| --- | --- | --- | --- | |-------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | Q3-2024 Earnings | | | | | | | | | | Presentation | | | | James Ray – President & Chief Executive Officer Andy Cheung – Executive Vice President & Chief Financial Officer November 5, 2024 Forward Looking Statements and Non-GAAP Financial Measures These slides contain forward-looking statements that are subject to risks and uncertainties. These statements often include words such as "believe", "a ...

Financial Data and Key Metrics Changes - Consolidated third quarter 2024 revenue was $171.8 million, down from $202.9 million in the prior year period, primarily due to lower sales from softening customer demand in Vehicle Solutions and Electrical Systems segments [27][28] - Adjusted EBITDA for the third quarter was $4.3 million, compared to $12.2 million in the prior year, with adjusted EBITDA margins decreasing to 3.5% from 6% [28][29] - Net loss for the quarter was $0.9 million, or a loss of $0.03 per diluted share, compared to a net income of $4.7 million, or $0.14 per diluted share in the prior year [29] Business Line Data and Key Metrics Changes - Electrical Systems segment revenues decreased by 19% to $43.4 million, primarily due to a global softening in construction and agricultural end markets [32] - Vehicle Solutions segment revenues decreased by 16% to $97.3 million, attributed to lower sales volume and operational inefficiencies related to production consolidation [34][36] - Aftermarket & Accessories segment revenues decreased by 8% to $31.1 million, primarily due to lower sales volume and operational inefficiencies [38] Market Data and Key Metrics Changes - The Class 8 heavy truck market is projected to decline by 7% in 2024, with a further 10% drop anticipated in 2025, although a rebound of nearly 25% is expected in 2026 [40] - The construction equipment market is expected to see a 10% decline, while agricultural markets are facing a 15% year-over-year decline due to high interest rates and lower commodity prices [41][42] Company Strategy and Development Direction - The company has focused on reshaping its operating model to create a lower cost and more agile foundation, including the sale of non-core businesses to streamline operations [6][7][19] - New leadership appointments aim to enhance operational excellence and drive growth, particularly in the Electrical Systems segment [21][23] - The company is committed to reducing complexity and improving capital efficiency to enhance shareholder value [20] Management's Comments on Operating Environment and Future Outlook - Management expressed dissatisfaction with third quarter results, citing operational inefficiencies and continued weakness in end markets [13][14] - The company is lowering its full-year 2024 revenue guidance to a range of $710 million to $740 million, down from $730 million to $780 million, and adjusted EBITDA guidance to $20 million to $25 million [44][45] - Management remains optimistic about long-term growth potential in construction and agricultural markets despite current challenges [43] Other Important Information - The company has eliminated approximately 1,200 roles, or roughly 15% of its workforce, to create a more efficient organization [12] - Free cash flow from continuing operations for the quarter was $17 million, supported by proceeds from the Cab Structures sale [30] Q&A Session Summary Question: Plans for adjusted continuing operating results for the first and second quarter - Management confirmed that adjusted results for the first half will be provided in Q4 filings [55] Question: Status of portfolio reshaping and restructuring - Management indicated that significant restructuring is largely complete, with a focus now on stability and margin improvement [64] Question: Fourth quarter revenue expectations and adjusted EBITDA outlook - Management noted that Q4 is typically the smallest quarter due to seasonality, impacting revenue and EBITDA [66] Question: Current interest rate expense and debt repayment - Interest expense is around 7% to 8%, with the majority of proceeds from the second payment used for debt repayment [71] Question: Competitive pressures in the agricultural and construction market - Management acknowledged competitive pressures but stated they have not materially changed [73] Question: Impact of production inefficiencies on gross margins - Management estimated the impact of production inefficiencies on gross margins to be in the upper single-digits to low-double-digits millions [77]

Commercial Vehicle Group (CVGI) came out with a quarterly loss of $0.01 per share versus the Zacks Consensus Estimate of $0.04. This compares to earnings of $0.22 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -125%. A quarter ago, it was expected that this supplier of products for heavy duty trucks would post earnings of $0.17 per share when it actually produced earnings of $0.06, delivering a surprise of -64.71%.Over the la ...

Financial Performance - Net income for the three months ended September 30, 2024, was $9,514 thousand, compared to $7,290 thousand for the same period in 2023, representing a 30.5% increase[8]. - Comprehensive income for the three months ended September 30, 2024, was $8,731 thousand, significantly up from $2,070 thousand in the prior year[8]. - Total revenue for the nine months ended September 30, 2024, was $560.063 million, a significant increase from $312.785 million for the same period in 2023, representing an increase of approximately 79.5%[31]. - Net income for the nine months ended September 30, 2024, was $10,852, compared to $26,130 for the same period in 2023, representing a decrease of approximately 58.5%[13]. - Revenues for the three months ended September 30, 2024, decreased by 15.3% to $171.8 million compared to $202.9 million in the same period of 2023[122]. - Gross profit for the nine months ended September 30, 2024, was $60.044 million, compared to $96.714 million for the same period in 2023, a decrease of about 37.9%[93]. Assets and Liabilities - Total current assets increased to $346,263 thousand as of September 30, 2024, from $327,742 thousand at the end of 2023, reflecting a 5.0% growth[10]. - The company reported a total of $495,341 thousand in assets as of September 30, 2024, up from $483,214 thousand at the end of 2023, marking a 2.4% increase[10]. - Total liabilities as of September 30, 2024, were $316,076 thousand, compared to $310,282 thousand as of December 31, 2023[181]. - Long-term debt decreased slightly to $125,790 thousand as of September 30, 2024, from $126,201 thousand at the end of 2023[10]. Cash Flow - Cash flows from operating activities showed a net outflow of $6,835 thousand for the nine months ended September 30, 2024, down from a net inflow of $29,990 thousand in the same period of 2023[13]. - Cash at the end of the period was $30,885 thousand, down from $46,293 thousand at the end of September 2023, reflecting a decrease of 33.3%[13]. - Net cash used in operating activities was $6.8 million for the nine months ended September 30, 2024, compared to net cash provided of $30.0 million in 2023[173]. - Net cash provided by investing activities was $12,868 thousand for the nine months ended September 30, 2024, compared to $(15,196) thousand for the same period in 2023[179]. Revenue Segments - For the three months ended September 30, 2024, total revenue was $171.772 million, with Vehicle Solutions contributing $97.296 million, Electrical Systems $43.380 million, and Aftermarket & Accessories $31.096 million[30]. - The Vehicle Solutions segment generated revenues of $312.785 million for the nine months ended September 30, 2024, compared to $362.820 million in the same period of 2023, reflecting a decrease of about 13.8%[93]. - The Electrical Systems segment reported revenues of $149.327 million for the nine months ended September 30, 2024, down from $172.236 million in 2023, indicating a decline of approximately 13.3%[93]. - The company’s total revenue from seats for the nine months ended September 30, 2024, was $237.678 million, compared to $189.085 million for the same period in 2023, reflecting an increase of approximately 25.6%[31]. Discontinued Operations - The company is undergoing a strategic shift by divesting its cab structures business and the Industrial Automation segment, which will be classified as discontinued operations[22]. - The company reported a net income from discontinued operations of $10.397 million for the period ended June 30, 2024[22]. - The company recorded a write-down loss of $8.2 million on the disposal group as of September 30, 2024[107]. - The Industrial Automation segment incurred a loss of $8.4 million for the three months ended September 30, 2024, compared to a profit of $479 thousand in the same period of 2023[106]. Expenses - Selling, general and administrative (SG&A) expenses decreased by 14.3% to $17.5 million, primarily due to a gain on the sale of a building[124]. - The company incurred $4.2 million in restructuring costs during the three months ended September 30, 2024, with $2.8 million related to headcount reductions[77]. - For the nine months ended September 30, 2024, total restructuring costs amounted to $9.8 million, with $7.7 million attributed to headcount reductions[78]. - Interest expense decreased to $2.4 million for the three months ended September 30, 2024, down from $2.5 million in the same period of 2023[126]. Stockholders' Equity - As of September 30, 2024, total stockholders' equity was $179.265 million, an increase from $172.932 million on December 31, 2023[16]. - The company’s retained deficit decreased to $(46.184) million as of December 31, 2023, from $(95.595) million on December 31, 2022[16]. - The accumulated other comprehensive loss increased to $(37.724) million as of September 30, 2024, from $(30.284) million at the end of 2023[72]. Future Outlook - The company anticipates future growth in the wire harness, warehouse automation, and electric vehicle markets, as well as plans for capital expenditures[180]. - The company plans to adopt new accounting standards related to reportable segment disclosures and income tax disclosures in the upcoming fiscal years[26][28].

Exhibit 99.1 CVG REPORTS THIRD QUARTER 2024 RESULTS Third quarter sales of $172 million, EPS of $(0.03), Adjusted EBITDA of $4.3 million Makes progress on strategic portfolio actions Provides updated guidance for full year 2024 NEW ALBANY, OHIO (November 4, 2024) - CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its third quarter ended September 30, 2024. As a result of strategic portfolio actions, results from the Cab Structures and Industri ...

NEW ALBANY, Ohio, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Commercial Vehicle Group (the “Company” or “CVG”) (NASDAQ: CVGI), a diversified industrial products and services company, is pleased to announce the appointment of two leaders to its executive leadership team. Peter Lugo joins the Company as President of our Electrical Systems segment, effective November 1, 2024. Mr. Lugo succeeds Richard Tajer, who will remain an employee of the Company until December 31, 2024. In addition, Carlos Jimenez has joined as Ex ...

Commercial Vehicle Group, Inc. (NASDAQ:CVGI) Q2 2024 Earnings Conference Call August 6, 2024 8:30 AM ET Company Participants Andy Cheung - Chief Financial Officer James Ray - President and Chief Executive Officer Conference Call Participants John Franzreb - Sidoti & Company Operator Good morning, ladies and gentlemen, and welcome to the CVG Q2 2024 Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator ...

EVG Earnings Presentation James Ray – President & Chief Executive Officer Andy Cheung – Executive Vice President & Chief Financial Officer Q2 2024 August 6, 2024 Forward Looking Statements and Non-GAAP Financial Measures These slides contain forward-looking statements that are subject to risks and uncertainties. These statements often include words such as "believe", "anticipate", "plan", "expect", "intend", "will", "should", "could", "would", "project", "targets" "forecast" "continue", "likely", and simila ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------|-------------------------- ...

Exhibit 99.1 CVG REPORTS SECOND QUARTER 2024 RESULTS EPS of $(0.05), Adjusted EPS of $0.06, reflecting additional restructuring activity Adjusted EBITDA of $10.0 million, free cash flow of $6.4 million Strategic actions taken to strengthen Vehicle Solutions Business Provides updated guidance for full year 2024 NEW ALBANY, OHIO (August 5, 2024) - CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its second quarter ended June 30, 2024. Second Qua ...