Business
CVG Reports Third Quarter 2021 Results
Quarterly Sales of $239.6 million, EPS $0.23, Adjusted EPS $0.25 Estimated $168 million of Net New Annualized Business Secured Year to Date NEW ALBANY, Ohio,
About this update from Commercial Vehicle Group, Inc.
[{"type":"text","content":"Quarterly Sales of $239.6 million, EPS $0.23, Adjusted EPS $0.25 Estimated $168 million of Net New Annualized Business Secured Year to Date NEW ALBANY, Ohio, Nov. 02, 2021 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its third quarter ended September 30, 2021. Third Quarter 2021 Highlights (Compared with prior-year period, where comparisons are noted) Revenue of $239.6 million, up 27.7%. The increase year over year is primarily driven by new business wins in Warehouse Automation and material cost pass through.Operating Income of $11.4 million, up $2.5 million or 28.1% primarily due to higher sales volume in Q3 2021. Adjusted operating income of $12.2 million was in-line with prior year even with profit compression from cost inflation and increased expenses relating to new business wins.Net income was $7.5 million, or $0.23 per diluted share. Excluding certain special costs, adjusted net income was $8.1 million, or $0.25 per diluted share, an increase of $0.04 per share.Adjusted EBITDA of $16.9 million, up $0.5 million primarily due to higher sales volumes.Estimated $168.0 million of net new annualized business secured year to date with multi-year platform value expectations. The Company's organic growth program to improve its customer roster, its profitability rates and lessen its cyclicality is delivering results. Harold Bevis, President and Chief Executive Officer of CVG, said, \"CVG continues to have record level revenues even in a modest truck build year. We believe this is a good reflection of the successes we are having in our global organic sales growth process. We continue to lessen our dependence on legacy customers and older vehicle platforms. Some of our achievements in the last 21 months include landing 236 new business wins with 33 new customers in the US, Mexico, Canada, UK, Germany, India, China and Japan. Most of this business is in design, development, trial and/or initial production phase. Our momentum continues to grow and it gives us increased confidence in our ability to diversify our customer and revenue portfolio. The types of new business we are winning includes components, sub-assemblies and systems for: electric delivery vans, electric and fuel cell trucks, electric buses, electric battery systems, ATV's, side-by-si...