Commercial Vehicle(US:CVGI)2024-11-04 21:19Revenue Performance - Third quarter 2024 revenues were $171.8 million, a decrease of 15.3% compared to $202.9 million in the prior year period, primarily due to lower customer demand [3][12]. - The Vehicle Solutions segment reported revenues of $97.3 million, a decrease of 15.6% from the prior year, attributed to lower sales volume and program wind-downs [17]. - The Electrical Systems segment experienced a revenue decline of 19.5%, with revenues of $43.4 million compared to $53.9 million in the prior year [19]. - Revenues for the three months ended September 30, 2024, were $171.772 million, a decrease of 15.4% compared to $202.897 million for the same period in 2023 [1]. Profitability and Loss - Operating loss for the third quarter 2024 was $1.1 million, down from operating income of $8.9 million in the prior year, driven by lower sales volumes and operational inefficiencies [4][13]. - Gross profit for the three months ended September 30, 2024, was $16.421 million, down 44.0% from $29.309 million in the prior year [1]. - Adjusted EBITDA for the third quarter 2024 was $4.3 million, down 64.8% from $12.2 million in the prior year, with an adjusted EBITDA margin of 2.5% compared to 6.0% [6][11]. - Net income for the three months ended September 30, 2024, was $9.514 million, an increase from $7.290 million in the same period last year [1]. - Basic earnings (loss) per share from continuing operations for the three months ended September 30, 2024, was $(0.03), compared to $0.14 for the same period in 2023 [1]. - The company reported a diluted EPS of $(0.03) for the three months ended September 30, 2024, compared to $0.14 in the same period last year [41]. Financial Outlook - The company revised its full year 2024 outlook for net sales to $710 million - $740 million, down from the previous range of $730 million - $780 million [24]. - Adjusted EBITDA guidance for 2024 was also revised to $20 million - $25 million, down from $28 million - $36 million [24]. Cash Flow and Liquidity - The company had $14.0 million of outstanding borrowings on its U.S. revolving credit facility and total liquidity of $177.2 million as of September 30, 2024 [16]. - The company’s cash balance as of September 30, 2024, was $30.885 million, a decrease from $37.848 million as of December 31, 2023 [2]. - Cash flows from operating activities for the total company were $(17,067) million for the three months ended September 30, 2024, compared to $18,468 million in the prior year [48]. Asset and Liability Overview - Total current assets as of September 30, 2024, were $346.263 million, up from $327.742 million as of December 31, 2023 [2]. - Total liabilities as of September 30, 2024, were $316.076 million, compared to $310.282 million as of December 31, 2023 [2]. Market Conditions - Market forecasts indicate a projected 15% to 20% decline in global agriculture market demand and a 10% to 15% decline in construction market demand for 2024 [25].