Commercial Vehicle(CVGI) - 2024 Q1 - Quarterly Results

Financial Performance - Revenues for the first quarter 2024 were $232.1 million, a decrease of 11.6$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$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$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$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]