2,897.6  2021 -7.6  % 15.5  % 13.8  % 14.6  % 8.4  %
2022 779.7  846.6  796.3  938.3  3,360.9  2022 12.9  % 17.7  % 13.1  % 19.7  % 16.0  %
2023 949.1  1,038.7  953.0  981.4  3,922.2  2023 21.7  % 22.7  % 19.7  % 4.6  % 16.7  %
2024 1,007.3  1,118.2  967.7  1,022.0  4,115.2  2024 6.1  % 7.7  % 1.5  % 4.1  % 4.9  %
2025 864.4  904.2  2025 -14.2  % -19.1  %
Gross Profit - Lift Truck Business (6)
 Gross Profit %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 102.1  100.7  50.4  50.0  303.2  2021 14.8  % 14.0  % 7.2  % 6.4  % 10.5  %
2022 84.0  79.7  72.6  127.5  363.8  2022 10.8  % 9.4  % 9.1  % 13.6  % 10.8  %
2023 153.5  175.2  184.1  190.4  703.2  2023 16.2  % 16.9  % 19.3  % 19.4  % 17.9  %
2024 213.3  236.9  169.9  190.0  810.1  2024 21.2  % 21.2  % 17.6  % 18.6  % 19.7  %
2025 158.8  146.8  2025 18.4  % 16.2  %


Lift Truck Business
(in millions of $, except percentage data)
Operating Expenses(1) (2) (6)
Operating Expenses as a % of revenues(1) (2)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 99.7  94.3  104.2  154.2  452.4  2021 14.4  % 13.1  % 14.8  % 19.7  % 15.6  %
2022 102.8 99.3  96.8  109.6  305.7  2022 —  % 11.7  % 12.2  % 11.7  % 9.1  %
2023 115.5 121.9  128.4  144.2  510.0  2023 12.2  % 11.7  % 13.5  % 14.7  % 13.0  %
2024 133.4 145.3  142.7  153.0  574.4  2024 13.2  % 13.0  % 14.7  % 15.0  % 14.0  %
2025 138.5 142.0  2025 16.0  % 15.7  %
Restructuring & Impairment Charges (1)(2)(3)(4)(5)(6)
Q1 Q2 Q3 Q4 FY
2021 —  —  24.8  56.9  81.7 
2024 —  —  1.2  17.1  18.3 
2025 0.2  15.7 
Operating Profit (Loss)(1) (2) (6)
Operating Profit (Loss) %(1) (2)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 2.4  6.4  (53.8) (104.2) (149.2) 2021 0.3  % 0.9  % -7.6  % -13.3  % -5.1  %
2022 (18.8) (19.6) (24.2) 17.9  (44.7) 2022 -2.4  % -2.3  % -3.0  % 1.9  % -1.3  %
2023 38.4  51.0  53.3  45.9  188.6  2023 4.0  % 4.9  % 5.6  % 4.7  % 4.8  %
2024 79.9  91.6  27.2  37.0  235.7  2024 7.9  % 8.2  % 2.8  % 3.6  % 5.7  %
2025 20.3  (10.9) 2025 2.3  % -1.2  %
(1) During the fourth quarter of 2021, JAPIC recognized a $55.6 million goodwill impairment charge, of which $11.7 million related to the non-controlling interest share.
(2) During the third quarter and fourth quarter of 2024, Lift Truck recognized restructuring & impairment charges of $1.0 million ($1.0 million in the JAPIC segment) and $16.8 million ($6.8 million in the Americas, $2.4 million in EMEA and $7.6 million in JAPIC), respectively.
(3) Restructuring and impairment charges are included in Operating Expenses as noted above.
(4) During the first quarter of 2025, Lift Truck recognized $0.2 million ($0.7 million in the Americas, ($1.3 million) reversal in EMEA and $0.8 million in JAPIC) of restructuring charges.
(5) During the the second quarter of 2025, the Company recognized restructuring and impairment charges of $15.7 million ($15.9 million in the Americas, $(0.3) million in EMEA and $0.1 million in JAPIC).
(6) The historical and current results of the former Nuvera segment are now presented within the Americas operating segment.





Bolzoni
(in millions of $, except percentage data)
Revenues Revenues - Bolzoni - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 79.5  84.8  90.0  93.5  347.8  2021 -9.6  % 32.1  % 42.2  % 36.9  % 22.6  %
2022 95.1  86.4  82.2  92.0  355.7  2022 19.6  % 1.9  % -8.7  % -1.6  % 2.3  %
2023 98.6  96.6  92.8  87.3  375.3  2023 3.7  % 11.8  % 12.9  % -5.1  % 5.5  %
2024 96.2  102.4  97.6  82.9  379.1  2024 -2.4  % 6.0  % 5.2  % -5.0  % 1.0  %
2025 80.3  90.6  2025 -16.5  % -11.5  %
Gross Profit (Loss) Gross Profit %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 16.4  15.8  15.2  14.1  61.5  2021 20.6  % 18.6  % 16.9  % 15.1  % 17.7  %
2022 18.8  18.9  13.7  19.3  70.7  2022 19.8  % 21.9  % 16.7  % 21.0  % 19.9  %
2023 20.7  22.6  19.5  19.4  82.2  2023 21.0  % 23.4  % 21.0  % 22.2  % 21.9  %
2024 21.8  22.4  23.3  17.9  85.4  2024 22.7  % 21.9  % 23.9  % 21.6  % 22.5  %
2025 18.5  21.4  2025 23.0  % 23.6  %
Operating Expenses (1)
Operating Expenses as a % of revenues(1)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 15.6  16.2  15.2  16.3  63.3  2021 19.6  % 19.1  % 16.9  % 17.4  % 18.2  %
2022 16.7  15.5  15.0  17.3  64.5  2022 17.6  % 17.9  % 18.2  % 18.8  % 18.1  %
2023 16.3  17.2  16.6  16.8  66.9  2023 16.5  % 17.8  % 17.9  % 19.2  % 17.8  %
2024 18.5  18.4  17.1  22.3  76.3  2024 19.2  % 18.0  % 17.5  % 26.9  % 20.1  %
2025 17.9  19.0  2025 22.3  % 21.0  %
Restructuring & Impairment Charges (1) (2)
Q1 Q2 Q3 Q4 FY
2024 —  —  —  4.3  4.3 
Operating Profit (Loss) (1)
Operating Profit (Loss) %(1)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2021 0.8  (0.4) —  (2.2) (1.8) 2021 1.0  % -0.5  % —  % -2.4  % -0.5  %
2022 2.1  3.4  (1.3) 2.0  6.2  2022 2.2  % 3.9  % -1.6  % 2.2  % 1.7  %
2023 4.4  5.4  2.9  2.6  15.3  2023 4.5  % 5.6  % 3.1  % 3.0  % 4.1  %
2024 3.3  4.0  6.2  (4.4) 9.1  2024 3.4  % 3.9  % 6.4  % -5.3  % 2.4  %
2025 0.6  2.4  2025 0.7  % 2.6  %
(1) During the fourth quarter of 2024, Bolzoni recognized a $4.3 million restructuring & impairment charge.
(2) Restructuring and impairment charges are included in Operating Expenses as noted above.