Commercial Vehicle(US:CVGI)2025-05-06 21:05Financial Performance - First quarter 2025 revenues were $169.8 million, a decrease of 12.7% compared to $194.6 million in the prior year[5] - Net loss from continuing operations was $3.1 million, or $(0.09) per diluted share, compared to net income of $1.4 million, or $0.05 per diluted share in the prior year[11] - Adjusted EBITDA for the first quarter was $5.8 million, down 40.2% from $9.7 million in the prior year, with an adjusted EBITDA margin of 3.4%[3] - Operating income for the first quarter was $1.4 million, down 68.9% from $4.5 million in the prior year[5] - The company reported a decrease in adjusted operating income to $2.1 million from $6.3 million in the prior year[5] - Revenues for the three months ended March 31, 2025, were $169.8 million, a decrease of 12.7% compared to $194.6 million for the same period in 2024[24] - Gross profit for the same period was $17.8 million, down 23.3% from $23.2 million year-over-year[24] - Adjusted gross profit was $18.3 million, representing 10.8% of revenues, down from 12.7% in the prior year[31] - The company reported an EBITDA of $5.1 million, which is 3.0% of revenues, down from 4.1% in the same quarter of 2024[31] Cash Flow and Outlook - Free cash flow improved to $11.2 million, an increase of $17.7 million due to better working capital management[3] - The company updated its full year 2025 outlook for net sales to a range of $660 million to $690 million, and adjusted EBITDA to a range of $22 million to $27 million[13] Market Trends and Projections - The North American Class 8 truck production levels are expected to be 255,000 units in 2025, down from 332,372 units in 2024[13] - Construction and Agriculture end markets are projected to decline approximately 5-15% in 2025, but new business wins in Electrical Systems are expected to soften this decline[14] Balance Sheet and Liabilities - Total assets decreased to $419.8 million as of March 31, 2025, from $424.6 million at the end of 2024[26] - Current liabilities increased to $138.6 million, up from $125.8 million at the end of the previous year[26] Historical Comparisons - Total revenues for the three months ended March 31, 2024, were $194,626 million, a decrease from $218,051 million in the same period of 2023, representing a decline of approximately 10.7%[35] - Gross profit for the three months ended June 30, 2024, was $20,568 million, down from $35,618 million in the same period of 2023, indicating a decrease of about 42.3%[35] - Adjusted operating income for the three months ended September 30, 2024, was a loss of $387 million, compared to an adjusted operating income of $12,489 million in the same period of 2023, reflecting a significant decline[36] - Operating income for the three months ended December 31, 2024, was a loss of $2,442 million, compared to a profit of $15,602 million in the same period of 2023, showing a substantial decrease[36] - The company incurred restructuring costs of $1,777 million for the three months ended March 31, 2024, compared to $90 million in the same period of 2023, indicating a significant increase in restructuring efforts[35] Expenses and Interest - Selling, general & administrative expenses for the three months ended June 30, 2024, were $16,680 million, up from $18,033 million in the same period of 2023, showing a slight decrease of about 7.5%[35] - Interest expense for the three months ended September 30, 2024, was $2,371 million, compared to $2,672 million in the same period of 2023, indicating a reduction of approximately 11.3%[36] - The company reported a loss before provision for income taxes of $6,395 million for the three months ended December 31, 2024, compared to a profit of $9,853 million in the same period of 2023, marking a significant downturn[36] Segment Performance - Revenues for the Global Seating segment for the three months ended March 31, 2024, were $80,797 million, down from $95,877 million in the same period of 2023, a decline of approximately 15.7%[35] - The company’s total cost of revenues for the three months ended June 30, 2024, was $173,097 million, compared to $185,182 million in the same period of 2023, reflecting a decrease of about 6.5%[35] Non-GAAP Measures - The company emphasizes the use of non-GAAP measures to provide supplemental metrics for assessing financial performance[40] - Non-GAAP financial measures are used internally for performance evaluation and may differ from similar measures used by other companies[42]