Business
CVG Reports Fourth Quarter and Full Year 2022 Results
Fourth quarter sales of $235 million, a 2.6% increase year-over-year Net loss $32.0 million, adjusted EBITDA of $13.3 million, a 3.1% increase in adjusted
About this update from Commercial Vehicle Group, Inc.
[{"type":"text","content":"Fourth quarter sales of $235 million, a 2.6% increase year-over-year Net loss $32.0 million, adjusted EBITDA of $13.3 million, a 3.1% increase in adjusted EBITDAContinued price realization to offset inflation Business transformation continues, record annual sales of $982 million In 2023, Company expects to realize ~$150 million in new business revenueStrong free cash flow and debt paydown exceeded target at ~$43 million NEW ALBANY, Ohio, March 06, 2023 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its fourth quarter and full year ended December 31, 2022. Fourth Quarter 2022 Highlights (Compared with prior-year period, where comparisons are noted) Revenue of $234.9 million, up 2.6% as demand and price increases came through as expected. New business revenues fully offsetting softness in Industrial Automation (formerly known as Warehouse Automation). New business revenue was approximately $20 million in the quarter and $130 million for the full year.Net loss of $32.0 million, or $0.98 per diluted share was caused by non-cash charges related to tax valuation allowance changes, a pension settlement to terminate the Company’s U.S. legacy pension plan, and a $10.4 million non-cash charge in Industrial Automation segment due to modest outlook for the business. The Company no longer has a pension liability in the United States.Adjusted EBITDA of $13.3 million, up $0.4 million or 3.1%. Our pricing actions, solid demand, and new business revenues in our three vehicle-related segments are fully offsetting slowdown in the Industrial Automation segment. Startup expenses on new business ramp-ups were high at $3.3 million in the quarter, but set the stage for a much improved 2023.Price negotiations during the quarter secured further increases beginning January 2023. Full Year 2022 Highlights (Compared with prior-year period, where comparisons are noted) Revenue of $981.6 million, an annual record for the Company driven by the three vehicle segments, current year contribution of new business revenue, and higher prices to offset inflation.Continued to gain new business on a wider spectrum of Non-Class 8 vehicles, with a wider set of customers, and new products. The Company secured an additional $150 million of new business wins during the year; these wins are...