CVG Reports Third Quarter 2020 Results

About this update from Commercial Vehicle Group, Inc.

[{"type":"text","content":"NEW ALBANY, Ohio, Nov. 9, 2020 /PRNewswire/ -- CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its third quarter ended September 30, 2020.\n\n \n \n \n \n \n \n\n \nThird Quarter 2020 Highlights (Compared with prior-year period, except where mentioned)\nRevenue of $187.7 million, down 16.7% due to less commercial vehicle builds, offset partially by warehouse automation. Revenue was up 47.9% sequentially vs. the second quarter, as vehicle build rates recovered and warehouse automation grew. Operating Income of $8.9 million, down due to special charges. On an as adjusted basis, Operating Income increased sequentially by $15.6 million. Adjusted EBITDA of $16.4 million, up slightly on $37.7 million less revenues, due to lower costs and improved sales mix. Commercial vehicle markets recovered, but remain below pre-COVID rates. Warehouse automation market continues to grow due to ecommerce growth. The Company is having success with its growth program aimed at lessening its historical dependency on the North American combustion-engine, commercial truck market. Focus areas for future sales mix include: warehouse automation subsystems, last-mile delivery vehicles, electric vehicles, specialty vehicles and non-vehicle markets.Harold Bevis, President and Chief Executive Officer of CVG, commented, \"We are pleased with our third quarter performance and our near-term outlook. We are achieving results from our new sales strategies.\"\nLead in core markets - right-size cost structure, increase new product and innovation rate, pursue new customers, and reposition footprint. These are a mix of short-cycle and long-cycle initiatives.Leverage strengths into new markets - add new people, add new capabilities where needed, pursue brand-new markets, pursue brand-new customers, and implement brand-new marketing programs. These are a mix of short-cycle and long-cycle initiatives.Grow in Warehouse Automation market - add new people, expand capacity dedicated to this area, and expand product offering. These are largely short-cycle initiatives.Grow in Electric Vehicle market - add new people, pursue new customers, bundle CVG offering where possible, and adjust footprint. These are largely long-cycle initiatives.\"We are organizationally focused on growing and winning targeted new business w...

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