Commercial Vehicle(US:CVGI)2025-11-10 22:17Financial Performance - Third quarter 2025 revenues were $152.5 million, a decrease of 11.2% compared to $171.8 million in the prior year period[6] - Adjusted EBITDA for the third quarter was $4.6 million, up 7.0% from $4.3 million in the prior year, with an adjusted EBITDA margin of 3.0%, an increase from 2.5%[3] - Net loss from continuing operations was $6.8 million, or $(0.20) per diluted share, compared to a net loss of $0.9 million, or $(0.03) per diluted share in the prior year[7] - Adjusted operating income for the third quarter was $1.6 million, compared to an adjusted operating loss of $0.4 million in the prior year, driven by improved gross margin performance and lower SG&A expenses[3] - Revenues for the three months ended September 30, 2025, were $152.489 million, a decrease of 11.2% compared to $171.772 million for the same period in 2024[22] - Gross profit for the three months ended September 30, 2025, was $16.043 million, slightly down from $16.421 million in the prior year, representing a gross margin of 10.5%[22] - Net loss from continuing operations for the three months ended September 30, 2025, was $(6.820) million, compared to a loss of $(0.883) million in the same period of 2024[22] - Adjusted net income (loss) from continuing operations for the three months ended September 30, 2025, was $(4.587) million, reflecting a significant decline from $(0.378) million in the prior year[29] - The company reported an operating loss of $(1.061) million for the three months ended September 30, 2025, consistent with the loss of $(1.060) million in the same period of 2024[29] - The company’s diluted earnings per share from continuing operations for the three months ended September 30, 2025, was $(0.20), compared to $(0.03) in the same period of 2024[22] - EBITDA for Q3 2025 was $1,664 million, representing 1.1% of revenues, down from $3,675 million or 2.1% in Q3 2024[31] - Adjusted EBITDA for Q3 2025 increased to $4,642 million, or 3.0% of revenues, compared to $4,348 million or 2.5% in Q3 2024[31] - Free cash flow from continuing operations for Q3 2025 was $(3,446) million, a significant decrease from $17,148 million in Q3 2024[33] - Total operating income for the nine months ended September 30, 2025, was $1,143 million, compared to $4,513 million for the same period in 2024[32] - Adjusted operating income for the nine months ended September 30, 2025, was $5,687 million, reflecting a decrease from $10,738 million in 2024[32] Cash Flow and Assets - The company expects to generate at least $30 million in free cash flow for the full fiscal year 2025[4] - Cash increased to $31.326 million as of September 30, 2025, from $26.630 million at December 31, 2024[24] - Cash flows from operating activities for Q3 2025 were $(1,686) million, compared to $(4,190) million in Q3 2024[33] Debt and Interest - Interest associated with debt increased to $4.1 million in the third quarter 2025, up from $2.4 million in the prior year due to higher interest rates[6] - Interest expense for Q3 2025 was $4,068 million, up from $2,371 million in Q3 2024[31] Segment Performance - The Global Electrical Systems segment returned to year-over-year revenue growth in the third quarter, driven by new business wins outside of the Construction and Agriculture end markets[2] Guidance and Forecast - Full year 2025 sales guidance has been updated to a range of $640 million to $650 million, down from the previous range of $650 million to $670 million[11] - The North American Class 8 truck production forecast for 2025 is expected to be 239,000 units, down 28% from 2024 actual production levels[13] Expenses - Selling, general and administrative expenses for the three months ended September 30, 2025, were $17.104 million, a slight decrease from $17.481 million in the prior year[22] - The company is focused on reducing SG&A expenses and optimizing operations to improve profitability amid lower demand[2] Balance Sheet - Total assets as of September 30, 2025, were $400.265 million, down from $424.573 million at the end of 2024[24] - Total liabilities decreased to $263.738 million as of September 30, 2025, compared to $288.981 million at December 31, 2024[24] Restructuring and Tax - The company reported a restructuring expense of $2,703 million for Q3 2025, compared to $4,217 million in Q3 2024[31] - The company recorded a provision for income taxes of $687 million in Q3 2025, compared to a tax benefit of $(1,515) million in Q3 2024[31]