Commercial Vehicle(US:CVGI)2025-05-06 21:07Financial Performance - Consolidated revenues decreased by 12.8% to $169.8 million for the three months ended March 31, 2025, compared to $194.6 million in the same period of 2024[110]. - Gross profit fell by 23.2% to $17.8 million, with a gross profit margin of 10.5% in Q1 2025, down from 11.9% in Q1 2024[110][112]. - Net loss from continuing operations was $3.1 million for Q1 2025, compared to net income of $1.4 million in Q1 2024, reflecting a decrease of $4.6 million[110][116]. - The Global Seating Segment reported revenues of $73.4 million, a decrease of 9.1% from $80.8 million in Q1 2024, primarily due to decreased customer demand[117]. - The Global Electrical Systems Segment experienced a revenue decline of 14.1%, with revenues of $50.5 million compared to $58.7 million in the prior year[121]. - The Trim Systems and Components Segment saw revenues drop by 16.6% to $45.9 million, attributed to decreased customer demand[126]. Expenses and Cash Flow - Selling, general and administrative expenses decreased by 12.2% to $16.4 million in Q1 2025, down from $18.7 million in Q1 2024[110][113]. - Net cash provided by operating activities was $15.2 million for Q1 2025, a significant improvement compared to net cash used of $2.4 million in Q1 2024[132]. - Net cash used in investing activities was $3.8 million, an increase from $1.9 million for the same period in 2024, primarily due to $3.2 million proceeds from the sale of the FinishTEK business in Q1 2024[133]. - Net cash used in financing activities for the three months ended March 31, 2025, was $18.1 million, compared to net cash provided of $14.2 million in the same period of 2024, mainly due to partial repayment of the revolving credit facility[134]. Capital and Future Outlook - Capital expenditures for 2025 are expected to be in the range of $10 million to $15 million[133]. - The company anticipates future growth in the wire harness, warehouse automation, and electric vehicle markets, along with plans to improve financial results and address customer needs[138]. - The company is focused on strategic plans that include organic growth and potential acquisitions to enhance market position[138]. Market and Risk Factors - The company is navigating external factors such as geopolitical dynamics and fluctuating foreign exchange rates, which may impact costs and pricing strategies[109]. - The company acknowledges that various economic and competitive factors could cause actual results to differ materially from forward-looking statements made[139]. - There have been no material changes in the company's exposure to market risk as of March 31, 2025, compared to disclosures in the 2024 Form 10-K[140]. - As of March 31, 2025, there have been no material changes to the company's critical accounting estimates from those disclosed in the 2024 Form 10-K[137].