NEW ALBANY, Ohio, July 26, 2024 (GLOBE NEWSWIRE) -- CVG (NASDAQ:CVGI) will hold its quarterly conference call on Tuesday, August 6, 2024, at 8:30 a.m. ET, to discuss second quarter 2024 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 11335. International participants dial (289) 819-1520 using conference code 11335. This call is being webcast and can be accessed through the "Investors" section of ...

Financial Data and Key Metrics Changes - The company reported net sales of $232 million in Q1 2024, down from $263 million in the prior year period, reflecting a decrease in revenues due to softening customer demand globally [127][118] - Adjusted EBITDA was $12.7 million for the first quarter compared to $19.8 million in the prior year, with adjusted EBITDA margins decreasing to 5.5% from 7.5% [119][122] - Net income for the quarter was $2.9 million or $0.09 per diluted share, down from $8.7 million or $0.26 per diluted share in the prior year [19] Business Line Data and Key Metrics Changes - The vehicle solutions segment's revenues decreased by 14% to $137.9 million due to lower customer demand and the wind-down of unfavorable programs [7][8] - The industrial automation segment's revenues fell by 56% to $4.3 million, attributed to challenging market conditions and reduced demand from legacy customers [9] - The electrical system segment achieved revenues of $55.8 million, an increase of 1.9%, primarily due to increased pricing, although sales volume saw a slight decline [20][22] Market Data and Key Metrics Changes - Industry forecasts project a decline in North American Class A truck bills of approximately 10% for the year, a slight improvement from a previous estimate of a 16% decline [11] - The construction and agriculture end markets are expected to be flat to down 10% in 2024, impacting overall demand [11] Company Strategy and Development Direction - The company is focused on strengthening its core business in vehicle solutions, reducing costs, and driving operational improvements [8] - A transformation is underway to shift from a contract manufacturing model to a more engineered product, serialized production business with longer-term contracts [18] - The company is actively exploring new end markets and developing new highly engineered products, such as the Stack product showcased at the MODEX Trade Show [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of inflation and foreign exchange headwinds, particularly from labor increases in Mexico and the strengthening of the peso [75][96] - The company remains optimistic about generating positive free cash flow and is prepared to pursue debt pay down or inorganic growth opportunities [12] - Management reaffirmed guidance for 2024 revenues in the range of $915 million to $1.015 billion, citing confidence in the diversification strategy and resource allocation [133][134] Other Important Information - The company executed approximately $2 million in restructuring costs in Q1, primarily related to headcount reductions and facility closures [16] - The second Morocco facility is on track for completion by Q4 2024, enhancing the company's footprint in Europe [129] Q&A Session Summary Question: Impact of program wind downs on revenue - Management indicated that the majority of the wind down has been completed, with a single-digit million level of impact for the quarter [14] Question: Restructuring actions and anticipated savings - Management stated that restructuring actions are ongoing, with approximately $2 million in costs executed in Q1, and they expect to complete most activities by Q3 [16][31] Question: Outlook for electrical systems segment - Management noted that the electrical systems segment is facing challenges due to reduced demand in construction and agriculture, but they remain confident in long-term growth opportunities [39][61] Question: Guidance for EBITDA and potential risks - Management highlighted that the guidance range for adjusted EBITDA remains solid, but risks include potential downturns in the electrical segment and supply chain disruptions [40][42] Question: New business wins and annual targets - Management confirmed that they are on track to achieve $100 million in new business wins for the year, with a strong funnel of opportunities across various segments [46][81]

Commercial Vehicle Group (CVGI) came out with quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.18 per share. This compares to earnings of $0.28 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -27.78%. A quarter ago, it was expected that this supplier of products for heavy duty trucks would post earnings of $0.15 per share when it actually produced earnings of $0.09, delivering a surprise of -40 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨ Indicate by check mark whether the registrant has submitted electronically e ...

Financial Performance - Revenues for the first quarter 2024 were $232.1 million, a decrease of 11.6% compared to $262.7 million in the prior year period, primarily due to softening customer demand[14] - Operating income for the first quarter 2024 was $6.6 million, down 55.1% from $14.6 million in the prior year, driven by lower sales volumes and increased restructuring charges[6] - Adjusted EBITDA for the first quarter 2024 was $12.7 million, a decrease of 35.9% from $19.8 million in the prior year, with an adjusted EBITDA margin of 5.5% compared to 7.5%[8] - Net income for the first quarter 2024 was $2.9 million, or $0.09 per diluted share, down from $8.7 million, or $0.26 per diluted share in the prior year[11] - Total operating income for Q1 2024 was $6,572, down from $14,644 in Q1 2023, representing a decrease of approximately 55.1%[51] - Adjusted operating income for Q1 2024 was $8,469, compared to $15,357 in Q1 2023, reflecting a decline of about 44.8%[53] - Revenues for Q1 2024 were $232,068, a decrease of 11.7% from $262,709 in Q1 2023[51] - Gross profit for Q1 2024 was $26,665, down from $35,209 in Q1 2023, indicating a reduction of approximately 24.3%[52] Market Conditions - The company projects global agriculture and construction market demand to be flat to down 10% in 2024, indicating a deterioration in market conditions[45] - The company is taking proactive cost actions to address current market conditions and expects improved profitability across its core business throughout the year[10] Business Segments - Electrical Systems revenues increased by 1.9% year-over-year to $55.8 million, despite overall market softness[6] - New business wins in the quarter were approximately $45 million when fully ramped, concentrated in the Electrical Systems segment[7] - The company is focused on driving operational efficiency improvements and growing its Electrical Systems segment to be its largest business[9] Guidance and Outlook - The company reaffirmed its full-year revenue guidance of $915 million to $1,015 million and adjusted EBITDA guidance of $60 million to $73 million for fiscal year 2024[30] - The company reaffirmed its outlook for the full year 2024 during the earnings call[44] Cash Flow and Balance Sheet - Cash flows from operating activities for Q1 2024 were $(2,356), compared to $58 in Q1 2023, showing a significant decline[62] - Free cash flow for Q1 2024 was $(7,415), compared to $(3,263) in Q1 2023, indicating a worsening cash flow situation[62] - The balance sheet remains strong with a net leverage ratio of 1.8x and total liquidity of $189.3 million[18] - Total current assets increased to $356,196 as of March 31, 2024, up from $327,742 at December 31, 2023[50] - Total liabilities rose to $333,706 as of March 31, 2024, compared to $310,282 at December 31, 2023, reflecting an increase of approximately 7.5%[50]

EPS of $0.09, Adjusted EBITDA of $12.7 millionElectrical Systems revenues up 1.9% year-over-year despite a softening in end marketsReaffirming full-year Revenue and Adjusted EBITDA guidance ranges NEW ALBANY, Ohio, May 06, 2024 (GLOBE NEWSWIRE) -- CVG (NASDAQ:CVGI), a diversified industrial products and services company, today announced financial results for its first quarter ended March 31, 2024. First Quarter 2024 Highlights (Compared with prior year, where comparisons are noted) Revenues of $232.1 millio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No þ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Schedule 15(d) of the Act. Yes ¨ No þ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preced ...

NEW ALBANY, Ohio, March 11, 2024 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI) announced today that James Ray, President and Chief Executive Officer, and Andy Cheung, Executive Vice President and Chief Financial Officer, will present virtually at the Sidoti Small-Cap Virtual Conference on March 14, 2024, at 9:15 a.m. ET. A link to the webcast and associated presentation materials can be accessed through the investor section of the Company’s website at cvgrp.com. Management will also meet virtually with investors r ...

Commercial Vehicle Group, Inc. (NASDAQ:CVGI) Q4 2023 Earnings Conference Call March 5, 2024 10:00 AM ET Company Participants Andy Cheung – Chief Financial Officer James Ray – President and Chief Executive Officer Conference Call Participants Joe Gomes – Noble Capital John Franzreb – Sidoti Gary Prestopino – Barrington Guillermo Herrera – Gabelli Funds Steven Martin – Slater Capital Steve Emerson – Emerson Investment Group Andrew Brickman – Altair Operator Good morning, ladies and gentlemen, and welcome to t ...

James Ray – President & Chief Executive Officer Andy Cheung – Executive Vice President & Chief Financial Officer 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 similar expressions. In particular, this document may contain forward-looking statements about the Company's expec ...