Commercial Vehicle(US:CVGI)2025-03-10 21:05Financial Performance - Full Year 2024 revenue was $723.4 million, a decrease of 13.4% compared to the previous year, primarily due to a global softening in customer demand [5]. - Fourth Quarter 2024 revenue was $163.3 million, down 15.7% from $193.7 million in the prior year period, attributed to lower sales in Vehicle Solutions and Electrical Systems segments [10]. - Net loss from continuing operations for Q4 2024 was $35.0 million, or $(1.04) per diluted share, compared to net income of $22.6 million, or $0.67 per diluted share in the prior year [10]. - Adjusted EBITDA for Q4 2024 was $0.9 million, down 89.2% from $8.3 million in Q4 2023, with an adjusted EBITDA margin of 0.6% [8]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was $23,204 thousand, down from $54,632 thousand in the previous year, indicating a decrease of 57.5% [33]. - Adjusted operating income for the twelve months ended December 31, 2024, was $6,482 thousand, down from $41,673 thousand in 2023, a decrease of 84.4% [36]. - Free cash flow from continuing operations for Q4 2024 was $798 thousand, a decrease from $4,330 thousand in Q4 2023 [38]. - The company reported a diluted EPS of $(1.04) for Q4 2024, compared to $0.67 in Q4 2023 [31]. - Adjusted diluted EPS for Q4 2024 was $(0.15), a decline from $(0.01) in Q3 2024 [42]. Business Outlook - The company anticipates 2025 net sales to be between $670 million and $710 million, reflecting expected stabilization in key end markets [13]. - New business wins are projected to exceed $97 million when fully ramped, primarily in the Electrical Systems segment [7]. - Construction and Agriculture end markets are expected to decline by approximately 5-10% in 2025, but new business wins are expected to mitigate this decline [14]. Organizational Changes - The company closed the sale of its Industrial Automation business on October 30, 2024, allowing a focus on core segments [5]. - A new organizational structure will be implemented effective January 1, 2025, aimed at enhancing alignment with customers and end markets [15]. Liquidity and Assets - The company had total liquidity of $111.0 million at the end of Q4 2024, with $50.5 million in outstanding borrowings on its revolving credit facility [10]. - Total current assets decreased to $303.300 million in 2024 from $327.742 million in 2023, a decline of 7.4% [27]. - Total liabilities decreased to $288.981 million in 2024 from $310.282 million in 2023, a reduction of 6.9% [27]. - The total stockholders' equity decreased to $135.592 million in 2024 from $172.932 million in 2023, a decline of 21.5% [27]. Operational Performance - Gross profit for Q4 2024 was $13.075 million, down 46.4% from $24.377 million in Q4 2023 [25]. - Operating loss for Q4 2024 was $(5.271) million, compared to an operating income of $4.068 million in Q4 2023 [25]. - Adjusted gross profit for Q4 2024 was $13.643 million, representing 8.4% of revenues, compared to 12.8% in Q4 2023 [31]. - Adjusted operating loss for Q4 2024 was $(4.256) million, with an adjusted operating income of $5.435 million in Q4 2023 [31]. - Operating income (loss) for the Aftermarket and Accessories segment in Q4 2024 was $3,161 thousand, while the Electric Systems segment reported a loss of $(1,685) thousand [36]. - Cash flows from operating activities for total company in Q4 2024 were $(26,617) thousand, compared to $8,286 thousand in Q4 2023 [38]. - The company recorded a loss on early extinguishment of debt amounting to $509 thousand in Q4 2024 [42]. - The company reported a restructuring expense of $10,784 thousand for the twelve months ended December 31, 2024, compared to $1,800 thousand in the previous year [36]. - The company experienced a restructuring expense of $1,777 million for the three months ended March 31, 2024, impacting overall financial performance [43]. Historical Performance - Revenues for Q4 2024 were $163.292 million, a decrease of 15.7% compared to $193.721 million in Q4 2023 [25]. - Total revenues for Q4 2024 were $163,292 thousand, compared to $171,772 thousand in Q3 2024, reflecting a decline of 4.3% [41]. - Net income from continuing operations for Q4 2024 was $(34,998) million, compared to $22,571 million in Q4 2023, representing a significant decline [33]. - Net income from continuing operations for the three months ended March 31, 2024, was $1,446 million, a significant decrease compared to a net loss of $34,998 million for the three months ended December 31, 2024 [43]. - Total revenues for the three months ended March 31, 2023, were $218,051 million, with the Vehicles Solutions segment contributing $126,671 million, the Electrical Systems segment $54,749 million, and Aftermarket and Accessories $36,631 million [44]. - Gross profit for the three months ended June 30, 2023, was $35,517 million, with an adjusted gross profit of $35,823 million [44]. - Operating income for the three months ended March 31, 2023, was $12,399 million, while adjusted operating income was $12,489 million [44]. - Interest expense for the three months ended March 31, 2023, was $2,749 million, with a provision for income taxes of $2,706 million [45]. - EBITDA for the three months ended March 31, 2023, was $15,969 million, accounting for 7.3% of revenues, while adjusted EBITDA was $16,059 million, or 7.4% of revenues [45]. - The company reported a diluted EPS of $0.22 for the three months ended March 31, 2023, with an adjusted diluted EPS of $0.22 [44].