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) announced its participation in the Barrington Research Virtual Fall Investment Conference on September 8, 2022. CEO Harold Bevis and CFO Christopher Bohnert will discuss the company's transformation strategy aimed at enhancing sales diversification and profitability. This engagement indicates CVG's commitment to effectively communicating its operational changes and growth initiatives to investors.
CVG (NASDAQ: CVGI) announced that CEO Harold Bevis and CFO Christopher Bohnert will participate in a virtual non-deal roadshow hosted by Sidoti & Company on August 30, 2022. This event aims to engage with investors regarding the company’s transformation strategy focused on sales diversification and enhancing profitability. CVG emphasizes delivering solutions to complex design and manufacturing issues across various global industries.
CVG (NASDAQ: CVGI) will present virtually at the Sidoti Virtual Micro Cap Conference on August 17, 2022, at 1:00 p.m. ET. Harold Bevis, President and CEO, and Christopher Bohnert, CFO, will discuss the company's strategies and updates. Interested investors can access the presentation materials on the investor section of the Company's website, where they will be archived for 30 days. Additionally, management will hold virtual meetings with conference registrants to engage with investors.
CVG (NASDAQ: CVGI) reported its Q2 2022 financial results, revealing revenues of $250.8 million, a 2.8% decline year-over-year. Net income stood at $2.5 million or $0.08 per share, down 50% from last year. Adjusted EBITDA dropped 42.6% to $12.4 million. The company anticipates a $15 million profitability boost from new pricing implemented in July 2022. Despite challenges in the warehouse automation sector, CVG has won 29 new business platforms in the Electric Vehicle market, projected to generate $104 million in annual revenue when fully ramped up.
CVG (NASDAQ: CVGI) is set to hold its quarterly conference call on August 5, 2022, at 10:00 a.m. ET to discuss its second-quarter financial results. A press release and presentation will be available prior to the call. Participants can join via toll-free numbers and can also access a webcast on the company’s investor website. A telephonic replay will be available until August 19, 2022. CVG focuses on delivering innovative solutions in design, engineering, and manufacturing across various industries.
CVG (NASDAQ: CVGI) announced its participation in the Stifel 2022 Cross Sector Insight Conference on June 7, 2022. Harold Bevis, President and CEO, alongside CFO Christopher Bohnert, will present at 9:45am ET and engage in one-on-one investor meetings. A webcast of the presentation will be available on the company’s investor website, with materials archived for 90 days post-event. The company focuses on providing innovative design and manufacturing solutions across global industries, emphasizing client value.
CVG (NASDAQ: CVGI) announced an amendment to its senior secured credit facilities, raising the total to $325 million from $275 million. This includes a $175 million Term Loan A and a $150 million Revolving Credit Facility. The amendment provides an extra $50 million in liquidity to support growth initiatives and includes a 50 bps interest rate reduction, saving approximately $1 million annually. The maturity date is extended to May 12, 2027, with pro-forma leverage increasing from 3.25x to 3.75x until December 31, 2022.
CVG (NASDAQ: CVGI) will present at the Sidoti Virtual Micro Cap Conference on May 11, 2022, at 10:00 a.m. ET. The presentation will feature CEO Harold Bevis and CFO Christopher Bohnert. Investors can access the webcast through the company's investor relations page, with materials available for 30 days post-event. Management will also engage in virtual meetings with registered investors during the conference.
CVG (NASDAQ: CVGI) reported Q1 2022 sales of $244.4 million, down 0.3% year-over-year, with net income of $4.0 million or $0.12 per diluted share. Adjusted EPS was $0.16, down 40.7%. Operating income fell 45.5% to $8.4 million. Despite challenges from COVID and inflation, the company secured $89 million in new business, primarily in electrification. Upcoming efforts include a footprint investment program aimed at enhancing competitiveness. Profit improvements are anticipated in H2 2022.
CVG (NASDAQ: CVGI) announced a new pricing agreement with its top two customers, which together represent about 30% of the company's revenue. Previously, these customers generated zero or negative profit for the company. The new pricing, effective this year, is expected to enhance CVG's profitability significantly. This development will be discussed in more detail during the First Quarter 2022 Earnings Call on May 5th at 10am ET, highlighting a crucial advancement in CVG's financial outlook.
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