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) has appointed Russell Ketteringham as the new President of Vehicle Solutions for North America and Europe, effective March 1, 2023. Ketteringham joins CVG with 25 years of experience from BOS Automotive, where he was President and CEO for North America. In his new role, he will manage CVG’s OE seating, cab structures, trim systems, and plastics parts businesses across these regions. His extensive background in program management, product development, and customer relations is expected to enhance CVG's growth and profitability strategies, reinforcing the company’s commitment to targeted growth and free cash flow.
CVG (NASDAQ: CVGI) reported its fourth quarter 2022 results, with revenues of $234.9 million, reflecting a 2.6% year-over-year increase. However, the company faced a net loss of $32 million due to non-cash charges related to a pension settlement and a write-down in the Industrial Automation segment. Adjusted EBITDA rose 3.1% to $13.3 million. CVG anticipates achieving around $150 million in new business revenue in 2023, alongside continued efforts to enhance free cash flow and reduce debt, which dropped to $120.6 million. Despite the positive revenue outlook, the ongoing challenges in the Industrial Automation sector remain a concern.
CVGI will hold a quarterly conference call on March 7, 2023, at 10:00 a.m. ET to discuss its Q4 and full year 2022 financial results. The company will issue a press release and presentation before the call.
Toll-free participants can dial (888) 396-8049 or (416) 764-8646 for international callers, both using conference code 33489158. The call will also be webcast, accessible via the “Investors” section of CVG's website, where it will be archived for one year.
A telephonic replay will be available until March 21, 2023, at (877) 674-7070 with access code 489158.
CVG (NASDAQ: CVGI) announced that its President and CEO, Harold Bevis, along with CFO Andy Cheung, will present at the Sidoti January Micro-Cap Virtual Conference on January 19, 2023, at 10:45 a.m. ET. Interested investors can access the webcast via the Company’s investor section on their website. Presentation materials will be archived online for 30 days. Management will also engage with registered investors during the conference.
CVG aims to provide solutions to intricate design, engineering, and manufacturing challenges while positively impacting customers, industries, and communities.
CVG (NASDAQ: CVGI) will present at the Sidoti December Small-Cap Virtual Conference on December 7, 2022, at 9:15 a.m. ET. The presentation by CEO Harold Bevis and CFO Andy Cheung will be accessible via the investor section of CVG's website. Additionally, management will engage in virtual meetings with registered investors. Presentation materials will be archived on the website for 30 days. For further inquiries, contact Alpha IR Group at CVGI@alpha-ir.com.
CVGI (NASDAQ: CVGI) will present virtually at the Sidoti November Micro-Cap Virtual Conference on November 9, 2022, at 10:45 a.m. ET. Harold Bevis, President and CEO, and Andy Cheung, EVP and CFO, will lead the presentation. Interested investors can access the live webcast through the investor section of the company's website. Presentation materials will be available online for 30 days. Furthermore, management plans to engage in virtual meetings with conference-registered investors, enhancing their communication with stakeholders.
CVG (NASDAQ: CVGI) reported a 5% revenue increase in Q3 2022, totaling $251.4 million. Adjusted operating income fell by 13.1% to $10.6 million, with net income also decreasing 52% to $3.6 million. Despite challenges due to inflation, the company remains on track for significant debt paydown, targeting $25 million to $40 million by year-end. Innovation and new business wins are promising with nearly $200 million anticipated in annualized wins, particularly in the electric vehicle market, marking a strategic shift for CVGI.
CVG (NASDAQ: CVGI) is scheduled to hold its quarterly conference call on November 3, 2022, at 10:00 a.m. ET, to discuss the financial results for the third quarter of 2022. A press release and presentation will be issued in advance. Participants can join via toll-free numbers or the company's website, where the call will be archived for a year. A replay will be available until November 10, 2022. CVG focuses on delivering solutions to complex design, engineering, and manufacturing challenges, impacting customers and communities positively.
CVG (NASDAQ: CVGI) announced participation in the Lytham Partners Fall 2022 Investor Conference on September 28-29, 2022. CEO Harold Bevis will join a virtual fireside chat on September 28 at 9:00 a.m. ET, with a webcast link available on the company's investor website. Management will also meet with investors virtually on September 29. Presentation materials will be posted online and accessible for 30 days. This engagement aims to provide insights into the company's solutions in design, engineering, and manufacturing.
CVG (NASDAQ: CVGI) announced that CEO Harold Bevis will present at the Sidoti Virtual Small Cap Investor Conference on September 21, 2022, at 9:15 a.m. ET. Interested parties can access the presentation via the investor section of the Company’s website. Materials will also be archived online for 30 days. Furthermore, management will engage with registered investors virtually, fostering direct communication about the company’s initiatives and performance.
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