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 ...

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]