NEWS RELEASE
CVG Reports First Quarter 2025 Results
2025-05-06
First quarter sales of $170 million, EPS of $(0.09), Adjusted EBITDA of $5.8 million Signi cantly improved free cash ow enables further debt paydown
Updates guidance for full year 2025
NEW ALBANY, Ohio, May 06, 2025 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI), a diversi ed industrial products and services company, today announced nancial results for its rst quarter ended March 31, 2025.
During the quarter, the Company completed a strategic reorganization of its operations into three segments: Global Seating, Global Electrical Systems, and Trim Systems and Components. The results and comparisons presented below re ect continuing operations unless otherwise noted.
First Quarter 2025 Highlights (Results from Continuing Operations; compared with prior year, where comparisons are noted)
$0.05 per diluted share and adjusted net income of $2.8 million, or $0.08 per diluted share.
decreased $11.7 million compared to the year end 2024 level.
James Ray, President and Chief Executive O cer, said, "Our rst quarter results demonstrate sequential improvement in margins and free cash ow. Cash generation and debt paydown remain key priorities for CVG, as we look to build on our strong free cash performance in the rst quarter through further margin improvement, working capital reduction, and reduced capital expenditures. We are beginning to see the bene ts of e orts made in 2024, including strategic divestments of non-core businesses, to transform CVG. These divestitures, as well as our priority on improving operational e ciency, have allowed us to streamline operations, lower our cost structure, and drive cash generation to pay down debt. Despite industry-wide and global macroeconomic headwinds, we are prioritizing strong execution from the top down within CVG focused on cost mitigation, margin improvement, and operational e ciency."
Mr. Ray continued, "The actions we took last year position us well for the future. Change management is always di cult, and I would personally like to thank the entire CVG team for their e orts throughout the process. I would like to thank Bob Gri n, our current Chairman, for his contributions to CVG's strategic goals and priorities over the years. I am also excited to continue working with Bill Johnson, a current board member who is expected to become the Chairman of the Board following Mr. Gri n's retirement, e ective May 15, 2025. While we acknowledge the current macroeconomic uncertainties and geopolitical environment, the transformation undertaken in 2024 makes CVG a lower cost, more nimble company, better positioned to navigate these challenges. We are committed to execution, delivery, and driving operational e ciency, while managing the potential impact of trade policy."
Andy Cheung, Chief Financial O cer, added, "We are encouraged by the quarter-over-quarter improvement in our
nancial performance, as we start to see the bene ts of our strategic portfolio realignment and operational e ciency e orts. However, given the economic environment and policy concerns, we are adjusting our outlook to re ect current market conditions. Our focused portfolio, now more closely aligned with our customers through our re-segmentation, positions us for improved value capture as end markets recover."
First Quarter Financial Results from Continuing Operations (amounts in millions except per share data and percentages)
First Quarter
2025 2024 $ Change % Change
Revenues | $ | 169.8 $ | 194.6 $ | (24.8) | (12.7)% |
Gross pro t | $ | 17.8 $ | 23.2 $ | (5.4) | (23.3)% |
Gross margin | 10.5% | 11.9% |
Adjusted gross pro t1 | $ | 18.3 | $ | 24.7 | $ | (6.4) | (25.9)% |
Adjusted gross margin1 | 10.8% | 12.7% | |||||
Operating income | $ | 1.4 | $ | 4.5 | $ | (3.1) | (68.9)% |
Operating margin | 0.8% | 2.3% | |||||
Adjusted operating income1 | $ | 2.1 | $ | 6.3 | $ | (4.2) | (66.7)% |
Adjusted operating margin1 | 1.2% | 3.2% | |||||
Net income (loss) from continuing operations | $ | (3.1) | $ | 1.4 | $ | (4.5) | NM2 |
Adjusted net income (loss) from continuing operations1 | $ | (2.6) | $ | 2.8 | $ | (5.4) | NM2 |
Earnings (loss) per share, diluted | $ | (0.09) | $ | 0.05 | $ | (0.14) | NM2 |
Adjusted earnings (loss) per share, diluted1 | $ | (0.08) | $ | 0.08 | $ | (0.16) | NM2 |
Adjusted EBITDA1 | $ | 5.8 | $ | 9.7 | $ | (3.9) | (40.2)% |
Adjusted EBITDA margin1 | 3.4% | 5.0% |
1See Appendix A for GAAP to Non-GAAP reconciliation
2Not meaningful
Consolidated Results from Continuing Operations First Quarter 2025 Results
On March 31, 2025, the Company had $32.4 million of outstanding borrowings on its U.S. revolving credit facility and no outstanding borrowings on its China credit facility, $20.2 million of cash and $102.5 million of availability from the credit facilities (subject to covenant limitations), resulting in total liquidity of $122.7 million.
First Quarter 2025 Segment Results Global Seating Segment
income was $2.7 million compared to $2.8 million in the prior year period.
Global Electrical Systems Segment
Trim Systems and Components Segment
Outlook
CVG updated the Company's outlook for the full year 2025, based on current market conditions:
Metric | Prior 2025 Outlook ($ millions) | 2025 Outlook ($ millions) |
Net Sales | $670 - $710 | $660- $690 |
Adjusted EBITDA | $25 - $30 | $22 - $27 |
Free Cash Flow | > $20 |
This outlook re ects, among others, current industry forecasts for North America Class 8 truck builds. According to ACT Research, 2025 North American Class 8 truck production levels are expected to be at 255,000 units. The 2024 actual Class 8 truck builds according to the ACT Research was 332,372 units.
Construction and Agriculture end markets are projected to decline approximately 5-15% in 2025. However, we expect the contribution from new business wins outside of Construction and Agriculture end markets in Electrical Systems to soften this decline.
GAAP to Non-GAAP Reconciliation
A reconciliation of GAAP to non-GAAP nancial measures referenced in this release is included as Appendix A to this release.
Conference Call
A conference call to discuss this press release is scheduled for Wednesday, May 7, 2025, at 8:30 a.m. ET. Management intends to reference the Q1 2025 Earnings Call Presentation during the conference call. To participate, dial (800) 549-8228 using conference code 57416. International participants dial (289) 819-1520 using
conference code 57416.
This call is being webcast and can be accessed through the "Investors" section of CVG's website at ir.cvgrp.com, where it will be archived for one year.
A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (888) 660-6264 using access code 57416#.
Company Contact Andy Cheung
Chief Financial O cer CVG
IR@cvgrp.com
Investor Relations Contact Ross Collins or Stephen Poe Alpha IR Group CVGI@alpha-ir.com
About CVG
CVG is a global provider of systems, assemblies and components to the global commercial vehicle market and the electric vehicle market. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries and communities we serve. Information about the Company and its products is available on the internet at https://www.cvgrp.com.
Forward-Looking Statements
This press release 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 similar expressions. In particular, this press release may contain forward-looking statements about the Company's expectations for future periods with respect to its plans to improve
nancial results, the future of the Company's end markets, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction and agricultural equipment business, the Company's prospects in the wire harness, and electric vehicle markets, the Company's initiatives to address customer needs, organic growth, the Company's strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment and the Company's nancial position or other nancial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may di er materially from the anticipated results because of certain risks and uncertainties, including those included in the Company's lings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to re ect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly quali ed in their entirety by such cautionary statements.
Other Information
Throughout this document, certain numbers in the tables or elsewhere may not sum due to rounding. Rounding may have also impacted the presentation of certain year-on-year percentage changes.
COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(1)
Three Months Ended March 31, 2025 and 2024 (Unaudited)
(Amounts in thousands, except per share amounts)
Three Months Ended
March 31, 2025 | March 31, 2024 | ||
Revenues | $ 169,795 | $ 194,626 | |
Cost of revenues | 152,002 | 171,462 | |
Gross pro t | 17,793 | 23,164 | |
Selling, general and administrative expenses | 16,385 | 18,655 | |
Operating income | 1,408 | 4,509 | |
Other (income) expense | (72) | 212 | |
Interest expense | 2,503 | 2,186 | |
Income (loss) before provision for income taxes | (1,023) | 2,111 | |
Provision for income taxes | 2,116 | 665 | |
Net income (loss) from continuing operations | $ (3,139) | $ 1,446 | |
Net income (loss) from discontinued operations | (1,173) | 1,493 | |
Net income (loss) | (4,312) | 2,939 | |
Basic earnings (loss) per share Income (loss) from continuing operations | $ (0.09) | $ 0.05 |
Income (loss) from discontinued operations | $ | (0.03) | $ | 0.04 |
Diluted earnings (loss) per share Income (loss) from continuing operations | $ | (0.09) | $ | 0.05 |
Income (loss) from discontinued operations | $ | (0.03) | $ | 0.04 |
Weighted average shares outstanding: Basic | 33,693 | 33,325 | ||
Diluted | 33,693 | 33,403 | ||
(1) The operating results related to the cab structures business and Industrial Automation business have been re ected as discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented.
Current assets:
COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands, except per share amounts)
ASSETS March 31, 2025 December 31, 2024
Cash | $ 20,213 | $ 26,630 | |
Accounts receivable, net | 119,485 | 118,683 | |
Inventories | 123,086 | 128,224 | |
Other current assets | 30,667 | 29,763 | |
Total current assets | 293,451 | 303,300 | |
Property, plant and equipment, net | 68,684 | 68,861 | |
Intangible assets, net | 3,781 | 3,918 | |
Deferred income taxes | 11,381 | 11,084 | |
Other assets, net | 42,526 | 37,410 | |
Total assets | $ 419,823 | $ 424,573 |
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable | $ | 85,556 | $ | 77,002 | |
Accrued liabilities and other | 39,136 | 40,358 | |||
Current portion of long-term debt and short-term debt | 13,906 | 8,438 | |||
Total current liabilities | 138,598 | 125,798 | |||
Long-term debt | 103,494 | 127,062 | |||
Pension and other post-retirement bene ts | 8,472 | 8,143 | |||
Other long-term liabilities | 32,603 | 27,978 | |||
Total liabilities | $ | 283,167 | $ | 288,981 | |
Stockholders' equity: Preferred stock | $ | - | $ | - | |
Common stock | 337 | 337 | |||
Treasury stock | (16,468) | (16,468) | |||
Additional paid-in capital | 269,887 | 269,117 | |||
Retained de cit | (78,363) | (74,051) | |||
Accumulated other comprehensive loss | (38,737) | (43,343) | |||
Total stockholders' equity | 136,656 | 135,592 | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 419,823 | $ | 424,573 |
COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES BUSINESS SEGMENT FINANCIAL INFORMATION
(Unaudited)
(Amounts in thousands)
Three Months Ended March 31,
Global Seating
Global Electrical Systems
Trim Systems and
Components Corporate/Other Total
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Revenues $ 73,408 $ 80,797 $ 50,453 $ 58,726 $ 45,934 $ 55,103 $ - $ - $ 169,795 $ 194,626
Gross pro t (loss) 9,091 10,846 3,990 4,825 4,712 7,600 - (107) 17,793 23,164
Selling, general &
administrative expenses | 6,378 | 8,051 | 4,306 4,382 | 3,177 3,400 | 2,524 2,822 | 16,385 18,655 |
Operating income (loss) | $ 2,713 | $ 2,795 | $ (316) $ 443 | $ 1,535 $ 4,200 | $ (2,524) $ (2,929) | $ 1,408 $ 4,509 |
COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
Appendix A: Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
(Amounts in thousands, except per share amounts and percentages)
Three Months Ended
March 31, 2025 March 31, 2024
Gross pro t | $ | 17,793 | $ | 23,164 |
Restructuring | 530 | 1,583 | ||
Adjusted gross pro t | $ 18,323 | $ 24,747 | ||
% of revenues | 10.8% | 12.7% | ||
Three Months Ended
March 31, 2025 March 31, 2024
Operating income | $ | 1,408 | $ | 4,509 |
Restructuring | 702 | 1,777 | ||
Adjusted operating income | $ 2,110 | $ 6,286 | ||
% of revenues | 1.2% | 3.2% | ||
Three Months Ended
Net income (loss) from continuing operations | $ | (3,139) | $ | 1,446 |
Operating income adjustments | 702 | 1,777 |
March 31, 2025 March 31, 2024
Adjusted provision for income taxes1 | (176) | (444) | |||
Adjusted net income (loss) from continuing operations | $ (2,613) | $ 2,779 | |||
Diluted EPS | $ | (0.09) | $ | 0.05 | |
Adjustments to diluted EPS | $ | 0.01 | $ | 0.03 | |
Adjusted diluted EPS $ (0.08) $ 0.08
1.Reported Tax Provision adjusted for tax e ect of special charges at 25%
Three Months Ended
March 31, 2025 March 31, 2024 | ||||
Net income (loss) from continuing operations | $ | (3,139) | $ | 1,446 |
Interest expense | 2,503 | 2,186 | ||
Provision for income taxes | 2,116 | 665 | ||
Depreciation expense | 3,438 | 3,431 | ||
Amortization expense | 141 | 183 | ||
EBITDA | $ 5,059 | $ 7,911 | ||
% of revenues | 3.0% | 4.1% | ||
EBITDA adjustments | ||||
Restructuring $ 702 $ 1,777 | ||||
Adjusted EBITDA | $ 5,761 | $ 9,688 | ||
% of revenues | 3.4% | 5.0% | ||
Three Months Ended March 31, 2025
Global Seating
Global Electrical Systems
Trim Systems and
Components Corporate/Other Total
Operating income (loss) | $ | 2,713 | $ | (316) | $ | 1,535 | $ | (2,524) | $ | 1,408 |
Restructuring | - | 530 | 45 | 127 | 702 | |||||
Adjusted operating income (loss) | $ 2,713 | $ 214 | $ 1,580 | $ (2,397) | $ 2,110 | |||||
% of revenues | 3.7% | 0.4% | 3.4% | 1.2% | ||||||
Three Months Ended March 31, 2024
Global Seating
Global Electrical Systems
Trim Systems and
Components Corporate/Other Total
Operating income (loss) | $ | 2,796 | $ | 444 | $ | 4,200 | $ | (2,931) | $ | 4,509 |
Restructuring | 45 | 1,091 | 470 | 171 | $ 1,777 | |||||
Adjusted operating income (loss) | $ 2,841 | $ 1,535 | $ 4,670 | $ (2,760) | $ 6,286 | |||||
% of revenues | 3.5% | 2.6% | 8.5% | 3.2% | ||||||
The following tables present reconciliations of the captions within CVG's Condensed Consolidated Statements of
Cash Flows to Free cash ow, attributable to continuing operations, discontinued operations, and total CVG for the three and three months ended March 31, 2025 and 2024.
Three Months Ended
March 31, 2025 March 31, 2024
CONTINUING OPERATIONS Cash ows from operating activities | $ | 15,015 | $ | (4,832) | |
Purchases of property, plant and equipment | (3,806) | (4,837) | |||
Proceeds from sale of business | - | 3,200 | |||
Free cash ow from continuing operations | $ | 11,209 | $ | (6,469) | |
DISCONTINUED OPERATIONS Cash ows from operating activities | $ | 157 | $ | 2,476 | |
Purchases of property, plant and equipment | - | (222) | |||
Free cash ow from discontinued operations | $ | 157 | $ | 2,254 | |
TOTAL COMPANY Cash ows from operating activities | $ | 15,172 | $ | (2,356) | |
Purchases of property, plant and equipment | (3,806) | (5,059) | |||
Proceeds from sale of business | - | 3,200 | |||
Free cash ow | $ | 11,366 | $ | (4,215) | |
COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
Appendix B: Supplemental Quarterly Reconciliation of GAAP to Non-GAAP Financial Measures 2024 and 2023 by Quarter
(Unaudited) (Amounts in thousands)
Three Months Ended March 31, 2024
Global Seating
Global Electrical
Systems
Trim Systems and
Components Total
Revenues | $ | 80,797 | $ | 58,726 | $ | 55,103 | $ 194,626 | ||
Cost of revenues | 69,951 | 53,901 | 47,503 | 171,355 | |||||
Gross pro t | 10,846 | 4,825 | 7,600 | 23,271 | |||||
Selling, general & administrative expenses | 8,051 | 4,382 | 3,400 | 15,833 | |||||
Operating income | $ 2,795 | $ 443 | $ | 4,200 | $ | 7,438 | |||
Corporate and other unallocated costs | 2,929 | ||||||||
Other (income) expense | 212 | ||||||||
Interest expense | 2,186 | ||||||||
Income before provision for income taxes | $ | 2,111 | |||||||
$ | 2,795 45 | $ | 443 1,091 | $ | 4,200 470 | $ | (2,929) 171 | $ | 4,509 1,777 | |||
$ 2,840 | $ | 1,534 | $ | 4,670 | $ (2,758) | $ | 6,286 | |||||
Three Months Ended March 31, 2024
Operating income (loss) Restructuring
Adjusted operating income (loss)
Global Seating
Global Electrical Systems
Trim Systems and
Components Corporate/Other Total
Three Months Ended June 30, 2024
Global Seating | Global Electrical Systems | Trim Systems and Components | Total | ||||
Revenues | $ 82,404 | $ 53,639 | $ 57,622 | $ 193,665 | |||
Cost of revenues | 71,770 | 49,655 | 51,672 | 173,097 | |||
Gross pro t | 10,634 | 3,984 | 5,950 | 20,568 | |||
Selling, general & administrative expenses | 8,534 | 4,523 | 3,623 | 16,680 | |||
Operating income (loss) | $ 2,100 | $ (539) | $ 2,327 | $ 3,888 | |||
Corporate and other unallocated costs | 2,824 | ||||||
Other (income) expense | 206 | ||||||
Interest expense | 2,417 | ||||||
Loss before provision for income taxes | $ (1,559) |
Three Months Ended June 30, 2024
$ | (539) | $ | 2,327 | $ | (2,824) | $ | 1,064 | |||
1,379 | 1,634 | - | 3,775 | |||||||
$ | 840 | $ | 3,961 | $ | (2,824) | $ | 4,839 |
Global Seating
Operating income (loss) $ 2,100 Restructuring 762
Adjusted operating income (loss) $ 2,862
Global Electrical Systems
Trim Systems and
Components Corporate/Other Total
Three Months Ended September 30, 2024
Global Seating | Global Electrical Systems | Trim Systems and Components | Total | ||||
Revenues | $ 76,643 | $ 46,714 | $ 48,415 | $ 171,772 | |||
Cost of revenues | 68,834 | 43,721 | 42,706 | 155,261 | |||
Gross pro t | 7,809 | 2,993 | 5,709 | 16,511 | |||
Selling, general & administrative expenses | 5,805 | 4,468 | 3,806 | 14,079 | |||
Operating income (loss) | $ 2,004 | $ (1,475) | $ 1,903 | $ 2,432 | |||
Corporate and other unallocated costs | 3,492 | ||||||
Other (income) expense | (1,033) | ||||||
Interest expense | 2,371 | ||||||
Loss before provision for income taxes | $ (2,398) |
Three Months Ended September 30, 2024
Global Seating
Global Electrical
Systems
Trim Systems and
Components Corporate/Other Total
Operating income (loss) | $ | 2,004 | $ | (1,475) | $ | 1,903 $ | (3,492) $ | (1,060) |
Restructuring Gain on sale of xed assets | 778 - | 1,275 - | 2,164 (3,544) | - | 4,217 (3,544) | |||
Adjusted operating income (loss) | $ 2,782 | $ (200) | $ 523 $ (3,492) $ | (387) | ||||
Three Months Ended December 31, 2024
Global Seating
Global Electrical
Systems
Trim Systems and
Components Total
Revenues | $ | 74,838 | $ | 44,049 | $ | 44,405 | $ 163,292 |
Cost of revenues | 66,428 | 42,669 | 41,120 | 150,217 | |||
Gross pro t | 8,410 | 1,380 | 3,285 | 13,075 | |||
Selling, general & administrative expenses | 7,735 | 4,369 | 3,413 | 15,517 | |||
Operating income (loss) | $ 675 | $ (2,989) | $ (128) | $ (2,442) | |||
Corporate and other unallocated costs | 2,829 | ||||||
Other (income) expense | (1,585) | ||||||
Interest expense | 2,200 | ||||||
Loss on extinguishment of debt | 509 | ||||||
Loss before provision for income taxes | $ (6,395) | ||||||
Three Months Ended December 31, 2024
Global Seating
Global Electrical
Systems
Trim Systems and
Components Corporate/Other Total
Operating income (loss) | $ | 675 | $ | (2,989) | $ | (128) | $ | (2,829) $ | (5,271) |
Restructuring | (39) | - | 1,054 | - | 1,015 | ||||
Adjusted operating income (loss) | $ 636 | $ (2,989) | $ 926 | $ (2,829) $ | (4,256) | ||||
Three Months Ended March 31, 2023
Global Electrical Trim Systems and
Global Seating Systems Components Total
Revenues | $ | 95,877 | $ | 58,534 | $ | 63,640 | $ 218,051 |
Cost of revenues | 83,678 | 49,166 | 53,218 | 186,062 | |||
Gross pro t Selling, general & administrative expenses | 12,199 8,038 | 9,368 4,225 | 10,422 4,124 | 31,989 16,387 | |||
Operating income | $ 4,161 | $ 5,143 | $ 6,298 | $ 15,602 | |||
Corporate and other unallocated costs | 3,203 | ||||||
Other (income) expense | (203) | ||||||
Interest expense | 2,749 | ||||||
Income before provision for income taxes | $ 9,853 | ||||||
Three Months Ended March 31, 2023
Global Electrical Trim Systems and
Global Seating Systems Components Corporate/Other Total
Operating income (loss) | $ | 4,161 | $ | 5,143 | $ | 6,298 $ | (3,203) $ | 12,399 |
Restructuring | 82 | 8 | - - | 90 | ||||
Adjusted operating income (loss) | $ 4,243 | $ 5,151 | $ 6,298 $ (3,203) $ | 12,489 | ||||
Three Months Ended June 30, 2023
Global Electrical Trim Systems and
Global Seating Systems Components Total
Revenues | $ | 89,807 | $ | 67,581 | $ | 63,412 | $ 220,800 |
Cost of revenues | 76,961 | 55,814 | 52,407 | 185,182 | |||
Gross pro t | 12,846 | 11,767 | 11,005 | 35,618 | |||
Selling, general & administrative expenses | 8,532 | 4,685 | 4,816 | 18,033 | |||
Operating income | $ 4,314 | $ 7,082 | $ 6,189 | $ 17,585 | |||
Corporate and other unallocated costs | 3,099 | ||||||
Other (income) expense | 308 | ||||||
Interest expense | 2,672 | ||||||
Income before provision for income taxes | $ 11,506 | ||||||
Three Months Ended June 30, 2023
Global Electrical Trim Systems and
Global Seating Systems Components Corporate/Other Total
Operating income (loss) | $ | 4,314 | $ | 7,082 | $ | 6,189 $ | (3,099) | $ | 14,486 |
Restructuring | 49 | - | 294 - | 343 | |||||
Adjusted operating income (loss) | $ 4,363 | $ 7,082 | $ 6,483 $ (3,099) | $ 14,829 | |||||
Three Months Ended September 30, 2023
Global Electrical Trim Systems and
Global Seating Systems Components Total
Revenues | $ | 85,220 | $ | 57,136 | $ | 60,541 | $ 202,897 |
Cost of revenues | 74,861 | 48,222 | 50,396 | 173,479 | |||
Gross pro t | 10,359 | 8,914 | 10,145 | 29,418 | |||
Selling, general & administrative expenses | 8,716 | 3,983 | 4,432 | 17,131 | |||
Operating income | $ 1,643 | $ 4,931 | $ 5,713 | $ 12,287 | |||
Corporate and other unallocated costs | 3,367 | ||||||
Other (income) expense | 383 | ||||||
Interest expense | 2,489 | ||||||
Income before provision for income taxes | $ 6,048 | ||||||
Three Months Ended September 30, 2023
Global Electrical Trim Systems and
Global Seating Systems Components Corporate/Other Total
Operating income (loss) $ 1,643 $ 4,931 $ 5,713 $ (3,367) $ 8,920 Restructuring - - - - - Adjusted operating income (loss) $ 1,643 $ 4,931 $ 5,713 $ (3,367) $ 8,920
Three Months Ended December 31, 2023
Global Seating | Global Electrical Systems | Trim Systems and Components | Total | |
Revenues | $ 77,786 | $ 59,139 | $ 56,796 | $ 193,721 |
Cost of revenues | 69,873 | 49,543 | 49,890 | 169,306 |
Gross pro t | 7,913 | 9,596 | 6,906 | 24,415 |
Selling, general & administrative expenses | 8,906 | 4,195 | 4,027 | 17,128 |
Operating income (loss) | $ (993) | $ 5,401 | $ 2,879 | $ 7,287 |
Corporate and other unallocated costs | 3,219 | |||
Other (income) expense | 707 | |||
Interest expense | 2,338 | |||
Income before provision for income taxes | $ 1,023 |
Three Months Ended December 31, 2023
Global Seating
Global Electrical
Systems
Trim Systems and
Components Corporate/Other Total
Operating income (loss) | $ | (993) $ | 5,401 | $ | 2,879 $ | (3,219) $ | 4,068 |
Restructuring | - - | 385 982 1,367 | |||||
Adjusted operating income (loss) | $ (993) $ 5,401 | $ 3,264 $ (2,237) $ 5,435 | |||||
Use of Non-GAAP Measures
This earnings release contains nancial 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 re ect the Company's multi-year corporate activities; or (ii) relate to activities or actions that may have occurred over multiple or in prior periods without predictable trends. Management uses these non-GAAP nancial measures internally to evaluate the Company's performance, engage in nancial and operational planning and to determine incentive compensation.
Management provides these non-GAAP nancial measures to investors as supplemental metrics to assist readers in assessing the e ects of items and events on the Company's nancial and operating results and in comparing the Company's performance to that of its competitors and to comparable reporting periods. The non-GAAP nancial measures used by the Company may be calculated di erently from, and therefore may not be comparable to, similarly titled measures used by other companies.
The non-GAAP nancial measures disclosed by the Company should not be considered a substitute for, or superior to, nancial measures calculated in accordance with GAAP. The nancial results calculated in accordance with GAAP and reconciliations to those nancial statements set forth above should be carefully evaluated.
Source: Commercial Vehicle Group, Inc.