Good morning, ladies and gentlemen, and welcome to the Hyster-Yale Inc. First Quarter 2025 Earnings Call. [Operator Instructions] This call is being recorded on Wednesday, May 7, 2025. I would now like to turn the conference call over to Andrea Sejba. Please go ahead.

Good morning and thank you for joining us for Hyster-Yale’s first quarter 2025 earnings call. I’m Andrea Sejba, Director of Investor Relations and Treasury. Joining me today are Al Rankin, Executive Chairman; Rajiv Prasad, President and Chief Executive Officer; and Scott Minder, Senior Vice President, Chief Financial Officer and Treasurer. During our call, we will be discussing our first quarter 2025 earnings release issued yesterday. You can find the earnings release and a replay of this webcast on Hyster-Yale website. The replay will remain available for approximately 12 months. Today’s conference call contains forward-looking statements, which are subject to risks that could cause actual results to be materially different from those expressed or implied. These risks are described in greater detail in the earnings release and in our reports filed with the SEC. On this call, we will discuss our adjusted results. We believe that these are useful in evaluating the company’s operating performance. Reconciliations of adjusted operating profit, net income and earnings per share to the most directly comparable GAAP financial measures can be found in the company’s earnings release and investor presentation filed with the SEC. With the formalities out of the way, let me turn the call over to Rajiv to begin.

Thanks, Andrea, and good morning, everyone. I’ll start by sharing our outline on the current economic environment, how it impacts Hyster-Yale and how we plan to address these challenges in our business. Scott will follow with our detailed financial results, the assumptions built into our 2025 forecast and our outlook for the second quarter and full year. Al will provide his perspective to wrap up our remarks, and then we’ll open up the call for your questions. Since we last spoke in February, the global economic landscape has changed significantly, becoming more uncertain as a result of tariff policies. This shift required us to quickly reassess our sourcing, selling and production strategies, adapting for what we know today and preparing for what may come in the future. Despite the challenges posed by the current economic environment, our commitment to delivering optimal solutions remains unwavering. We are confident in our ability to drive substantial long-term growth and profitability while adapting to the complexities of the global economy. While we have confidence in our actions, it’s important to acknowledge the significant uncertainty created by shifting tariff levels and the corresponding effects on market demand and our cost structures. This macro level uncertainty requires us to be agile, remain responsive to market changes and work to preserve our financial outlook. In the near term, we’re taking action to maintain a solid financial position. We’re applying lessons learned from pandemic era supply chain inflation by proactively monitoring our input costs, taking action to reduce them where possible and quickly adjusting sales prices to offset any remaining cost increases. In quarter 1, 2025, we adjusted our prices to address component inflation since our last broad pricing action in 2022 and to include known tariff-related cost increases. Over the medium term, we are leveraging our strategic…

Thanks, Rajiv, and good morning. As you just heard, we’re cautiously optimistic about our 2025 outlook and have great confidence in the actions we’re taking to making long-term structural improvements to the company. As you recall, in 2024, we generated the strongest results in company history. At the same time, underlying market demand softened in industry booking rates, along with our backlog declined substantially across the year. We proactively reduced production rates to maintain our backlog at a lower level, more aligned with our targeted lead times. That as a backdrop I’ll cover our first quarter results, which were in line with expectations for this transitional period. In Q1, Lift Truck revenues declined by 14% year-over-year, primarily due to lower sales volumes in the Americas and in EMEA. This decrease reflects reduced market demand in the latter part of 2024, resulting in lower Q1 2025 production and fewer deliveries. Looking at the Lift Truck business by region. In the Americas, the downturn was largely driven by reduced sales of higher-value Class 4 and 5 internal combustion engine trucks. While in EMEA, the revenue decline was due to lower Class 1 product sales. On a positive note, JAPIC revenues increased year-over-year due to increased volumes and a favorable product mix shift toward big trucks. Sequentially, revenues declined for similar reasons. Lower second half 2024 bookings led to reduced production levels in the first quarter. Lift Truck adjusted operating profit declined significantly compared to prior year, primarily due to lower volumes and the resulting loss of manufacturing absorption. Product margins remain solid and above our targets. This was largely due to pricing actions taken to offset material and freight inflation and benefits from our long-term investments in product design and new technologies. Looking at regional profitability. Americas reduced Class 4 and 5…

The updates provided by Rajiv and Scott today are particularly important. Tariffs remain a large and important concern, and the restructuring of our Billerica facility around energy solutions and away from fuel cells is key in today’s market environment. Our Hyster-Yale vision, however, remains the same, to revolutionize the way materials move from port to home. This vision is built on a mission with two core promises, delivering optimal solutions to our customers and providing exceptional customer care. To achieve this, our focus remains on executing key strategic projects that will transform our core counterbalance truck business while expanding into related high growth and profit areas such as warehouse, lift trucks, vehicle automation, energy solutions and attachments. These complementary growth and profit improvement efforts are designed to strengthen our competitive position, drive long-term revenue growth and operating profit and position Hyster-Yale ahead of materials handling market trends. Over time, we believe these key projects will create sustainable competitive advantage for Hyster-Yale businesses to the benefit both of our customers and our shareholders. And now let’s turn to questions.

Well, thank you for participation and listening to our earnings call today. A replay of our call will be available online later today. We will post a transcript on the Hyster-Yale website when it becomes available. If you have any questions, please reach out to me. My information is on the press release and I hope you enjoy the rest of your day.

Ladies and gentlemen, this does conclude your conference call for today. We thank you very much for your participation and ask that you please disconnect. Have a great day.