Business
CVG Reports Second Quarter 2023 Results
Strong quarterly revenues of $262 million, up 4.5% year-over-yearEPS of $0.30, adjusted EBITDA of $20.8 million or 7.9% of revenueContinued strategy execution
About this update from Commercial Vehicle Group, Inc.
[{"type":"text","content":"Strong quarterly revenues of $262 million, up 4.5% year-over-yearEPS of $0.30, adjusted EBITDA of $20.8 million or 7.9% of revenueContinued strategy execution and operational excellence driving improved results NEW ALBANY, Ohio, Aug. 01, 2023 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its second quarter ended June 30, 2023. Second Quarter 2023 Highlights (Compared with prior year, where comparisons are noted) Revenues of $262.2 million, up 4.5% primarily driven by strong price realization.Operating income of $15.9 million, up 156.0%; adjusted operating income of $16.7 million, up 106.2%. Improved operating income was driven primarily by improved pricing and cost management.Net income of $10.1 million, or $0.30 per diluted share. Adjusted net income of $10.7 million, or $0.32 per diluted share.Adjusted EBITDA of $20.8 million, up 67.7% with an adjusted EBITDA margin of 7.9%, tracking further towards the Company's long-term profitability target.Net new business wins year-to-date are $124 million. The majority of the new business awards continue to be in the Electrical Systems segment.Our cost reduction program continues to deliver cost savings through process improvements, footprint changes and organizational streamlining. Robert C. Griffin, Chairman of the Board and Interim President and Chief Executive Officer, said, \"CVG delivered solid second quarter results and we continued to execute well on our long-term strategy. The team’s efforts to drive the Company’s strategic plan are delivering improved financial results, highlighted by strong improvements in revenue, operating income, adjusted EBITDA and free cash flow during the quarter. Additionally, I am pleased to report that our Electrical Systems plant expansions are on track and the Aldama, Mexico plant is open and ramping up production. We remain on track to deliver record revenues in 2023 and continue to expect our full year Adjusted EBITDA margins to show significant expansion versus last year, based on the current vehicle production outlook for the second half of the year. We also believe we continue to be on track to deliver our 2027 targets of $1.5 billion in revenue and 9% EBITDA margin.” Mr. Griffin concluded, “I would like to thank our team of employees who helped us improve C...