Welcome to our dedicated page for Commercial Vehicle Group news (Ticker: CVGI), a resource for investors and traders seeking the latest updates and insights on Commercial Vehicle Group stock.
Commercial Vehicle Group, Inc. (CVGI) is a global leader in the design and manufacturing of cab-related products and systems. Headquartered in New Albany, Ohio, CVGI was founded in 2000 and has grown to serve Original Equipment Manufacturers (OEM) and aftermarket vehicle customers in various sectors including agriculture, construction, heavy trucks, military, and more.
CVGI operates through several key segments: Vehicle Solutions, which focuses on commercial vehicle seats and plastic components; Industrial Automation, which offers warehouse automation subsystems like control panels and cable assemblies; Electrical Systems, which includes cable and harness assemblies for high and low voltage applications; and Aftermarket & Accessories, which provides a range of products for vehicle maintenance and enhancement.
Recent achievements include the appointment of Corinne Ross as President of the Aftermarket & Accessories segment, who brings over 16 years of experience from Freudenberg Sealing Technologies. Under her leadership, CVGI aims to accelerate growth and innovation in this segment. Additionally, CVGI recently sold its FinishTEK business to Rowmark LLC, strategically aligning its focus on core growth areas such as electrical systems.
Financially, CVGI remains robust, with the majority of its revenue generated from the Vehicle Solutions segment. The company continually evaluates its portfolio to ensure strategic fit and investment alignment, ensuring optimal performance and growth prospects.
CVGI's commitment to delivering real solutions for complex design, engineering, and manufacturing challenges is evident in its diverse product offerings, which include cab structures, seating, wire harnesses, mirror systems, and more. The company emphasizes positive change for its customers and the industries it serves, making it a key player in the commercial vehicle industry.
CVG (NASDAQ: CVGI) will present at the Sidoti Spring Conference on March 25, 2021, at 11:30 a.m. ET. Harold Bevis, CEO, and Christopher Bohnert, CFO, will lead the virtual presentation and meet with registered investors. A webcast link will be available on the company's investor website, with the presentation materials archived for 30 days. CVG specializes in components and assemblies for the global vehicle market and U.S. technology integrators, supplying original equipment and aftermarket products.
CVG (NASDAQ: CVGI) reported Q4 2020 revenue of $216.0 million, a 14.0% increase driven by warehouse automation growth. Operating income improved to $5.0 million, up from a loss of $4.3 million due to better sales volume and cost structure. However, the company faced a full-year revenue decline of 20.4% to $717.7 million, primarily from COVID-19 impacts. Adjusted EBITDA for Q4 reached $13.0 million, significantly up from $3.5 million. The company anticipates continued growth in warehouse automation and electric vehicles, supported by new business awards totaling over $100 million.
Commercial Vehicle Group (NASDAQ: CVGI), based in New Albany, Ohio, announced a partnership with Xos, Inc., a leader in commercial electric vehicle manufacturing, on March 3, 2021. The collaboration aims to enhance sustainability initiatives and innovate electric vehicle solutions in response to market trends. CVG, leveraging over 40 years of experience, will support Xos with comprehensive design and manufacturing services for zero-emission vehicles.
This partnership reflects CVG's strategy to diversify offerings and adapt to evolving market demands in e-commerce and electric vehicle technology.
CVG (NASDAQ: CVGI) announced that CFO Christopher Bohnert will present at the J.P. Morgan Global High Yield and Leveraged Finance Conference on March 2, 2021, at 2:00 p.m. ET. The presentation will be virtual, allowing investors registered for the conference to engage with Bohnert. A replay of the presentation will be available on the investor section of the Company's website for 30 days following the event. CVG is a diversified industrial company supplying various markets, including trucking and construction.
CVG (NASDAQ: CVGI) announced an amendment to its $90 million asset-based Revolving Credit Facility, extending the maturity date to March 1, 2026. The amendment removes the stipulation that the first $7 million of the facility is a first-in, last-out arrangement. Additionally, CVG has the option to increase the revolving commitments by an incremental $50 million with lender consent. CFO Chris Bohnert emphasized that this extension enhances the company's liquidity, offering improved financial flexibility and reduced costs.
CVG (NASDAQ: CVGI) will conduct its quarterly conference call on March 10, 2021, at 10:00 a.m. ET to discuss its fourth quarter and fiscal year 2020 financial results. A press release and presentation will be issued prior to the call. Participants can join via toll-free dial (833) 235-5650 or internationally (647) 689-4139, using conference code 3295694. The call will be webcast on CVG's website and archived for one year. A replay will be available for two weeks post-call.
CVGI will participate in the MicroCap Rodeo Winter Wonderland Conference on February 17, 2021, at 3:00 p.m. ET. Harold Bevis, President and CEO, and Christopher Bohnert, CFO, will present at the conference and meet virtually with registered investors. Interested investors can access the webcast through the investor section of CVGI's website, with presentation materials to be archived for 30 days. CVGI, a diversified industrial company, offers various products for markets, including ecommerce warehouses, commercial trucking, and electric vehicles.
CVG (NASDAQ: CVGI) will participate in the Sidoti Winter 2021 Virtual Conference on January 14, 2021, at 8:30 a.m. ET. Presenting will be Harold Bevis, President and CEO, alongside Christopher Bohnert, CFO. The company plans to engage with investors virtually and will provide a webcast link through its website for those registered. Presentation materials will also be available online for 30 days after the conference. CVG specializes in diversified industrial solutions across various global markets.
CVG (NASDAQ: CVGI) will participate in the Bank of America Leveraged Finance Virtual Conference on December 1, 2020, at 7:30 a.m. ET. CEO Harold Bevis and CFO Christopher Bohnert will present and meet virtually with investors. The conference will be accessible via the investor section of CVG's website, and presentation materials will be archived for 30 days. CVG is known for its diverse industrial solutions, including seating systems and wire harnesses for various markets such as trucking and construction. For more details, visit www.cvgrp.com.
CVG reported its third-quarter financial results for 2020, revealing revenues of $187.7 million, a 16.7% decline year-over-year, primarily due to reduced commercial vehicle sales amid the COVID-19 pandemic. However, there was a sequential revenue growth of 47.9% from the second quarter, driven by recovery in vehicle builds and growth in warehouse automation. Operating income decreased to $8.9 million, affected by special charges. The company highlighted growth in the electric vehicle and warehouse automation markets as key future areas.
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