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.
Commercial Vehicle Group (NASDAQ: CVGI) has announced the sale of its Cab Structures business to a Volvo Group company for $40 million, effective July 31, 2024. This strategic divestiture aligns with CVG's long-term growth strategy, reducing exposure to the cyclical Class 8 truck market and lowering customer concentration. The transaction, expected to close in H2 2024, will transfer about 230 employees to Volvo. CVG plans to use the majority of proceeds for debt paydown and general corporate purposes. The company anticipates updating its full-year 2024 outlook in the Q2 2024 earnings release on August 5, 2024, to reflect the impact of this divestiture.
CVG (NASDAQ: CVGI) has announced its upcoming second quarter 2024 earnings call, scheduled for Tuesday, August 6, 2024, at 8:30 a.m. ET. The company will release its financial results and a presentation prior to the conference call. Investors can participate through various channels:
1. Toll-free participants: Dial (800) 549-8228 using conference code 11335
2. International participants: Dial (289) 819-1520 using conference code 11335
3. Webcast: Available through the 'Investors' section of CVG's website at ir.cvgrp.com
The webcast will be archived for one year, and a telephonic replay will be accessible until August 20, 2024, by dialing (877) 674-7070 with access code 11335#.
CVG (NASDAQ: CVGI) announced that James Ray, President and CEO, and Andy Cheung, EVP and CFO, will present at the Sidoti Small-Cap Virtual Conference on June 13, 2024, at 9:15 a.m. ET. The presentation will be accessible via webcast through the investor section of CVG's website, cvgrp.com. Management will also hold virtual meetings with registered investors. For additional information, contact CVGI@alpha-ir.com.
CVG, a diversified industrial products and services company, reported first quarter 2024 results with revenues of $232.1 million, a decrease of 11.6% due to softening customer demand. The company's operating income was $6.6 million, down 55.1%, with adjusted operating income of $8.5 million, down 44.8%. Net income was $2.9 million, or $0.09 per diluted share. Adjusted EBITDA was $12.7 million, down 35.9%. CVG reaffirmed full-year revenue and adjusted EBITDA guidance ranges.
FAQ
What is the current stock price of Commercial Vehicle Group (CVGI)?
What is the market cap of Commercial Vehicle Group (CVGI)?
What does Commercial Vehicle Group, Inc. (CVGI) specialize in?
Where is Commercial Vehicle Group, Inc. located?
Who is the new President of Aftermarket & Accessories at CVGI?
Which segments does CVGI operate in?
What recent strategic move did CVGI make?
How does CVGI contribute to the commercial vehicle industry?
When was Commercial Vehicle Group, Inc. founded?
How does CVGI ensure financial growth?
What is the primary revenue-generating segment for CVGI?
How can I contact CVGI for investor relations?
