Strong Bookings Growth
In Q1, we recorded bookings of $590 million, reflecting year-over-year growth and a nearly 50% sequential increase. This improvement was largely due to elevated demand for higher-priced Class 4 and Class 5 products.
Strategic Business Realignment for Nuvera
The business realignment is expected to deliver direct annualized cost savings of $15 million to $20 million starting in the second half of 2025. Additionally, an additional $10 million to $15 million of Nuvera costs will be absorbed by the Lift Truck business.
Improved Product Margins
Product margins remain solid and above our targets due to pricing actions taken to offset material and freight inflation and benefits from long-term investments in product design and new technologies.
Positive Outlook for Battery Program Sales
Battery program sales are anticipated to accelerate in 2025 and continue to expand in subsequent years, with initial HydroCharge sales expected in the second half of 2025.