CVG Reports Fourth Quarter and Full Year 2024 Results
CVG (NASDAQ: CVGI) reported its Q4 and full-year 2024 results, showing significant challenges. Q4 revenue declined 15.7% to $163.3 million, primarily due to softening in Construction and Agriculture demand and lower Class 8 Heavy Truck builds. The company reported a Q4 operating loss of $5.3 million and net loss of $35.0 million, including a $28.8 million non-cash tax valuation allowance.
For full-year 2024, revenue decreased 13.4% to $723.4 million. The company secured new business wins worth $97 million, mainly in the Electrical Systems segment. CVG completed strategic portfolio actions, including the sale of its Industrial Automation business in October 2024, and is shifting production to lower-cost facilities in Morocco and Mexico.
Looking ahead to 2025, CVG announced a reorganization into three operating divisions: Global Electrical Systems, Global Seating, and Trim Systems and Components. The company expects North American Class 8 truck production to reach 316,000 units in 2025, down from 332,382 units in 2024, while Construction and Agriculture markets are projected to decline 5-10%.
CVG (NASDAQ: CVGI) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, evidenziando sfide significative. I ricavi del quarto trimestre sono diminuiti del 15,7% a 163,3 milioni di dollari, principalmente a causa di una diminuzione della domanda nei settori delle Costruzioni e dell'Agricoltura e di un calo nella produzione di camion pesanti di Classe 8. L'azienda ha registrato una perdita operativa nel quarto trimestre di 5,3 milioni di dollari e una perdita netta di 35,0 milioni di dollari, inclusa una svalutazione fiscale non monetaria di 28,8 milioni di dollari.
Per l'intero anno 2024, i ricavi sono diminuiti del 13,4% a 723,4 milioni di dollari. L'azienda ha ottenuto nuovi contratti per un valore di 97 milioni di dollari, principalmente nel segmento dei Sistemi Elettrici. CVG ha completato azioni strategiche di portafoglio, inclusa la vendita della sua attività di Automazione Industriale nell'ottobre 2024, e sta spostando la produzione in stabilimenti a basso costo in Marocco e Messico.
Guardando al 2025, CVG ha annunciato una riorganizzazione in tre divisioni operative: Sistemi Elettrici Globali, Sedili Globali e Sistemi e Componenti di Finitura. L'azienda prevede che la produzione di camion di Classe 8 in Nord America raggiunga 316.000 unità nel 2025, in calo rispetto alle 332.382 unità del 2024, mentre si prevede una diminuzione del 5-10% nei mercati delle Costruzioni e dell'Agricoltura.
CVG (NASDAQ: CVGI) informó sobre sus resultados del cuarto trimestre y del año completo 2024, mostrando desafíos significativos. Los ingresos del cuarto trimestre disminuyeron un 15,7% a 163,3 millones de dólares, principalmente debido a la disminución de la demanda en los sectores de Construcción y Agricultura y a una menor producción de camiones pesados de Clase 8. La compañía reportó una pérdida operativa en el cuarto trimestre de 5,3 millones de dólares y una pérdida neta de 35,0 millones de dólares, incluyendo una provisión fiscal no monetaria de 28,8 millones de dólares.
Para el año completo 2024, los ingresos disminuyeron un 13,4% a 723,4 millones de dólares. La compañía aseguró nuevos contratos por un valor de 97 millones de dólares, principalmente en el segmento de Sistemas Eléctricos. CVG completó acciones estratégicas de cartera, incluida la venta de su negocio de Automatización Industrial en octubre de 2024, y está trasladando la producción a instalaciones de menor costo en Marruecos y México.
De cara al 2025, CVG anunció una reorganización en tres divisiones operativas: Sistemas Eléctricos Globales, Asientos Globales y Sistemas y Componentes de Acabado. La compañía espera que la producción de camiones de Clase 8 en América del Norte alcance las 316,000 unidades en 2025, por debajo de las 332,382 unidades en 2024, mientras que se proyecta una disminución del 5-10% en los mercados de Construcción y Agricultura.
CVG (NASDAQ: CVGI)는 2024년 4분기 및 연간 실적을 발표하며 상당한 도전 과제를 보여주었습니다. 4분기 매출은 1억 6,330만 달러로 15.7% 감소했으며, 이는 주로 건설 및 농업 수요의 감소와 8급 대형 트럭 생산 감소 때문입니다. 회사는 4분기에 530만 달러의 운영 손실과 3,500만 달러의 순손실을 기록했으며, 여기에는 2,880만 달러의 비현금 세금 평가 충당금이 포함됩니다.
2024년 전체 연도 매출은 7억 2,340만 달러로 13.4% 감소했습니다. 회사는 주로 전기 시스템 부문에서 9,700만 달러 규모의 신규 계약을 확보했습니다. CVG는 2024년 10월 산업 자동화 사업 매각을 포함한 전략적 포트폴리오 조치를 완료했으며, 모로코와 멕시코의 저비용 시설로 생산을 이전하고 있습니다.
2025년을 바라보며, CVG는 글로벌 전기 시스템, 글로벌 좌석, 트림 시스템 및 구성 요소의 세 개 운영 부문으로 재편성한다고 발표했습니다. 회사는 북미 8급 트럭 생산이 2025년에는 316,000대에 이를 것으로 예상하며, 이는 2024년의 332,382대에서 감소한 수치입니다. 또한 건설 및 농업 시장은 5-10% 감소할 것으로 예상됩니다.
CVG (NASDAQ: CVGI) a publié ses résultats du quatrième trimestre et de l'année 2024, révélant des défis significatifs. Les revenus du quatrième trimestre ont diminué de 15,7% pour atteindre 163,3 millions de dollars, principalement en raison d'un affaiblissement de la demande dans les secteurs de la Construction et de l'Agriculture, ainsi qu'une baisse des productions de camions lourds de Classe 8. L'entreprise a enregistré une perte opérationnelle de 5,3 millions de dollars au quatrième trimestre et une perte nette de 35,0 millions de dollars, incluant une provision fiscale non monétaire de 28,8 millions de dollars.
Pour l'année complète 2024, les revenus ont diminué de 13,4% pour atteindre 723,4 millions de dollars. L'entreprise a sécurisé de nouveaux contrats d'une valeur de 97 millions de dollars, principalement dans le segment des Systèmes Électriques. CVG a complété des actions stratégiques de portefeuille, y compris la vente de son activité d'Automatisation Industrielle en octobre 2024, et déplace sa production vers des installations à moindre coût au Maroc et au Mexique.
En regardant vers 2025, CVG a annoncé une réorganisation en trois divisions opérationnelles : Systèmes Électriques Globaux, Sièges Globaux, et Systèmes et Composants de Finition. L'entreprise s'attend à ce que la production de camions de Classe 8 en Amérique du Nord atteigne 316 000 unités en 2025, en baisse par rapport aux 332 382 unités de 2024, tandis que les marchés de la Construction et de l'Agriculture devraient connaître une baisse de 5 à 10%.
CVG (NASDAQ: CVGI) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und dabei erhebliche Herausforderungen aufgezeigt. Die Einnahmen im vierten Quartal sanken um 15,7% auf 163,3 Millionen Dollar, hauptsächlich aufgrund einer Abschwächung der Nachfrage im Bau- und Agrarsektor sowie einer geringeren Produktion von Lkw der Klasse 8. Das Unternehmen meldete einen operativen Verlust von 5,3 Millionen Dollar im vierten Quartal und einen Nettoverlust von 35,0 Millionen Dollar, einschließlich einer nicht zahlungswirksamen Steuerbewertung von 28,8 Millionen Dollar.
Für das gesamte Jahr 2024 sanken die Einnahmen um 13,4% auf 723,4 Millionen Dollar. Das Unternehmen sicherte sich neue Aufträge im Wert von 97 Millionen Dollar, hauptsächlich im Bereich der elektrischen Systeme. CVG hat strategische Portfolio-Maßnahmen abgeschlossen, darunter den Verkauf seines Geschäftsbereichs für industrielle Automatisierung im Oktober 2024, und verlagert die Produktion in kostengünstigere Einrichtungen in Marokko und Mexiko.
Für 2025 kündigte CVG eine Umstrukturierung in drei operative Divisionen an: Globale elektrische Systeme, Globale Sitze sowie Trim-Systeme und -Komponenten. Das Unternehmen erwartet, dass die Produktion von Lkw der Klasse 8 in Nordamerika im Jahr 2025 316.000 Einheiten erreichen wird, ein Rückgang von 332.382 Einheiten im Jahr 2024, während die Märkte für Bau und Landwirtschaft voraussichtlich um 5-10% zurückgehen werden.
- New business wins of $97 million secured in Electrical Systems segment
- Strategic shift to lower-cost production facilities in Morocco and Mexico
- Strong liquidity position of $111.0 million
- Aftermarket and Accessories segment showed 4% revenue growth in Q4
- Q4 revenue declined 15.7% to $163.3 million
- Q4 net loss of $35.0 million, including $28.8 million tax valuation allowance
- Full-year 2024 revenue dropped 13.4% to $723.4 million
- Operating loss of $5.3 million in Q4 2024 vs. income of $4.1 million in Q4 2023
- Expected market decline in Construction and Agriculture (5-10%) for 2025
- Decreased Class 8 truck production forecast for 2025
Insights
CVG's Q4 and full-year 2024 results reveal substantial operational deterioration that likely outweighs the company's strategic repositioning efforts. Q4 revenue plummeted 15.7% to
The
CVG's strategic initiatives include capacity shifts to lower-cost facilities in Morocco and Mexico, divesting non-core businesses, and securing
Management's projection of EBITDA growth in 2025 appears optimistic given the acknowledged market headwinds - North American Class 8 truck builds are projected to decline
The fundamental question remains whether CVG's cost-cutting and restructuring can outpace deteriorating market conditions and operational inefficiencies quickly enough to return to sustainable profitability.
Accelerating operational momentum through strategic portfolio actions
Provides outlook and guidance for full year 2025
NEW ALBANY, Ohio, March 10, 2025 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its fourth quarter and full year ended December 31, 2024.
As a result of completing our strategic portfolio actions, the following are reported as discontinued operations: (1) the Industrial Automation segment, and (2) the financial information from the Cab Structures facility that was previously reported in Vehicle Solutions and Aftermarket and Accessories. CVG has three reportable segments for 2024: Vehicle Solutions, Electrical Systems and Aftermarket & Accessories. The results and comparisons presented below reflect continuing operations unless otherwise noted.
Fourth Quarter 2024 Highlights (Compared with prior-year period, where comparisons are noted)
- Revenue of
$163.3 million , down15.7% due primarily to a global softening in Construction and Agriculture customer demand and drop-in Class 8 Heavy Truck builds. - Operating loss of
$5.3 million , and adjusted operating loss of$4.3 million , down compared to operating income of$4.1 million and adjusted operating income of$5.4 million . The decrease in operating income was driven primarily by lower sales volumes and operational inefficiencies. - Net loss from continuing operations of
$35.0 million , or$(1.04) per diluted share, compared to net income of$22.6 million , or$0.67 per diluted share. Net loss included a non-cash tax valuation allowance of$28.8 million . Adjusted net loss from continuing operations of$5.1 million , or$(0.15) per diluted share, compared to adjusted net income of$2.1 million , or$0.06 per diluted share. - Adjusted EBITDA of
$0.9 million , down89.2% , with an adjusted EBITDA margin of0.6% , down from4.3% . - The sale of CVG’s Industrial Automation business closed on October 30, 2024, allowing CVG to focus on its core segments.
Full Year 2024 Highlights (Compared with prior-year period, where comparisons are noted)
- Revenue of
$723.4 million , down13.4% , driven by a global softening in customer demand and the wind-down of certain programs in our Vehicle Solutions segment. - New business wins in excess of
$97 million when fully ramped; these wins were concentrated in our Electrical Systems segment, predominantly outside of Construction and Agriculture end markets. - Operating loss of
$0.8 million , down$40.6 million , and adjusted operating income of$6.5 million , down$35.2 million . The decrease in operating income was due to lower sales volumes and operational inefficiencies. - Continued shifting production capacity to new, lower-cost facilities in Morocco and Mexico, in an effort to improve operating leverage.
James Ray, President and Chief Executive Officer, said, “2024 was a year of meaningful change for CVG. Over the course of the year, we undertook immediate and decisive actions, including the divestitures of non-strategic assets and businesses, and improvement initiatives that we believe position us for future accretive growth. Even in the face of continued external market headwinds, we believe the improvement initiatives executed in 2024 will unlock significant operational efficiencies that we have already started to benefit from in 2025. Additionally, we were pleased to open our new Morocco facility and we continue to ramp up our facility in Aldama, Mexico.”
Mr. Ray continued, “Moving forward, our team is focused on accelerating the operational momentum we’ve built, driving margin accretive growth through a product-focused, operationally efficient enterprise strategy. With a stronger foundation, and as our key end markets stabilize, we expect that we will continue to strengthen the company’s position in the market and deliver value for our stakeholders.”
Andy Cheung, Chief Financial Officer, added, “CVG delivered results consistent with our adjusted full-year guidance ranges, which reflect the Company’s past portfolio and restructuring actions. We anticipate that the benefits from these strategic efforts will become more apparent in 2025 despite notable end market softening and the slower than expected ramp of new business wins. We believe that these organizational improvements, combined with working capital and inventory reductions driving increased cash generation this year, will greatly improve our ability to continue paying down debt. We have implemented a more focused business strategy and continue to streamline our enterprise cost structure. We expect to see EBITDA growth and margin expansion in 2025 which are reflected in our full year 2025 guidance ranges.”
Financial Results from Continuing Operations
(amounts in millions except per share data and percentages)
| Fourth Quarter | |||||||||||
| 2024 | 2023 | Change | |||||||||
| Revenues | $ | 163.3 | $ | 193.7 | (15.7 | )% | |||||
| Gross profit | $ | 13.1 | $ | 24.4 | (46.3 | )% | |||||
| Gross margin | 8.0 | % | 12.6 | % | |||||||
| Adjusted gross profit1 | $ | 13.6 | $ | 24.8 | (45.2 | )% | |||||
| Adjusted gross margin1 | 8.3 | % | 12.8 | % | |||||||
| Operating income (loss) | $ | (5.3 | ) | $ | 4.1 | NM2 | |||||
| Operating margin | (3.2 | )% | 2.1 | % | |||||||
| Adjusted operating income (loss)1 | $ | (4.3 | ) | $ | 5.4 | NM2 | |||||
| Adjusted operating margin1 | (2.6 | )% | 2.8 | % | |||||||
| Net income (loss) from continuing operations | $ | (35.0 | ) | $ | 22.6 | NM2 | |||||
| Adjusted net income (loss) from continuing operations1 | $ | (5.1 | ) | $ | 2.1 | NM2 | |||||
| Earnings (loss) per share, diluted | $ | (1.04 | ) | $ | 0.67 | NM2 | |||||
| Adjusted earnings (loss) per share, diluted1 | $ | (0.15 | ) | $ | 0.06 | NM2 | |||||
| Adjusted EBITDA1 | $ | 0.9 | $ | 8.3 | (89.2 | )% | |||||
| Adjusted EBITDA margin1 | 0.6 | % | 4.3 | % | |||||||
| 1See Appendix A for GAAP to Non-GAAP reconciliation | |||||||||||
| 2Not meaningful | |||||||||||
Consolidated Results from Continuing Operations
Fourth Quarter 2024 Results
- Fourth quarter 2024 revenues were
$163.3 million compared to$193.7 million in the prior year period, a decline of15.7% . The decrease in revenues is due primarily to lower sales as a result of a softening in customer demand in our Vehicle Solutions and Electrical Systems segments. - Operating loss for the fourth quarter 2024 was
$5.3 million compared to operating income of$4.1 million in the prior year period. Excluding special costs, the fourth quarter of 2024 adjusted operating loss was$4.3 million , down from adjusted operating income of$5.4 million in 2023. The decline in adjusted operating income was driven primarily by the impact of lower sales volumes, unfavorable mix, and operational inefficiencies. - Interest expense was
$2.2 million and$2.3 million for the fourth quarter ended December 31, 2024 and 2023, respectively. - Net loss from continuing operations was
$35.0 million , or$(1.04) per diluted share, for the fourth quarter 2024 compared to net income of$22.6 million , or$0.67 per diluted share, in the prior year period.
At December 31, 2024, the Company had
Fourth Quarter 2024 Segment Results (Compared with prior-year period, where comparisons are noted)
Vehicle Solutions Segment
- Revenues were
$91.4 million compared to$107.1 million for the prior year period, a decrease of14.7% primarily due to lower sales volume as a result of decreased customer demand and the wind-down of certain programs. - Operating income for the fourth quarter 2024 was
$1.7 million compared to$3.6 million in the prior year period, a decrease of52.5% , primarily due to lower customer demand, operational remediation investments, and increased freight costs. The fourth quarter of 2024 adjusted operating income was$2.8 million compared to$4.0 million in the prior year period, a decrease of30.5% .
Electrical Systems Segment
- Revenues were
$40.3 million compared to$56.2 million in the prior year period, a decrease of28.3% , primarily resulting from a global softening in the Construction & Agriculture end-markets. - Operating loss was
$1.7 million compared to operating income of$6.7 million , a decrease of125.2% primarily attributable to lower sales volumes and unfavorable foreign exchange.
Aftermarket and Accessories Segment
- Revenues were
$31.6 million compared to$30.4 million in the prior year period, an increase of4.0% , primarily resulting from slightly higher customer demand driving increased volumes. - Operating income was
$3.2 million compared to$3.3 million in the prior year period, a decrease of4.6% . The decrease in operating income was increased manufacturing costs. The fourth quarter of 2024 adjusted operating income was$3.1 million compared to$3.3 million in the prior year period.
Outlook
CVG is providing the following outlook for the full year 2025:
| Metric | 2025 Outlook ($ millions) |
| Net Sales | |
| Adjusted EBITDA |
This outlook reflects, among others, current industry forecasts for North American Class 8 truck builds. According to ACT Research, 2025 North American Class 8 truck production levels are expected to be at 316,000 units. The 2024 actual Class 8 truck builds according to the ACT Research was 332,382 units.
Construction and Agriculture end markets are projected to decline approximately 5
Effective January 1, 2025, the Company announced a new organizational structure designed to enhance alignment with its customers and end markets. Under this new structure, CVG will reorganize its vertical business units into the following three operating divisions and reporting segments: Global Electrical Systems, Global Seating, Trim Systems and Components. As part of this realignment, the Company’s Aftermarket & Accessories business unit will be absorbed in these three segments. Its seating and electrical portfolio will transition to Global Seating and Global Electrical Systems, respectively. Its wiper systems will become part of the newly formed Trim Systems and Components business unit in addition to the trim and components businesses from the prior Vehicle Solutions segment. CVG expects this structure to enhance clarity and focus, with each business unit positioned to deliver on its specific strategic and operational objectives.
GAAP to Non-GAAP Reconciliation
A reconciliation of GAAP to non-GAAP financial 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 Tuesday, March 11, 2025, at 8:30 a.m. ET. Management intends to reference the Q4 2024 Earnings Call Presentation posted on our website during the conference call. To participate, dial (800) 549-8228 using conference code 45919. International participants dial (289) 819-1520 using conference code 45919.
This call is being webcast and can be accessed through the “Investors” section of CVG’s website at www.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 45919 and international callers can dial (289) 819-1325 using access code 45919.
Company Contact
Andy Cheung
Chief Financial Officer
CVG
IR@cvgrp.com
Investor Relations Contact
Ross Collins or Stephen Poe
Alpha IR Group
CVGI@alpha-ir.com
About CVG
Commercial Vehicle Group, Inc. and its subsidiaries, is a global provider of systems, assemblies and components to the global commercial vehicle market and the electric vehicle markets. 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 www.cvgrp.com.
Forward-Looking Statements
This press release contains 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 herein that are not statements of historical fact, including without limitation, certain statements herein regarding industry outlook, the Company’s expectations for future periods with respect to its plans to improve financial 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, including global supply chain constraints, inflation and labor shortages, tariffs and counter-measures, financial covenant compliance, anticipated effects of acquisitions or divestitures, production of new products, plans for capital expenditures and our results of operations or financial position and liquidity, may be deemed to be forward-looking statements. Without limiting the foregoing, the words “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions, as they relate to us, are intended to identify forward-looking statements. The important factors discussed in “Item 1A - Risk Factors” in the Company’s Annual Report on Form 10-K, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Such forward-looking statements represent management’s current expectations and are inherently uncertain. Investors are warned that actual results may differ from management’s expectations. Additionally, various economic and competitive factors could cause actual results to differ materially from those discussed in such forward-looking statements, including, but not limited to, factors which are outside our control.
Any forward-looking statement that we make in this press release speaks only as of the date of such statement, and we undertake no obligation to update any forward-looking statement or to publicly announce the results of any revision to any of those statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data.
| COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three and Twelve Months Ended December 31, 2024 and 2023 (Unaudited) (Amounts in thousands, except per share amounts) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | $ | 163,292 | $ | 193,721 | $ | 723,355 | $ | 835,469 | |||||||
| Cost of revenues | 150,217 | 169,344 | 650,236 | 714,378 | |||||||||||
| Gross profit | 13,075 | 24,377 | 73,119 | 121,091 | |||||||||||
| Selling, general and administrative expenses | 18,346 | 20,309 | 73,877 | 81,218 | |||||||||||
| Operating income (loss) | (5,271 | ) | 4,068 | (758 | ) | 39,873 | |||||||||
| Other (income) expense | (1,585 | ) | 707 | (2,200 | ) | 1,195 | |||||||||
| Interest expense | 2,200 | 2,338 | 9,174 | 10,248 | |||||||||||
| Loss on extinguishment of debt | 509 | — | 509 | — | |||||||||||
| Income (loss) before provision for income taxes | (6,395 | ) | 1,023 | (8,241 | ) | 28,430 | |||||||||
| Provision (benefit) for income taxes | 28,603 | (21,548 | ) | 27,493 | (15,203 | ) | |||||||||
| Net income (loss) from continuing operations | $ | (34,998 | ) | $ | 22,571 | $ | (35,734 | ) | $ | 43,633 | |||||
| Net income (loss) from discontinued operations | (3,721 | ) | 711 | 7,867 | 5,778 | ||||||||||
| Net income (loss) | (38,719 | ) | 23,282 | (27,867 | ) | 49,411 | |||||||||
| Earnings (loss) per common share | |||||||||||||||
| Income (loss) from continuing operations | $ | (1.04 | ) | $ | 0.68 | $ | (1.07 | ) | $ | 1.32 | |||||
| Income (loss) from discontinued operations | $ | (0.11 | ) | $ | 0.02 | $ | 0.24 | $ | 0.18 | ||||||
| Diluted earning (loss) per share | |||||||||||||||
| Income (loss) from continuing operations | $ | (1.04 | ) | $ | 0.67 | $ | (1.07 | ) | $ | 1.30 | |||||
| Income (loss) from discontinued operations | $ | (0.11 | ) | $ | 0.03 | $ | 0.24 | $ | 0.17 | ||||||
| Weighted average shares outstanding | |||||||||||||||
| Basic | 33,497 | 33,132 | 33,418 | 33,040 | |||||||||||
| Diluted | 33,497 | 33,443 | 33,418 | 33,581 | |||||||||||
| COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2024 and 2023 (Unaudited) (Amounts in thousands, except per share amounts) | |||||||
| ASSETS | 2024 | 2023 | |||||
| Current Assets: | |||||||
| Cash | $ | 26,630 | $ | 37,848 | |||
| Accounts receivable, net | 118,683 | 129,346 | |||||
| Inventories | 128,224 | 117,267 | |||||
| Current assets held for sale | — | 15,603 | |||||
| Other current assets | 29,763 | 27,678 | |||||
| Total current assets | 303,300 | 327,742 | |||||
| Property, plant and equipment, net | 68,861 | 68,923 | |||||
| Operating lease right-of-use asset, net | 29,931 | 31,165 | |||||
| Intangible assets, net | 3,918 | 6,594 | |||||
| Deferred income taxes, net | 11,084 | 33,568 | |||||
| Noncurrent assets held for sale | — | 9,173 | |||||
| Other assets | 7,479 | 6,049 | |||||
| TOTAL ASSETS | $ | 424,573 | $ | 483,214 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 77,002 | $ | 75,246 | |||
| Current operating lease liabilities | 8,033 | 7,502 | |||||
| Accrued liabilities and other | 32,325 | 44,836 | |||||
| Current portion of long-term debt and short-term debt | 8,438 | 15,313 | |||||
| Current liabilities held-for-sale | — | 2,292 | |||||
| Total current liabilities | 125,798 | 145,189 | |||||
| Long-term debt | 127,062 | 126,201 | |||||
| Noncurrent liabilities held-for-sale | — | 31 | |||||
| Long-term operating lease liabilities | 22,795 | 24,417 | |||||
| Pension and other post-retirement liabilities | 8,143 | 9,196 | |||||
| Other long-term liabilities | 5,183 | 5,248 | |||||
| Total liabilities | 288,981 | 310,282 | |||||
| Stockholders’ equity: | |||||||
| Preferred stock | — | — | |||||
| Common stock | 337 | 333 | |||||
| Treasury stock, at cost | (16,468 | ) | (16,150 | ) | |||
| Additional paid-in capital | 269,117 | 265,217 | |||||
| Retained deficit | (74,051 | ) | (46,184 | ) | |||
| Accumulated other comprehensive loss | (43,343 | ) | (30,284 | ) | |||
| Total stockholders’ equity | 135,592 | 172,932 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 424,573 | $ | 483,214 | |||
| COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES BUSINESS SEGMENT FINANCIAL INFORMATION Three and Twelve Months Ended December 31, 2024 and 2023 (Unaudited) (Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||||||||||||
| Vehicle Solutions | Electrical Systems | Aftermarket and Accessories | Corporate / Other | Total | |||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||
| Revenues | $ | 91,379 | $ | 107,140 | $ | 40,299 | $ | 56,188 | $ | 31,614 | $ | 30,393 | $ | — | $ | — | $ | 163,292 | $ | 193,721 | |||||||||||||||||||
| Gross profit | 7,051 | 10,100 | 767 | 8,873 | 5,257 | 5,442 | — | (38 | ) | 13,075 | 24,377 | ||||||||||||||||||||||||||||
| Selling, general & administrative expenses | 5,341 | 6,501 | 2,452 | 2,176 | 2,096 | 2,127 | 8,457 | 9,505 | 18,346 | 20,309 | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 1,710 | $ | 3,599 | $ | (1,685 | ) | $ | 6,697 | $ | 3,161 | $ | 3,315 | $ | (8,457 | ) | $ | (9,543 | ) | $ | (5,271 | ) | $ | 4,068 | |||||||||||||||
| Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||
| Vehicle Solutions | Electrical Systems | Aftermarket and Accessories | Corporate / Other | Total | |||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||
| Revenues | $ | 404,164 | $ | 469,962 | $ | 189,626 | $ | 228,424 | $ | 129,565 | $ | 137,083 | $ | — | $ | — | $ | 723,355 | $ | 835,469 | |||||||||||||||||||
| Gross profit | 39,228 | 59,363 | 10,701 | 35,397 | 23,348 | 26,514 | (158 | ) | (183 | ) | 73,119 | 121,091 | |||||||||||||||||||||||||||
| Selling, general & administrative expenses | 21,326 | 26,109 | 10,252 | 9,107 | 8,322 | 8,144 | 33,977 | 37,858 | 73,877 | 81,218 | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 17,902 | $ | 33,254 | $ | 449 | $ | 26,290 | $ | 15,026 | $ | 18,370 | $ | (34,135 | ) | $ | (38,041 | ) | $ | (758 | ) | $ | 39,873 | ||||||||||||||||
| COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES Appendix A: Reconciliation of GAAP to Non-GAAP Financial Measures Three and Twelve Months Ended December 31, 2024 and 2023 (Unaudited) (Amounts in thousands, except per share amounts and percentages) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||
| Gross profit | $ | 13,075 | $ | 24,377 | $ | 73,119 | $ | 121,091 | |||||||
| Restructuring | 568 | 385 | 9,186 | 759 | |||||||||||
| Adjusted gross profit | $ | 13,643 | $ | 24,762 | $ | 82,305 | $ | 121,850 | |||||||
| % of revenues | 8.4 | % | 12.8 | % | 11.4 | % | 14.6 | % | |||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||
| Operating income (loss) | $ | (5,271 | ) | $ | 4,068 | $ | (758 | ) | $ | 39,873 | |||||
| Restructuring | 1,015 | 1,367 | 10,784 | 1,800 | |||||||||||
| Gain on sale of fixed assets | — | — | (3,544 | ) | — | ||||||||||
| Total operating income adjustments | 1,015 | 1,367 | 7,240 | 1,800 | |||||||||||
| Adjusted operating income (loss) | $ | (4,256 | ) | $ | 5,435 | $ | 6,482 | $ | 41,673 | ||||||
| % of revenues | (2.6 | )% | 2.8 | % | 0.9 | % | 5.0 | % | |||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||
| Net income (loss) from continuing operations | (34,998 | ) | 22,571 | (35,734 | ) | 43,633 | |||||||||
| Pre-tax adjusting items: | |||||||||||||||
| Operating income (loss) adjustments | 1,015 | 1,367 | 7,240 | 1,800 | |||||||||||
| Loss on early extinguishment of debt | 509 | — | 509 | — | |||||||||||
| Tax Valuation Allowance | 28,769 | (21,521 | ) | 28,769 | (21,521 | ) | |||||||||
| Adjusted (benefit) provision for income taxes1 | (381 | ) | (342 | ) | (1,937 | ) | (450 | ) | |||||||
| Adjusted net income (loss) from continuing operations | $ | (5,086 | ) | $ | 2,075 | $ | (1,153 | ) | $ | 23,462 | |||||
| Diluted EPS | $ | (1.04 | ) | $ | 0.67 | $ | (1.07 | ) | $ | 1.30 | |||||
| Adjustments to diluted EPS | $ | 0.89 | $ | (0.61 | ) | $ | 1.04 | $ | (0.60 | ) | |||||
| Adjusted diluted EPS | $ | (0.15 | ) | $ | 0.06 | $ | (0.03 | ) | $ | 0.70 | |||||
- Reported Tax (Benefit) Provision adjusted for tax effect at
25% of pre-tax adjusting items.
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, 2024 | December 31 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||
| Net income (loss) from continuing operations | $ | (34,998 | ) | $ | 22,571 | $ | (35,734 | ) | $ | 43,633 | |||||
| Interest expense | 2,200 | 2,338 | 9,174 | 10,248 | |||||||||||
| Provision (benefit) for income taxes | 28,603 | (21,548 | ) | 27,493 | (15,203 | ) | |||||||||
| Depreciation expense | 3,480 | 3,345 | 13,919 | 13,084 | |||||||||||
| Amortization expense | 140 | 267 | 603 | 1,070 | |||||||||||
| EBITDA | $ | (575 | ) | $ | 6,973 | $ | 15,455 | $ | 52,832 | ||||||
| % of revenues | (0.4 | )% | 3.6 | % | 2.1 | % | 6.3 | % | |||||||
| EBITDA adjustments | |||||||||||||||
| Restructuring | 1,015 | 1,367 | 10,784 | 1,800 | |||||||||||
| Gain on sale of fixed assets | — | — | (3,544 | ) | — | ||||||||||
| Loss on early extinguishment of debt | 509 | — | 509 | — | |||||||||||
| Adjusted EBITDA | $ | 949 | $ | 8,340 | $ | 23,204 | $ | 54,632 | |||||||
| % of revenues | 0.6 | % | 4.3 | % | 3.2 | % | 6.5 | % | |||||||
| COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES Appendix B: Segment Reconciliation of GAAP to Non-GAAP Financial Measures Three and Twelve Months Ended December 31, 2024 and 2023 (Unaudited) (Amounts in thousands, except percentages) | |||||||||||||||||||||
| Three Months Ended December 31, 2024 | |||||||||||||||||||||
| Vehicle Solutions | Electric Systems | Aftermarket and Accessories | Corporate | Total | |||||||||||||||||
| Operating income (loss) | $ | 1,710 | $ | (1,685 | ) | $ | 3,161 | $ | (8,457 | ) | $ | (5,271 | ) | ||||||||
| Restructuring | 1,060 | — | (45 | ) | — | 1,015 | |||||||||||||||
| Adjusted operating income (loss) | $ | 2,770 | $ | (1,685 | ) | $ | 3,116 | $ | (8,457 | ) | $ | (4,256 | ) | ||||||||
| % of revenues | 3.0 | % | (4.2 | )% | 9.9 | % | (2.6 | )% | |||||||||||||
| Twelve Months Ended December 31, 2024 | |||||||||||||||||||
| Vehicle Solutions | Electric Systems | Aftermarket and Accessories | Corporate | Total | |||||||||||||||
| Operating income (loss) | $ | 17,902 | $ | 449 | $ | 15,026 | $ | (34,135 | ) | $ | (758 | ) | |||||||
| Restructuring | 5,936 | 3,744 | 940 | 164 | 10,784 | ||||||||||||||
| Gain on sale of fixed assets | (3,544 | ) | — | — | — | (3,544 | ) | ||||||||||||
| Adjusted operating income (loss) | $ | 20,294 | $ | 4,193 | $ | 15,966 | $ | (33,971 | ) | $ | 6,482 | ||||||||
| % of revenues | 5.0 | % | 2.2 | % | 12.3 | % | 0.9 | % | |||||||||||
| Three Months Ended December 31, 2023 | |||||||||||||||||||
| Vehicle Solutions | Electric Systems | Aftermarket and Accessories | Corporate | Total | |||||||||||||||
| Operating income (loss) | $ | 3,599 | $ | 6,697 | $ | 3,315 | $ | (9,543 | ) | $ | 4,068 | ||||||||
| Restructuring | 385 | — | — | 982 | 1,367 | ||||||||||||||
| Adjusted operating income (loss) | $ | 3,984 | $ | 6,697 | $ | 3,315 | $ | (8,561 | ) | $ | 5,435 | ||||||||
| % of revenues | 3.7 | % | 11.9 | % | 10.9 | % | 2.8 | % | |||||||||||
| Twelve Months Ended December 31, 2023 | |||||||||||||||||||
| Vehicle Solutions | Electric Systems | Aftermarket and Accessories | Corporate | Total | |||||||||||||||
| Operating income (loss) | $ | 33,254 | $ | 26,290 | $ | 18,370 | $ | (38,041 | ) | $ | 39,873 | ||||||||
| Restructuring | 809 | 8 | — | 983 | 1,800 | ||||||||||||||
| Adjusted operating income (loss) | $ | 34,063 | $ | 26,298 | $ | 18,370 | $ | (37,058 | ) | $ | 41,673 | ||||||||
| % of revenues | 7.2 | % | 11.5 | % | 13.4 | % | 5.0 | % | |||||||||||
The following tables present reconciliations of the captions within CVG's Condensed Consolidated Statements of Cash Flows to Free cash flow, attributable to continuing operations, discontinued operations, and total CVG for the three and Twelve Months Ended December 31, 2024 and 2023.
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||
| CONTINUING OPERATIONS | |||||||||||||||
| Cash flows from operating activities | $ | (17,230 | ) | $ | 8,495 | $ | (19,498 | ) | $ | 29,458 | |||||
| Purchases of property, plant and equipment | (3,973 | ) | (4,165 | ) | (17,682 | ) | (18,947 | ) | |||||||
| Proceeds from disposal/sale of property, plant and equipment | — | — | 4,455 | — | |||||||||||
| Proceeds from sale of business | 22,001 | — | 44,961 | — | |||||||||||
| Free cash flow from continuing operations | $ | 798 | $ | 4,330 | $ | 12,236 | $ | 10,511 | |||||||
| DISCONTINUED OPERATIONS | |||||||||||||||
| Cash flows from operating activities | $ | (9,387 | ) | $ | (209 | ) | $ | (13,954 | ) | $ | 8,818 | ||||
| Purchases of property, plant and equipment | — | (335 | ) | (838 | ) | (749 | ) | ||||||||
| Free cash flow from discontinued operations | $ | (9,387 | ) | $ | (544 | ) | $ | (14,792 | ) | $ | 8,069 | ||||
| TOTAL COMPANY | |||||||||||||||
| Cash flows from operating activities | $ | (26,617 | ) | $ | 8,286 | $ | (33,452 | ) | $ | 38,276 | |||||
| Purchases of property, plant and equipment | (3,973 | ) | (4,500 | ) | (18,520 | ) | (19,696 | ) | |||||||
| Proceeds from disposal/sale of property, plant and equipment | — | — | 4,455 | — | |||||||||||
| Proceeds from sale of business | 22,001 | — | 44,961 | — | |||||||||||
| Free cash flow | $ | (8,589 | ) | $ | 3,786 | $ | (2,556 | ) | $ | 18,580 | |||||
| COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES Appendix C: Supplemental Quarterly Reconciliation of GAAP to Non-GAAP Financial Measures 2024 and 2023 by Quarter (Unaudited) (Amounts in thousands, except per share amounts and percentages) |
The following tables present our unaudited reconciliation of GAAP to Non-GAAP financial measures, including retrospective changes for discontinued operations.
| Three Months Ended | |||||||||||||||
| March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | ||||||||||||
| Revenues by segment | |||||||||||||||
| Vehicles Solutions | $ | 105,207 | $ | 110,282 | $ | 97,296 | $ | 91,379 | |||||||
| Electrical Systems | 55,795 | 50,152 | 43,380 | 40,299 | |||||||||||
| Aftermarket and Accessories | 33,624 | 33,231 | 31,096 | 31,614 | |||||||||||
| Total revenues | $ | 194,626 | $ | 193,665 | $ | 171,772 | $ | 163,292 | |||||||
| Three Months Ended | |||||||||||||||
| March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | ||||||||||||
| Gross profit | $ | 23,164 | $ | 20,459 | $ | 16,421 | $ | 13,075 | |||||||
| Restructuring | 1,583 | 3,517 | 3,518 | 568 | |||||||||||
| Adjusted gross profit | $ | 24,747 | $ | 23,976 | $ | 19,939 | $ | 13,643 | |||||||
| Three Months Ended | |||||||||||||||
| March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | ||||||||||||
| Operating income (loss) | $ | 4,509 | $ | 1,064 | $ | (1,060 | ) | $ | (5,271 | ) | |||||
| Restructuring | 1,777 | 3,775 | 4,217 | 1,015 | |||||||||||
| Gain on sale of fixed assets | — | — | (3,544 | ) | — | ||||||||||
| Total operating income adjustments | 1,777 | 3,775 | 673 | 1,015 | |||||||||||
| Adjusted operating income (loss) | $ | 6,286 | $ | 4,839 | $ | (387 | ) | $ | (4,256 | ) | |||||
| Three Months Ended | |||||||||||||||
| March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | ||||||||||||
| Net income (loss) from continuing operations | $ | 1,446 | $ | (1,299 | ) | $ | (883 | ) | $ | (34,998 | ) | ||||
| Pre-tax adjusting items: | |||||||||||||||
| Operating income (loss) adjustments | 1,777 | 3,775 | 673 | 1,015 | |||||||||||
| Loss on early extinguishment of debt | — | — | — | 509 | |||||||||||
| Tax Valuation Allowance | — | — | — | 28,769 | |||||||||||
| Adjusted (benefit) provision for income taxes1 | (444 | ) | (944 | ) | (168 | ) | (381 | ) | |||||||
| Adjusted net income (loss) from continuing operations | $ | 2,779 | $ | 1,532 | $ | (378 | ) | $ | (5,086 | ) | |||||
| Diluted EPS | $ | 0.04 | $ | (0.04 | ) | $ | (0.03 | ) | $ | (1.04 | ) | ||||
| Adjustments to diluted EPS | $ | 0.04 | $ | 0.09 | $ | 0.02 | $ | 0.89 | |||||||
| Adjusted diluted EPS | $ | 0.08 | $ | 0.05 | $ | (0.01 | ) | $ | (0.15 | ) | |||||
- Reported Tax (Benefit) Provision adjusted for tax effect at
25% of pre-tax adjusting items.
| Three Months Ended | |||||||||||||||
| March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | ||||||||||||
| Net income (loss) from continuing operations | $ | 1,446 | $ | (1,299 | ) | $ | (883 | ) | $ | (34,998 | ) | ||||
| Interest expense | 2,186 | 2,417 | 2,371 | 2,200 | |||||||||||
| Provision (benefit) for income taxes | 665 | (260 | ) | (1,515 | ) | 28,603 | |||||||||
| Depreciation expense | 3,432 | 3,445 | 3,562 | 3,480 | |||||||||||
| Amortization expense | 183 | 140 | 140 | 140 | |||||||||||
| EBITDA | $ | 7,912 | $ | 4,443 | $ | 3,675 | $ | (575 | ) | ||||||
| % of revenues | 4.1 | % | 2.3 | % | 2.1 | % | (0.4 | )% | |||||||
| EBITDA adjustments: | |||||||||||||||
| Restructuring | 1,777 | 3,775 | 4,217 | 1,015 | |||||||||||
| Gain on sale of fixed assets | — | — | (3,544 | ) | — | ||||||||||
| Loss on Early Extinguishment of Debt | — | — | — | 509 | |||||||||||
| Adjusted EBITDA | $ | 9,689 | $ | 8,218 | $ | 4,348 | $ | 949 | |||||||
| % of revenues | 5.0 | % | 4.2 | % | 2.5 | % | 0.6 | % | |||||||
| Three Months Ended | |||||||||||||||
| March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | ||||||||||||
| Revenues by segment | |||||||||||||||
| Vehicles Solutions | $ | 126,671 | $ | 120,916 | $ | 115,235 | $ | 107,140 | |||||||
| Electrical Systems | 54,749 | 63,625 | 53,862 | 56,188 | |||||||||||
| Aftermarket and Accessories | 36,631 | 36,259 | 33,800 | 30,393 | |||||||||||
| Total revenues | $ | 218,051 | $ | 220,800 | $ | 202,897 | $ | 193,721 | |||||||
| Three Months Ended | |||||||||||||||
| March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | ||||||||||||
| Gross profit | $ | 31,888 | $ | 35,517 | $ | 29,309 | $ | 24,377 | |||||||
| Restructuring | 68 | 306 | — | 385 | |||||||||||
| Adjusted gross profit | $ | 31,956 | $ | 35,823 | $ | 29,309 | $ | 24,762 | |||||||
| Three Months Ended | |||||||||||||||
| March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | ||||||||||||
| Operating income | $ | 12,399 | $ | 14,486 | $ | 8,920 | $ | 4,068 | |||||||
| Restructuring | 90 | 343 | — | 1,367 | |||||||||||
| Adjusted operating income | $ | 12,489 | $ | 14,829 | $ | 8,920 | $ | 5,435 | |||||||
| Three Months Ended | |||||||||||||||
| March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | ||||||||||||
| Net income from continuing operations | $ | 7,147 | $ | 9,234 | $ | 4,681 | $ | 22,571 | |||||||
| Pre-tax adjusting items: | |||||||||||||||
| Operating income adjustments | 90 | 343 | — | 1,367 | |||||||||||
| Tax Valuation Allowance | — | — | — | (21,521 | ) | ||||||||||
| Adjusted (benefit) provision for income taxes1 | (23 | ) | (85 | ) | — | (342 | ) | ||||||||
| Adjusted net income from continuing operations | $ | 7,214 | $ | 9,492 | $ | 4,681 | $ | 2,075 | |||||||
| Diluted EPS | $ | 0.22 | $ | 0.28 | $ | 0.14 | $ | 0.67 | |||||||
| Adjustments to diluted EPS | — | — | — | $ | (0.61 | ) | |||||||||
| Adjusted diluted EPS | $ | 0.22 | $ | 0.28 | $ | 0.14 | $ | 0.06 | |||||||
- Reported Tax (Benefit) Provision adjusted for tax effect at
25% of pre-tax adjusting items.
| Three Months Ended | |||||||||||||||
| March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | ||||||||||||
| Net income from continuing operations | $ | 7,147 | $ | 9,234 | $ | 4,681 | $ | 22,571 | |||||||
| Interest expense | 2,749 | 2,672 | 2,489 | 2,338 | |||||||||||
| Provision (benefit) for income taxes | 2,706 | 2,272 | 1,367 | (21,548 | ) | ||||||||||
| Depreciation expense | 3,114 | 3,264 | 3,361 | 3,345 | |||||||||||
| Amortization expense | 253 | 283 | 267 | 267 | |||||||||||
| EBITDA | $ | 15,969 | $ | 17,725 | $ | 12,165 | $ | 6,973 | |||||||
| % of revenues | 7.3 | % | 8.0 | % | 6.0 | % | 3.6 | % | |||||||
| EBITDA adjustments: | |||||||||||||||
| Restructuring | 90 | 343 | — | 1,367 | |||||||||||
| Adjusted EBITDA | $ | 16,059 | $ | 18,068 | $ | 12,165 | $ | 8,340 | |||||||
| % of revenues | 7.4 | % | 8.2 | % | 6.0 | % | 4.3 | % | |||||||
Use of Non-GAAP Measures
This earnings release 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; 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 financial measures internally to evaluate the Company’s performance, engage in financial and operational planning and to determine incentive compensation.
Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on the Company’s financial and operating results and in comparing the Company’s performance to that of its competitors and to comparable reporting periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. The financial results calculated in accordance with GAAP and reconciliations to those financial statements set forth above should be carefully evaluated.
FAQ
What caused CVGI's revenue decline in Q4 2024?
How much were CVGI's new business wins in 2024?
What strategic changes is CVGI implementing for 2025?
What is CVGI's liquidity position as of December 31, 2024?
What are CVGI's market expectations for 2025?
