NEW ALBANY, Ohio, April 23, 2025 (GLOBE NEWSWIRE) -- Commercial Vehicle Group (the "Company" or "CVG") (NASDAQ:CVGI) will hold its quarterly conference call on Wednesday, May 7, 2025, at 8:30 a.m. ET, to discuss first quarter 2025 financial results. CVG will issue a press release and presentation prior to the conference call. Toll-free participants dial (800) 549-8228 using conference code 57416. International participants dial (289) 819-1520 using conference code 57416. This call is being webcast and can b ...

Core Points - Robert C. Griffin will retire from the Board of Directors of Commercial Vehicle Group, Inc. effective May 15, 2025, and will not stand for re-election at the 2025 annual meeting of stockholders [1][2] - Griffin has been a Director since 2005 and is currently the Chairman of the Board; his retirement is not due to any disagreements with the Company or its management [2] - William C. Johnson is expected to succeed Griffin as Chairman of the Board following his retirement [2] - Michael Nauman, Chairman of the Nominating, Governance and Sustainability Committee, expressed gratitude for Griffin's contributions and leadership during his tenure [3] - Griffin stated it has been a privilege to serve the shareholders of CVG for 20 years and expressed his best wishes for the Company's future success [3]

Financial Performance - For the year ended December 31, 2024, the company recorded revenues of $723.4 million, a decrease of 13.4% compared to $835.5 million in 2023[248]. - The gross profit for 2024 was $73.1 million, down from $121.1 million in 2023, reflecting a gross margin of 10.1%[248]. - The company reported a net loss of $27.9 million for 2024, compared to a net income of $49.4 million in 2023[248]. - Operating income for 2024 was a loss of $0.8 million, a significant decline from an operating income of $39.9 million in 2023[248]. - The company recorded a loss from continuing operations of $35.7 million in 2024, compared to a profit of $43.6 million in 2023[248]. - Comprehensive loss for 2024 totaled $40,926 thousand, contrasting with a comprehensive income of $50,677 thousand in 2023[251]. - Net income for 2024 was a loss of $27,867 thousand, compared to a profit of $49,411 thousand in 2023, indicating a significant decline in profitability[259]. - The company reported a pre-tax loss of $8,241 million for 2024, a decrease from a pre-tax income of $28,430 million in 2023[331]. - Basic earnings per share from continuing operations for 2024 was $(1.07), a decline from $1.32 in 2023[375]. - The company reported a total other comprehensive loss of $(13.059) million for the year ended December 31, 2024, compared to a total other comprehensive income of $1.266 million for 2023[378]. Assets and Liabilities - Total assets decreased from $483,214 thousand in 2023 to $424,573 thousand in 2024, reflecting a reduction of approximately 12.1%[254]. - Current assets fell from $327,742 thousand in 2023 to $303,300 thousand in 2024, a decrease of about 7.4%[254]. - Cash reserves decreased from $37,848 thousand in 2023 to $26,630 thousand in 2024, representing a decline of approximately 29.5%[254]. - Total liabilities decreased from $310,282 thousand in 2023 to $288,981 thousand in 2024, a decline of approximately 6.9%[254]. - Stockholders' equity decreased from $172,932 thousand in 2023 to $135,592 thousand in 2024, reflecting a decrease of about 21.6%[254]. - The carrying amount of long-term debt obligations was $135,500 million in 2024, with a fair value of $134,863 million, compared to a carrying amount of $141,514 million and a fair value of $139,213 million in 2023[325]. Cash Flow and Investments - Cash flows from operating activities resulted in a net cash outflow of $33,452,000 in 2024, down from an inflow of $38,276,000 in 2023[259]. - The company reported a net cash inflow from investing activities of $30,896,000 in 2024, a turnaround from a cash outflow of $19,696,000 in 2023[259]. - The company had outstanding letters of credit of $1.1 million under the Revolving Credit Facility as of December 31, 2024[303]. - The company divested its cab structures business and Industrial Automation segment, which are classified as discontinued operations, impacting the overall financial results[264]. Debt and Interest - Interest expense for 2024 was $9.2 million, slightly lower than $10.2 million in 2023[248]. - The company had total long-term debt of $127.1 million as of December 31, 2024, compared to $126.2 million in 2023[295]. - The term loan facility was reduced to $85 million and the revolving credit facility commitments were decreased to $125 million as of December 19, 2024[301]. - The company recognized a loss on extinguishment of debt of $0.5 million due to the fourth amendment of the credit agreement[302]. - Cash payments for interest for the twelve months ended December 31, 2024, were $11.7 million, a decrease from $12.8 million in 2023[312]. Foreign Currency and Inflation - The company is exposed to foreign currency risks, with significant revenues derived from operations outside the U.S., affecting the translation of financial results into U.S. Dollars[230]. - Inflation impacts the company through increased material costs and labor, with limited ability to pass these costs onto customers due to competitive market conditions[233]. - The effect of currency exchange rate changes resulted in a cash outflow of $1,540,000 in 2024, contrasting with a cash inflow of $172,000 in 2023[259]. Restructuring and Operations - The company incurred a loss of $2,454 million on foreign exchange contracts designated as hedging instruments in 2024, contrasting with a gain of $5,339 million in 2023[323]. - The company incurred $10.8 million in restructuring expenses during the year ended December 31, 2024, primarily for workforce reductions ($8.4 million) and facility exit costs ($2.4 million)[381]. - The restructuring program approved during the quarter ended December 31, 2023, included workforce reductions and footprint optimization across segments[379]. Taxation - The provision for income taxes for 2024 was $27,493 million, compared to a benefit of $(15,203) million in 2023[331]. - The company recorded a valuation allowance of $26.6 million in 2024 primarily related to U.S. deferred tax assets due to a cumulative three-year loss position[333]. - The total net deferred tax asset was $10.76 million, a decrease from $33.29 million in 2023[332]. Segment Performance - The company has three reportable segments for 2024: Vehicle Solutions, Electrical Systems, and Aftermarket & Accessories, following the divestiture of the cab structure business[392]. - Revenue from Vehicle Solutions for the twelve months ended December 31, 2024, was $404.2 million, down from $470.3 million in 2023, representing a decline of 14.1%[294]. - The Vehicle Solutions segment generated revenues of $404,164 million in 2024, a decrease of 13.9% from $469,962 million in 2023[396]. - Revenues from the Industrial Automation segment were $16,468 million in 2024, down from $38,900 million in 2023[406].

Commercial Vehicle Group, Inc. (NASDAQ:CVGI) Q4 2024 Earnings Conference Call March 11, 2025 8:30 AM ET Company Participants Andy Cheung - Executive Vice President, Chief Financial Officer & Information Technology James Ray - President & Chief Executive Officer Conference Call Participants Joe Gomes - NOBLE Capital John Franzreb - Sidoti Company Gary Prestopino - Barrington Research Douglas Dethy - DC Capital Partners Steven Martin - Slater Capital Management Operator Good morning ladies and gentlemen. Welc ...

Exhibit 99.1 CVG REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS Accelerating operational momentum through strategic portfolio actions Provides outlook and guidance for full year 2025 NEW ALBANY, OHIO (March 10, 2025) - CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its fourth quarter and full year ended December 31, 2024. As a result of completing our strategic portfolio actions, the following are reported as discontinued operations: (1) ...

Core Insights - CVG has reported significant operational changes and financial results for the fourth quarter and full year ended December 31, 2024, indicating a year of meaningful transformation for the company [2][6] - The company anticipates that the benefits from strategic portfolio actions and restructuring will become more evident in 2025, despite facing market headwinds [6][14] Financial Performance - Fourth quarter 2024 revenue was $163.3 million, a decrease of 15.7% compared to $193.7 million in the prior year, primarily due to lower demand in Construction and Agriculture sectors [7][8] - The operating loss for the fourth quarter was $5.3 million, compared to an operating income of $4.1 million in the previous year, driven by lower sales volumes and operational inefficiencies [7][13] - Net loss from continuing operations was $35.0 million, or $(1.04) per diluted share, compared to net income of $22.6 million, or $0.67 per diluted share in the prior year [7][8] - Adjusted EBITDA for the fourth quarter was $0.9 million, down 89.2% from $8.3 million in the previous year, reflecting a significant decline in operational performance [7][8] Segment Performance - The Vehicle Solutions segment reported revenues of $91.4 million, down 14.7% from the prior year, primarily due to decreased customer demand [13] - The Electrical Systems segment generated revenues of $40.3 million, a decrease of 28.3%, attributed to global softening in the Construction and Agriculture end-markets [13] - The Aftermarket and Accessories segment saw revenues increase slightly to $31.6 million, up 4.0% from the previous year, driven by higher customer demand [21] Strategic Actions and Outlook - The company has completed divestitures of non-strategic assets, including the Industrial Automation segment, to focus on core segments [3][6] - CVG expects net sales for 2025 to be in the range of $670 million to $710 million, with adjusted EBITDA projected between $25 million and $30 million [14][15] - The company plans to implement a new organizational structure effective January 1, 2025, aimed at enhancing alignment with customers and improving operational efficiency [16] Liquidity and Financial Position - As of December 31, 2024, CVG had $50.5 million in outstanding borrowings on its revolving credit facility and $26.6 million in cash, resulting in total liquidity of $111.0 million [10]

Core Viewpoint - Commercial Vehicle Group (CVG) is scheduled to hold its quarterly conference call on March 11, 2025, to discuss the financial results for the fourth quarter and full year of 2024 [1]. Group 1: Conference Call Details - The conference call will take place at 8:30 a.m. ET [1]. - Toll-free participants can dial (800) 549-8228, while international participants can call (289) 819-1520, both using conference code 45919 [2]. - The call will be webcast and accessible through the "Investors" section of CVG's website, where it will be archived for one year [2]. Group 2: Replay Information - A telephonic replay of the conference call will be available until March 25, 2025 [3]. - Toll-free callers can access the replay by dialing (+1) 888 660 6264 with access code 45919, while toll callers in North America and other locations can call (+1) 289 819 1325 [3]. Group 3: Company Overview - CVG focuses on delivering solutions to complex design, engineering, and manufacturing challenges, aiming to create positive change for customers, industries, and communities [4]. - Additional information about the company and its products can be found on its website [4].

Core Viewpoint - Commercial Vehicle Group (CVG) has appointed Scott Reed as Chief Operating Officer, effective February 13, 2025, bringing over 30 years of experience in industrial and manufacturing sectors [1][3]. Group 1: Leadership Changes - Scott Reed will oversee global manufacturing and supply chain operations, focusing on operational excellence and cross-functional alignment [2]. - Mr. Reed's previous role was as President of Arrow Tru-Line Inc., and he has held leadership positions in various companies, recognized for achieving operational and profit growth [3]. - The company also announced the departure of Don Fishel, President of Trim Systems and Components, after 14 years, with Andy Cheung temporarily overseeing this division [6]. Group 2: Compensation and Incentives - As an inducement for joining CVG, Mr. Reed has been granted 58,331 shares of time-vesting restricted stock and 87,497 performance shares, aligning his interests with those of shareholders [5]. Group 3: Company Mission and Vision - CVG aims to deliver solutions to complex design, engineering, and manufacturing challenges while creating positive change for customers and communities [7].

Core Viewpoint - Commercial Vehicle Group (CVG) has announced a new organizational structure aimed at enhancing alignment with customers and end markets, effective January 1, 2025 [1] Group 1: Organizational Changes - CVG will reorganize its vertical business units into three operating divisions and reporting segments [2] - The Aftermarket & Accessories business unit will be integrated into the three new segments, with its seating and electrical portfolios transitioning to Global Seating and Global Electrical Systems, respectively [3] - Wiper systems will be included in the newly formed Trim Systems and Components business unit, alongside trim and components from the previous Vehicle Solutions segment [3] Group 2: Leadership Appointments - Russell Ketteringham will lead the seating business as President of Global Seating, transitioning from his previous role as President of Global Vehicle Solutions [4] - Donald Fishel will head the new Trim Systems and Components business as President, while also managing Business Development responsibilities [4] - Peter Lugo will continue to lead the Electrical Systems segment [4] Group 3: Strategic Objectives - The new structure is expected to enhance clarity and focus, allowing each business unit to meet specific strategic and operational objectives [5] - CVG aims to lower corporate and administrative costs to align with its current revenue profile while positioning itself for future growth [5] - The transformation is intended to create a more agile company that prioritizes customers and markets, with expectations of accelerating operational momentum and driving higher growth [6] Group 4: Reporting Changes - CVG plans to report results under the new segment structure starting with the first quarter of 2025, including historical quarterly segment results at that time [6]

Core Viewpoint - Commercial Vehicle Group (CVG) has elected Jeffrey S. Niew as an independent director, effective December 16, 2024, which is expected to enhance the Board's capabilities with his extensive experience in multi-unit operations and leadership in large organizations [1][3]. Group 1: Company Overview - CVG is a diversified industrial products and services company focused on delivering solutions to complex design, engineering, and manufacturing challenges [4]. - The company aims to create positive change for its customers, industries, and communities [4]. Group 2: New Board Member Profile - Jeffrey S. Niew has been the President & CEO of Knowles Corporation since 2013 and has a strong background in semiconductor and electronic components technologies [2]. - Niew's previous roles include Vice President of Dover Corporation and President and CEO of Dover Communication Technologies, where he led the spin-off of Knowles from Dover [2]. - He has held various positions in product management, sales, and engineering at Littelfuse, Inc. and Hewlett-Packard Company prior to joining Knowles [2]. Group 3: Board Member Statements - Robert Griffin, Chair of the Board, expressed enthusiasm about Niew's election, highlighting his extensive operational experience as a significant asset to the Board [3]. - Niew expressed honor in being elected to the CVG Board and looks forward to collaborating with the Board's leaders to guide the company [3].