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) 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.
CVG (NASDAQ: CVGI) has scheduled its quarterly conference call for May 5, 2022, at 10:00 a.m. ET to discuss its first quarter 2022 financial results. A press release and presentation will precede the call, which can be accessed via the company’s website. Participants can join the call via toll-free and international dial-in numbers. The telephonic replay will be available for two weeks post-call. CVG focuses on providing innovative solutions to complex engineering challenges across various industries.
Gladstone Commercial Corporation (Nasdaq:GOOD) announced a 15-year lease renewal with CVG Management Corp. (Nasdaq:CVGI) for its office building in New Albany, Ohio. This agreement extends CVG's occupancy of the 50,499 square foot property until March 31, 2037, capitalizing on its proximity to the upcoming $20+ billion Intel chip manufacturing campus. The lease is expected to enhance Gladstone's Adjusted Funds from Operations (AFFO) and Funds from Operations (FFO) while improving the weighted average lease term of its office portfolio.
CVG (NASDAQ: CVGI) announced a virtual non-deal roadshow hosted by Barrington Research on March 15, 2022. The event will feature Harold Bevis, President and CEO, alongside Christopher Bohnert, CFO, discussing the Company’s transformation strategy aimed at enhancing sales diversification and profitability.
CVG is a global provider of systems and components for the commercial vehicle, electric vehicle, and warehouse automation markets. More details can be found at www.cvgrp.com.
CVG reported Q4 2021 revenue of $228.9 million, up 6.0% year-over-year, with a net income of $2.6 million or $0.08 per share. The full-year revenue reached a record $971.6 million, a 35.4% increase. Despite challenges from cost inflation and supply chain issues, the company secured over $500 million in new business in 26 months, primarily from the electric vehicle sector. Adjusted EBITDA for Q4 was $12.9 million, slightly down from the previous year. The company is focusing on transformations to enhance profitability and reduce legacy customer dependence.
CVGI (NASDAQ: CVGI) will participate in the Evercore ISI Industrial Conference on March 1, 2022, at 3:00 p.m. ET, featuring CEO Harold Bevis and CFO Christopher Bohnert. The event will be virtual, and interested parties can access the webcast on the company’s investor relations website. Presentation materials will also be available for 30 days post-event. Additionally, management will meet virtually with registered investors at the conference, aiming to enhance investor engagement.
CVG (NASDAQ: CVGI) announced a quarterly conference call on March 1, 2022, at 10:00 a.m. ET to discuss its fourth quarter and full year 2021 financial results. The details for toll-free and international participants are provided, along with a link to access the call via the company’s website. A telephonic replay will be available for two weeks after the call. CVG is recognized as a key player in providing components and systems for commercial vehicles, electric vehicles, and warehouse automation.
CVG (NASDAQ: CVGI) has secured development and production contracts for 11 hybrid and electric vehicle customers in Europe and North America since 2020. This growth has led to an annualized business volume exceeding $200 million. The company has leveraged its expertise in off-road vehicle electrical systems to create a new product line and enhance its engineering capabilities. CVG aims to significantly contribute to the electric vehicle market and greenhouse gas reduction, with a focus on hydrogen fuel and electric hybrids, delivery vans, and battery systems.
CVG (NASDAQ: CVGI) announced a virtual non-deal roadshow on February 8, 2022, hosted by Colliers Securities. CEO Harold Bevis and CFO Christopher Bohnert will engage with investors to discuss the company's transformation strategy, aimed at driving sales diversification and enhancing profitability. This initiative reflects CVG's commitment to adapt and thrive within the evolving traditional and electric vehicle markets.
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