Commercial Vehicle Group, Inc. · NASDAQ:CVGI
Commercial Vehicle — Q4 2024 Earnings Presentation
19 slides from Commercial Vehicle's earnings presentation, Mar 11, 2025
Slide 1: Q4-2024 Earnings Presentation
Q4-2024 Earnings Presentation James Ray – President & Chief Executive Officer March 11, 2025 Andy Cheung – Executive Vice President & Chief Financial Officer
Slide 2: Forward Looking Statements and Non-GAAP Financial Measures
Forward Looking Statements and Non-GAAP Financial Measures These slides contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. For this purpose, any statements contained herei
Slide 3: Q4 2024 Overview
Q4 2024 Overview 2024 TAKEAWAYS Q4 FINANCIAL OVERVIEW TRANSFORMATION PROGRESS NEW BUSINESS WINS • Strategic portfolio actions and process ~$97 MILLION improvement efforts have facilitated • Year-to-date program operational efficiencies wins, estimated peak REVENUE ADJUSTED EBITDA and position CVG we
Slide 4: New Organizational Structure
New Organizational Structure Segments through 12/31/24 Segments beginning 1/1/25 Segment Key Product Categories Segment Key Product Categories • Cable and Wire Global • Cable and Wire Electrical Harness Assemblies Harness Assemblies Electrical Systems • Control Boxes • Control Boxes (26% of 2024 sal
Slide 5: Fourth Quarter 2024 Results
Fourth Quarter 2024 Results CONSOLIDATED RESULTS (Continuing Operations) Commentary GAAP Measures Three Months Twelve Months • Revenue down 16% in Q4 due to lower sales caused by softening in Ended Dec 31 Ended Dec 31 customer demand in our Vehicle Solutions and Electrical Systems ($ in millions exc
Slide 6: 2024 Cash Flow
2024 Cash Flow Factors Impacting 2024 Cash Flow Category 2024 Impact ($M) Strategic Actions Supported Cab Structures and Industrial Automation Discontinued Operations $15 divestitures Headcount reductions to streamline cost Restructuring Actions $11 structure and improve profitability Chillicothe fa
Slide 7: Electrical Systems
Electrical Systems Sales and Adjusted Operating Income Commentary Q4 Full Year Revenue ($mm) • Revenue declined 28% in the quarter and 17% for the year, due to global -17% Construction and Agriculture market softness and the slower ramp of new -28% business wins 228.4 56.2 189.6 • Adjusted OI declin
Slide 8: Vehicle Solutions
Vehicle Solutions Sales and Adjusted Operating Income Commentary Q4 Full Year Revenue ($mm) • Revenue declined 15% in the quarter and 14% for the year, due to lower -14% customer demand and wind-down of certain programs -15% 470.0 • Adjusted OI declined $1.2 million in the quarter and $13.8 million
Slide 9: Aftermarket
Aftermarket Sales and Adjusted Operating Income Commentary Q4 Full Year Revenue ($mm) • Q4 revenue improved 4% year-over-year as slightly improved -5% customer demand and resolved production constraints drove +4% 137.1 129.6 increased volumes 30.4 31.6 • Q4 adjusted OI decline of $0.2 million due to
Slide 10: Key CVG Markets Update
Key CVG Markets Update NA Class 8 Heavy Truck Build Outlook CVG Revenue by End Market ACT Research is forecasting a weaker 2025 followed by strong growth in 2026 340 353 332 315 -2% 316 +12% -5% Heavy Truck 40 - 45% Construction/Ag 2022 2023 2024 2025F 2026F 20 – 25% Source: ACT Research Units in Th
Slide 11: Fiscal 2025 Outlook
Fiscal 2025 Outlook FY25 CVG Outlook ($M) Metric 2024 Results 2025 Outlook Net Sales $723.3 $670 - $710 Adjusted EBITDA $23.2 $25 - $30 • Class 8 truck build rate of 316k (down ~5% y/y); continued weakness in construction and agricultural markets offset by ramp of new business in Electrical Systems
Slide 12: CVG Key Investment Highlights
CVG Key Investment Highlights 1 Secular trends driving growth in total addressable market 2 Focused on growing our global Electrical Systems business 3 Strategic actions completed with the goal of improving operational efficiency and underlying profitability 4 Stronger operating leverage in anticipa
Slide 13: Appendix
Appendix Q4 2024 Earnings Presentation - 13
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures This earnings presentation contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company’s multi-year corporat
Slide 15: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q4 2024 Q4 2023 FY 2024 FY 2023 Operating Income/(Loss) (5.3) 4.1 (0.8) 39.9 Restructuring 1.0 1.4 10.8 1.8 Gain on sale of fixed assets - - (3.5) - Adjusted Operating Income (4.3) 5.4 6.5 41.7 % of Revenues (2.6%) 2.8% 0.9% 5.0% Ne
Slide 16: Reconciliation of GAAP to Non-GAAP Financial Measures – Diluted EPS
Reconciliation of GAAP to Non-GAAP Financial Measures – Diluted EPS (in millions except for share information) Q4 Q4 FY FY 2024 2023 2024 2023 Net income/(Loss) from continuing operations (35.0) 22.6 (35.7) 43.6 Operating income (loss) adjustments 1.0 1.4 7.2 1.8 Loss on early extinguishment of debt
Slide 17: Segment GAAP to Non-GAAP QTD
Segment GAAP to Non-GAAP QTD For the Three Months Ended December 31, 2024 (in millions) Vehicle Electrical Solutions Systems Aftermarket Corporate Total Operating Income/(Loss) 1.7 (1.7) 3.2 (8.5) (5.3) Restructuring 1.1 - (0.0) - 1.0 Adjusted Operating Income/(Loss) 2.8 (1.7) 3.1 (8.5) (4.3) % of R
Slide 18: Segment GAAP to Non-GAAP Full Year
Segment GAAP to Non-GAAP Full Year For the Twelve Months Ended December 31, 2024 Vehicle Electrical (in millions) Solutions Systems Aftermarket Corporate Total Operating Income/(Loss) 17.9 0.4 15.0 (34.1) (0.8) Restructuring 5.9 3.7 0.9 0.2 10.8 Gain on Sale of Assets (3.5) - - - (3.5) Adjusted Oper
Slide 19: Reconciliation of GAAP to Non-GAAP Cash Flow Information
Reconciliation of GAAP to Non-GAAP Cash Flow Information (in millions) Q4 2024 Q4 2023 FY 2024 FY 2023 CONTINUING OPERATIONS Cash Flow from Operations $ (17.2) $ 8.5 $ (19.5) $ 29.5 Capital Expenditures1 (4.0) (4.2) (17.7) (18.9) Proceeds From Disposal/Sale of Property, Plant, and Equipment - - 4.5
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