Commercial Vehicle Group, Inc. · NASDAQ:CVGI
Commercial Vehicle — Q2 2019 Earnings Presentation
14 slides from Commercial Vehicle's earnings presentation, Aug 9, 2019
Slide 1: Commercial Vehicle Group, Inc.
Exhibit 99.1 Page | 1 COMMERCIAL VEHICLE GROUP, INC.
Slide 2: Q2 2019 Earnings Conference Call
Patrick Miller President & CEO Tim Trenary Chief Financial Officer & Treasurer Kirk Feiler COMMERCIAL VEHICLE GROUP, INC. VP Corporate Development & Investor Q2 2019 Earnings Conference Call Relations August 9, 2019
Slide 3: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and sim
Slide 4: Q2 2019 Highlights
Q2 2019 Highlights • Revenue of $243M, up 4% vs. Q2 2018 • +14% North American MD/HD Truck revenues • -10% OEM Construction Equipment, primarily Asia Pacific • Foreign currency - $3.5M negative impact (reflected in changes above) • Operating income of $17M, down 18% vs. Q2 2018 • Mexico Border Minim
Slide 5: End Market Outlook - North America Truck Build
End Market Outlook - North America Heavy-Duty Truck (Class 8) Build (000’s) Medium-Duty Truck (Class 5-7) Build (000’s) 342 322 272 268 271 249 256 240 2017 2018 2019E 2020E 2017 2018 2019E 2020E Source: April 2019 ACT Research Report • Class 8 builds expected to be robust in 2019 • Class 5-7 builds
Slide 6: Secular Growth Themes Drive Investment
Secular Growth Themes Drive Investment Target high-growth, less cyclicalcyclical adjacent markets markets Trends driving Grow core wire harness proliferation of Deliver differentiated and trim products with electrical solutions new customers components; autonomous, Extend harness portfolio electrifi
Slide 7: Finance Update
Finance Update COMMERCIAL VEHICLE GROUP, INC.
Slide 8: Q2 2019 Financial Update
Q2 2019 Financial Update $M except per share data Q2 2019 Q2 2018 Qtr Change Revenue 243.2 233.4 4% Gross Profit 33.8 35.6 (5%) Gross Margin 13.9% 15.3% SGA 16.2 14.3 (13%) Operating Income 17.2 20.9 (18%) Operating Margin 7.1% 9.0% Diluted Earnings Per Share 0.23 0.43 (47%) • Revenue up 4% • Contin
Slide 9: Electrical Systems Segment Results
Electrical Systems Segment Results Qtr Electrical Systems 2Q 2019 Sales ($M) Q2 2019 Q2 2018 Change Revenue 141.9 134.6 6% Gross Profit 19.1 21.3 (10%) 20% Truck OEMs Construction OEMs Gross Margin 13.5% 15.8% 9% 54% Aftermarket / OE Service SG&A 3.7 3.8 (3%) 17% Other Operating Income 15.3 17.4 (12
Slide 10: Global Seating Segment Sales
Global Seating Segment Sales Qtr Global Seating 2Q 2019 Sales ($M) Q2 2019 Q2 2018 Change Revenue 105.3 102.2 3% 12% Truck OEMs Gross Profit 14.7 14.5 1% Construction OEMs 20% Gross Margin 14.0% 14.2% 49% Aftermarket / OE Service SG&A 5.2 5.5 6% 19% Other Operating Income 9.4 8.8 7% Operating Margin
Slide 11: Capital Structure
Capital Structure ($M) 6/30/2019 6/30/2018 Cash 60.5 44.6 ABL Availability 63.4 63.3 Total Liquidity 123.9 107.9 Debt 162.1 170.6 TTM EBITDA 79.5 76.2 Gross Leverage 2.0x 2.2x Net Leverage 1.3x 1.7x • No borrowings on asset-based line of credit in first half of 2019 • Net Leverage of 1.3x well below
Slide 12: Appendix
Appendix COMMERCIAL VEHICLE GROUP, INC.
Slide 13: Use of Non-GAAP Measures
Use of Non-GAAP Measures This 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 corporate activities
Slide 14: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (thousands) Page | 14 COMMERCIAL VEHICLE GROUP, INC.
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