Business
Commercial Vehicle Group Announces Second Quarter 2020 Results
Second Quarter 2020 Highlights - Revenues totaled $126.9 million - Operating Loss of $10.5 million - Adjusted EBITDA totaled $1.2 million - $106.6 million
About this update from Commercial Vehicle Group, Inc.
[{"type":"text","content":"Second Quarter 2020 Highlights\n - Revenues totaled $126.9 million\n - Operating Loss of $10.5 million\n - Adjusted EBITDA totaled $1.2 million\n - $106.6 million total liquidity; $63.4 million cash and $43.2 million revolver availability\n - Core markets in recovery mode\n - Rapid cost reduction actions\n\n\nNEW ALBANY, Ohio, Aug. 10, 2020 /PRNewswire/ -- Commercial Vehicle Group, Inc. (the \"Company\" or \"CVG\") (NASDAQ: CVGI) today reported financial results for the second quarter ended June 30, 2020, including revenues of $126.9 million, net loss of $12.5 million, EPS of $(0.40), pre-tax special charges of $7.0 million, and adjusted EPS of $(0.24).\n\n \n \n \n \n \n \n\n \n \n \nSecond Quarter\n($ in millions except EPS)\n2020\n2019\nRevenues\n$126.9\n$243.2\nOperating (Loss) Income\n$(10.5)\n$15.9\nAdjusted Operating (Loss) Income 1\n$(3.6)\n$15.9\nNet (Loss) Income\n$(12.5)\n$6.1\nBasic and Diluted EPS\n$(0.40)\n$0.20\nAdjusted Basic and Diluted EPS 1\n$(0.24)\n$0.26\nAdjusted EBITDA 1\n$1.2\n$19.0\n1 See Appendix A for GAAP to Non-GAAP reconciliation\n \n \n\"We navigated through an incredibly difficult quarter which was exacerbated by the COVID-19 pandemic that led to a rapid contraction in our end markets and the temporary shutdowns of our customers' operations. However, we moved quickly to align the business to the new realities we are facing, and as a result of our actions, we generated positive adjusted EBITDA and free cash flow during the quarter, while maintaining liquidity of greater than $100 million,\" commented Harold Bevis, President and Chief Executive Officer of CVG. \n\"Importantly, we had significant new business wins with a large e-commerce customer to deliver warehouse automation and material handling equipment, and seating systems for last mile delivery electric vehicles, which we expect will come online in the next few quarters. We are also seeing strong signs of recovery in our core end markets. We continue to feel effects of the global pandemic throughout our operations and we believe we are taking necessary precautions to keep our employees safe and healthy and to keep our operations running efficiently. Our cost optimization efforts, including permanent and temporary cost reduction measures, coupled with the significant new business wins during the quarter have created new momentum and energy wit...