Content Detail

• Content META

  Title	CVG Reports Fourth Quarter and Full Year 2024 Results
  ID	7604718
  External ID	7615917891
  Author	Unknown
  Published Date	March 10, 2025, 5:24 p.m.
  Summary	Accelerating operational momentum through strategic portfolio actions Provides outlook and guidance for full year 2025 NEW ALBANY, Ohio, March 10, 2025 (GLOBE NEWSWIRE) -- CVG CVGI, a diversified in
  Tags	press-release
  URL	https://www.benzinga.com/pressreleases/25/03/g44236310/cvg-reports-fourth-quarter-and-full-year-2024-results
  Sentiment	Negative: 0.97347    Neutral: 0.01765    Positive: 0.00888
  Relevance	0.04592

• Content Details

  Content ID	4909964
  Key	17d00a35-acbf-47c2-9fb8-7231916229af
  Content	Accelerating operational momentum through strategic portfolio actions Provides outlook and guidance for full year 2025 NEW ALBANY, Ohio, March 10, 2025 (GLOBE NEWSWIRE) -- CVG CVGI, a diversified industrial products and services company, today announced financial results for its fourth quarter and full year ended December 31, 2024. As a result of completing our strategic portfolio actions, the following are reported as discontinued operations: (1) the Industrial Automation segment, and (2) the financial information from the Cab Structures facility that was previously reported in Vehicle Solutions and Aftermarket and Accessories. CVG has three reportable segments for 2024: Vehicle Solutions, Electrical Systems and Aftermarket & Accessories. The results and comparisons presented below reflect continuing operations unless otherwise noted. Fourth Quarter 2024 Highlights (Compared with prior-year period, where comparisons are noted) Revenue of $163.3 million, down 15.7% due primarily to a global softening in Construction and Agriculture customer demand and drop-in Class 8 Heavy Truck builds. Operating loss of $5.3 million, and adjusted operating loss of $4.3 million, down compared to operating income of $4.1 million and adjusted operating income of $5.4 million. The decrease in operating income was driven primarily by lower sales volumes and operational inefficiencies. Net loss from continuing operations of $35.0 million, or $(1.04) per diluted share, compared to net income of $22.6 million, or $0.67 per diluted share. Net loss included a non-cash tax valuation allowance of $28.8 million. Adjusted net loss from continuing operations of $5.1 million, or $(0.15) per diluted share, compared to adjusted net income of $2.1 million, or $0.06 per diluted share. Adjusted EBITDA of $0.9 million, down 89.2%, with an adjusted EBITDA margin of 0.6%, down from 4.3%. The sale of CVG's Industrial Automation business closed on October 30, 2024, allowing CVG to focus on its core segments. Full Year 2024 Highlights (Compared with prior-year period, where comparisons are noted) Revenue of $723.4 million, down 13.4%, driven by a global softening in customer demand and the wind-down of certain programs in our Vehicle Solutions segment. New business wins in excess of $97 million when fully ramped; these wins were concentrated in our Electrical Systems segment, predominantly outside of Construction and Agriculture end markets. Operating loss of $0.8 million, down $40.6 million, and adjusted operating income of $6.5 million, down $35.2 million. The decrease in operating income was due to lower sales volumes and operational inefficiencies. Continued shifting production capacity to new, lower-cost facilities in Morocco and Mexico, in an effort to improve operating leverage. James Ray, President and Chief Executive Officer, said, "2024 was a year of meaningful change for CVG. Over the course of the year, we undertook immediate and decisive actions, including the divestitures of non-strategic assets and businesses, and improvement initiatives that we believe position us for future accretive growth. Even in the face of continued external market headwinds, we believe the improvement initiatives executed in 2024 will unlock significant operational efficiencies that we have already started to benefit from in 2025. Additionally, we were pleased to open our new Morocco facility and we continue to ramp up our facility in Aldama, Mexico." Mr. Ray continued, "Moving forward, our team is focused on accelerating the operational momentum we've built, driving margin accretive growth through a product-focused, operationally efficient enterprise strategy. With a stronger foundation, and as our key end markets stabilize, we expect that we will continue to strengthen the company's position in the market and deliver value for our stakeholders." Andy Cheung, Chief Financial Officer, added, "CVG delivered results consistent with our adjusted full-year guidance ranges, which reflect the Company's past portfolio and restructuring actions. We anticipate that the benefits from these strategic efforts will become more apparent in 2025 despite notable end market softening and the slower than expected ramp of new business wins. We believe that these organizational improvements, combined with working capital and inventory reductions driving increased cash generation this year, will greatly improve our ability to continue paying down debt. We have implemented a more focused business strategy and continue to streamline our enterprise cost structure. We expect to see EBITDA growth and margin expansion in 2025 which are reflected in our full year 2025 guidance ranges." Financial Results from Continuing Operations (amounts in millions except per share data and percentages) Fourth Quarter 2024 2023 Change Revenues $ 163.3 $ 193.7 (15.7 )% Gross profit $ 13.1 $ 24.4 (46.3 )% Gross margin 8.0 % 12.6 % Adjusted gross profit1 $ 13.6 $ 24.8 (45.2 )% Adjusted gross margin1 8.3 % 12.8 % Operating income (loss) $ (5.3 ) $ 4.1 NM2 Operating margin (3.2 )% 2.1 % Adjusted operating income (loss)1 $ (4.3 ) $ 5.4 NM2 Adjusted operating margin1 (2.6 )% 2.8 % Net income (loss) from continuing operations $ (35.0 ) $ 22.6 NM2 Adjusted net income (loss) from continuing operations1 $ (5.1 ) $ 2.1 NM2 Earnings (loss) per share, diluted $ (1.04 ) $ 0.67 NM2 Adjusted earnings (loss) per share, diluted1 $ (0.15 ) $ 0.06 NM2 Adjusted EBITDA1 $ 0.9 $ 8.3 (89.2 )% Adjusted EBITDA margin1 0.6 % 4.3 % 1See Appendix A for GAAP to Non-GAAP reconciliation 2Not meaningful Consolidated Results from Continuing Operations Fourth Quarter 2024 Results Fourth quarter 2024 revenues were $163.3 million compared to $193.7 million in the prior year period, a decline of 15.7%. The decrease in revenues is due primarily to lower sales as a result of a softening in customer demand in our Vehicle Solutions and Electrical Systems segments. Operating loss for the fourth quarter 2024 was $5.3 million compared to operating income of $4.1 million in the prior year period. Excluding special costs, the fourth quarter of 2024 adjusted operating loss was $4.3 million, down from adjusted operating income of $5.4 million in 2023. The decline in adjusted operating income was driven primarily by the impact of lower sales volumes, unfavorable mix, and operational inefficiencies. Interest expense was $2.2 million and $2.3 million for the fourth quarter ended December 31, 2024 and 2023, respectively. Net loss from continuing operations was $35.0 million, or $(1.04) per diluted share, for the fourth quarter 2024 compared to net income of $22.6 million, or $0.67 per diluted share, in the prior year period. At December 31, 2024, the Company had $50.5 million outstanding borrowings on its revolving credit facility, $26.6 million of cash and $84.4 million availability from revolving credit facilities, resulting in total liquidity of $111.0 million. Fourth Quarter 2024 Segment Results (Compared with prior-year period, where comparisons are noted) Vehicle Solutions Segment Revenues were $91.4 million compared to $107.1 million for the prior year period, a decrease of 14.7% primarily due to lower sales volume as a result of decreased customer demand and the wind-down of certain programs. Operating income for the fourth quarter 2024 was $1.7 million compared to $3.6 million in the prior year period, a decrease of 52.5%, primarily due to lower customer demand, operational remediation investments, and increased freight costs. The fourth quarter of 2024 adjusted operating income was $2.8 million compared to $4.0 million in the prior year period, a decrease of 30.5%. Electrical Systems Segment Revenues were $40.3 million compared to $56.2 million in the prior year period, a decrease of 28.3%, primarily resulting from a global softening in the Construction & Agriculture end-markets. Operating loss was $1.7 million compared to operating income of $6.7 million, a decrease of 125.2% primarily attributable to lower sales volumes and unfavorable foreign exchange. Aftermarket and Accessories Segment Revenues were $31.6 million compared to $30.4 million in the prior year period, an increase of 4.0%, primarily resulting from slightly higher customer demand driving increased volumes. Operating income was $3.2 million compared to $3.3 million in the prior year period, a decrease of 4.6%. The decrease in operating income was increased manufacturing costs. The fourth quarter of 2024 adjusted operating income was $3.1 million compared to $3.3 million in the prior year period. Outlook CVG is providing the following outlook for the full year 2025: Metric 2025 Outlook ($ millions) Net Sales $670 - $710 Adjusted EBITDA $25 - $30 This outlook reflects, among others, current industry forecasts for North American Class 8 truck builds. According to ACT Research, 2025 North American Class 8 truck production levels are expected to be at 316,000 units. The 2024 actual Class 8 truck builds according to the ACT Research was 332,382 units. Construction and Agriculture end markets are projected to decline approximately 5-10% in 2025. However, we expect contribution from new business wins outside of Construction and Agriculture end markets in Electrical Systems to soften this decline. Effective January 1, 2025, the Company announced a new organizational structure designed to enhance alignment with its customers and end markets. Under this new structure, CVG will reorganize its vertical business units into the following three operating divisions and reporting segments: Global Electrical Systems, Global Seating, Trim Systems and Components. As part of this realignment, the Company's Aftermarket & Accessories business unit will be absorbed in these three segments. Its seating and electrical portfolio will transition to Global Seating and Global Electrical Systems, respectively. Its wiper systems will become part of the newly formed Trim Systems and Components business unit in addition to the trim and components businesses from the prior Vehicle Solutions segment. CVG expects this structure to enhance clarity and focus, with each business unit positioned to deliver on its specific strategic and operational objectives. GAAP to Non-GAAP Reconciliation A reconciliation of GAAP to non-GAAP financial measures referenced in this release is included as Appendix A to this release. Conference Call A conference call to discuss this press release is scheduled for Tuesday, March 11, 2025, at 8:30 a.m. ET. Management intends to reference the Q4 2024 Earnings Call Presentation posted on our website during the conference call. To participate, dial (800) 549-8228 using conference code 45919. International participants dial (289) 819-1520 using conference code 45919. This call is being webcast and can be accessed through the "Investors" section of CVG's website at www.cvgrp.com, where it will be archived for one year. A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (888) 660-6264 using access code 45919 and international callers can dial (289) 819-1325 using access code 45919. Company Contact Andy Cheung Chief Financial Officer CVG IR@cvgrp.com Investor Relations Contact Ross Collins or Stephen Poe Alpha IR Group CVGI@alpha-ir.com About CVG Commercial Vehicle Group, Inc. and its subsidiaries, is a global provider of systems, assemblies and components to the global commercial vehicle market and the electric vehicle markets. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com . Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. For this purpose, any statements contained herein that are not statements of historical fact, including without limitation, certain statements herein regarding industry outlook, the Company's expectations for future periods with respect to its plans to improve financial results, the future of the Company's end markets changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction and agricultural equipment business, the Company's prospects in the wire harness and electric vehicle markets, the Company's initiatives to address customer needs, organic growth, the Company's strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment, including global supply chain constraints, inflation and labor shortages, tariffs and counter-measures, financial covenant compliance, anticipated effects of acquisitions or divestitures, production of new products, plans for capital expenditures and our results of operations or financial position and liquidity, may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believe", "anticipate", "plan", "expect", "intend", "will", "should", "could", "would", "project", "continue", "likely", and similar expressions, as they relate to us, are intended to identify forward-looking statements. The important factors discussed in "Item 1A - Risk Factors" in the Company's Annual Report on Form 10-K, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Such forward-looking statements represent management's current expectations and are inherently uncertain. Investors are warned that actual results may differ from management's expectations. Additionally, various economic and competitive factors could cause actual results to differ materially from those discussed in such forward-looking statements, including, but not limited to, factors which are outside our control. Any forward-looking statement that we make in this press release speaks only as of the date of such statement, and we undertake no obligation to update any forward-looking statement or to publicly announce the results of any revision to any of those statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data. COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three and Twelve Months Ended December 31, 2024 and 2023 (Unaudited) (Amounts in thousands, except per share amounts) Three Months Ended Twelve Months Ended 2024 2023 2024 2023 Revenues $ 163,292 $ 193,721 $ 723,355 $ 835,469 Cost of revenues 150,217 169,344 650,236 714,378 Gross profit 13,075 24,377 73,119 121,091 Selling, general and administrative expenses 18,346 20,309 73,877 81,218 Operating income (loss) (5,271 ) 4,068 (758 ) 39,873 Other (income) expense (1,585 ) 707 (2,200 ) 1,195 Interest expense 2,200 2,338 9,174 10,248 Loss on extinguishment of debt 509 — 509 — Income (loss) before provision for income taxes (6,395 ) 1,023 (8,241 ) 28,430 Provision (benefit) for income taxes 28,603 (21,548 ) 27,493 (15,203 ) Net income (loss) from continuing operations $ (34,998 ) $ 22,571 $ (35,734 ) $ 43,633 Net income (loss) from discontinued operations (3,721 ) 711 7,867 5,778 Net income (loss) (38,719 ) 23,282 (27,867 ) 49,411 Earnings (loss) per common share Income (loss) from continuing operations $ (1.04 ) $ 0.68 $ (1.07 ) $ 1.32 Income (loss) from discontinued operations $ (0.11 ) $ 0.02 $ 0.24 $ 0.18 Diluted earning (loss) per share Income (loss) from continuing operations $ (1.04 ) $ 0.67 $ (1.07 ) $ 1.30 Income (loss) from discontinued operations $ (0.11 ) $ 0.03 $ 0.24 $ 0.17 Weighted average shares outstanding Basic 33,497 33,132 33,418 33,040 Diluted 33,497 33,443 33,418 33,581 COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2024 and 2023 (Unaudited) (Amounts in thousands, except per share amounts) ASSETS 2024 2023 Current Assets: Cash $ 26,630 $ 37,848 Accounts receivable, net 118,683 129,346 Inventories 128,224 117,267 Current assets held for sale — 15,603 Other current assets 29,763 27,678 Total current assets 303,300 327,742 Property, plant and equipment, net 68,861 68,923 Operating lease right-of-use asset, net 29,931 31,165 Intangible assets, net 3,918 6,594 Deferred income taxes, net 11,084 33,568 Noncurrent assets held for sale — 9,173 Other assets 7,479 6,049 TOTAL ASSETS $ 424,573 $ 483,214 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 77,002 $ 75,246 Current operating lease liabilities 8,033 7,502 Accrued liabilities and other 32,325 44,836 Current portion of long-term debt and short-term debt 8,438 15,313 Current liabilities held-for-sale — 2,292 Total current liabilities 125,798 145,189 Long-term debt 127,062 126,201 Noncurrent liabilities held-for-sale — 31 Long-term operating lease liabilities 22,795 24,417 Pension and other post-retirement liabilities 8,143 9,196 Other long-term liabilities 5,183 5,248 Total liabilities 288,981 310,282 Stockholders' equity: Preferred stock — — Common stock 337 333 Treasury stock, at cost (16,468 ) (16,150 ) Additional paid-in capital 269,117 265,217 Retained deficit (74,051 ) (46,184 ) Accumulated other comprehensive loss (43,343 ) (30,284 ) Total stockholders' equity 135,592 172,932 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 424,573 $ 483,214 COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES BUSINESS SEGMENT FINANCIAL INFORMATION Three and Twelve Months Ended December 31, 2024 and 2023 (Unaudited) (Amounts in thousands) Three Months Ended Vehicle Solutions Electrical Systems Aftermarket and Accessories Corporate / Other Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Revenues $ 91,379 $ 107,140 $ 40,299 $ 56,188 $ 31,614 $ 30,393 $ — $ — $ 163,292 $ 193,721 Gross profit 7,051 10,100 767 8,873 5,257 5,442 — (38 ) 13,075 24,377 Selling, general & administrative expenses 5,341 6,501 2,452 2,176 2,096 2,127 8,457 9,505 18,346 20,309 Operating income (loss) $ 1,710 $ 3,599 $ (1,685 ) $ 6,697 $ 3,161 $ 3,315 $ (8,457 ) $ (9,543 ) $ (5,271 ) $ 4,068 Twelve Months Ended Vehicle Solutions Electrical Systems Aftermarket and Accessories Corporate / Other Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Revenues $ 404,164 $ 469,962 $ 189,626 $ 228,424 $ 129,565 $ 137,083 $ — $ — $ 723,355 $ 835,469 Gross profit 39,228 59,363 10,701 35,397 23,348 26,514 (158 ) (183 ) 73,119 121,091 Selling, general & administrative expenses 21,326 26,109 10,252 9,107 8,322 8,144 33,977 37,858 73,877 81,218 Operating income (loss) $ 17,902 $ 33,254 $ 449 $ 26,290 $ 15,026 $ 18,370 $ (34,135 ) $ (38,041 ) $ (758 ) $ 39,873 COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES Appendix A: Reconciliation of GAAP to Non-GAAP Financial Measures Three and Twelve Months Ended December 31, 2024 and 2023 (Unaudited) (Amounts in thousands, except per share amounts and percentages) Three Months Ended Twelve Months Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Gross profit $ 13,075 $ 24,377 $ 73,119 $ 121,091 Restructuring 568 385 9,186 759 Adjusted gross profit $ 13,643 $ 24,762 $ 82,305 $ 121,850 % of revenues 8.4 % 12.8 % 11.4 % 14.6 % Three Months Ended Twelve Months Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Operating income (loss) $ (5,271 ) $ 4,068 $ (758 ) $ 39,873 Restructuring 1,015 1,367 10,784 1,800 Gain on sale of fixed assets — — (3,544 ) — Total operating income adjustments 1,015 1,367 7,240 1,800 Adjusted operating income (loss) $ (4,256 ) $ 5,435 $ 6,482 $ 41,673 % of revenues (2.6 )% 2.8 % 0.9 % 5.0 % Three Months Ended Twelve Months Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net income (loss) from continuing operations (34,998 ) 22,571 (35,734 ) 43,633 Pre-tax adjusting items: Operating income (loss) adjustments 1,015 1,367 7,240 1,800 Loss on early extinguishment of debt 509 — 509 — Tax Valuation Allowance 28,769 (21,521 ) 28,769 (21,521 ) Adjusted (benefit) provision for income taxes1 (381 ) (342 ) (1,937 ) (450 ) Adjusted net income (loss) from continuing operations $ (5,086 ) $ 2,075 $ (1,153 ) $ 23,462 Diluted EPS $ (1.04 ) $ 0.67 $ (1.07 ) $ 1.30 Adjustments to diluted EPS $ 0.89 $ (0.61 ) $ 1.04 $ (0.60 ) Adjusted diluted EPS $ (0.15 ) $ 0.06 $ (0.03 ) $ 0.70 Reported Tax (Benefit) Provision adjusted for tax effect at 25% of pre-tax adjusting items. Three Months Ended Twelve Months Ended December 31, 2024 December 31 2023 December 31, 2024 December 31, 2023 Net income (loss) from continuing operations $ (34,998 ) $ 22,571 $ (35,734 ) $ 43,633 Interest expense 2,200 2,338 9,174 10,248 Provision (benefit) for income taxes 28,603 (21,548 ) 27,493 (15,203 ) Depreciation expense 3,480 3,345 13,919 13,084 Amortization expense 140 267 603 1,070 EBITDA $ (575 ) $ 6,973 $ 15,455 $ 52,832 % of revenues (0.4 )% 3.6 % 2.1 % 6.3 % EBITDA adjustments Restructuring 1,015 1,367 10,784 1,800 Gain on sale of fixed assets — — (3,544 ) — Loss on early extinguishment of debt 509 — 509 — Adjusted EBITDA $ 949 $ 8,340 $ 23,204 $ 54,632 % of revenues 0.6 % 4.3 % 3.2 % 6.5 % COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES Appendix B: Segment Reconciliation of GAAP to Non-GAAP Financial Measures Three and Twelve Months Ended December 31, 2024 and 2023 (Unaudited) (Amounts in thousands, except percentages) Three Months Ended December 31, 2024 Vehicle Solutions Electric Systems Aftermarket and Accessories Corporate Total Operating income (loss) $ 1,710 $ (1,685 ) $ 3,161 $ (8,457 ) $ (5,271 ) Restructuring 1,060 — (45 ) — 1,015 Adjusted operating income (loss) $ 2,770 $ (1,685 ) $ 3,116 $ (8,457 ) $ (4,256 ) % of revenues 3.0 % (4.2 )% 9.9 % (2.6 )% Twelve Months Ended December 31, 2024 Vehicle Solutions Electric Systems Aftermarket and Accessories Corporate Total Operating income (loss) $ 17,902 $ 449 $ 15,026 $ (34,135 ) $ (758 ) Restructuring 5,936 3,744 940 164 10,784 Gain on sale of fixed assets (3,544 ) — — — (3,544 ) Adjusted operating income (loss) $ 20,294 $ 4,193 $ 15,966 $ (33,971 ) $ 6,482 % of revenues 5.0 % 2.2 % 12.3 % 0.9 % Three Months Ended December 31, 2023 Vehicle Solutions Electric Systems Aftermarket and Accessories Corporate Total Operating income (loss) $ 3,599 $ 6,697 $ 3,315 $ (9,543 ) $ 4,068 Restructuring 385 — — 982 1,367 Adjusted operating income (loss) $ 3,984 $ 6,697 $ 3,315 $ (8,561 ) $ 5,435 % of revenues 3.7 % 11.9 % 10.9 % 2.8 % Twelve Months Ended December 31, 2023 Vehicle Solutions Electric Systems Aftermarket and Accessories Corporate Total Operating income (loss) $ 33,254 $ 26,290 $ 18,370 $ (38,041 ) $ 39,873 Restructuring 809 8 — 983 1,800 Adjusted operating income (loss) $ 34,063 $ 26,298 $ 18,370 $ (37,058 ) $ 41,673 % of revenues 7.2 % 11.5 % 13.4 % 5.0 % The following tables present reconciliations of the captions within CVG's Condensed Consolidated Statements of Cash Flows to Free cash flow, attributable to continuing operations, discontinued operations, and total CVG for the three and Twelve Months Ended December 31, 2024 and 2023. Three Months Ended Twelve Months Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 CONTINUING OPERATIONS Cash flows from operating activities $ (17,230 ) $ 8,495 $ (19,498 ) $ 29,458 Purchases of property, plant and equipment (3,973 ) (4,165 ) (17,682 ) (18,947 ) Proceeds from disposal/sale of property, plant and equipment — — 4,455 — Proceeds from sale of business 22,001 — 44,961 — Free cash flow from continuing operations $ 798 $ 4,330 $ 12,236 $ 10,511 DISCONTINUED OPERATIONS Cash flows from operating activities $ (9,387 ) $ (209 ) $ (13,954 ) $ 8,818 Purchases of property, plant and equipment — (335 ) (838 ) (749 ) Free cash flow from discontinued operations $ (9,387 ) $ (544 ) $ (14,792 ) $ 8,069 TOTAL COMPANY Cash flows from operating activities $ (26,617 ) $ 8,286 $ (33,452 ) $ 38,276 Purchases of property, plant and equipment (3,973 ) (4,500 ) (18,520 ) (19,696 ) Proceeds from disposal/sale of property, plant and equipment — — 4,455 — Proceeds from sale of business 22,001 — 44,961 — Free cash flow $ (8,589 ) $ 3,786 $ (2,556 ) $ 18,580 COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES Appendix C: Supplemental Quarterly Reconciliation of GAAP to Non-GAAP Financial Measures 2024 and 2023 by Quarter (Unaudited) (Amounts in thousands, except per share amounts and percentages) The following tables present our unaudited reconciliation of GAAP to Non-GAAP financial measures, including retrospective changes for discontinued operations. Three Months Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Revenues by segment Vehicles Solutions $ 105,207 $ 110,282 $ 97,296 $ 91,379 Electrical Systems 55,795 50,152 43,380 40,299 Aftermarket and Accessories 33,624 33,231 31,096 31,614 Total revenues $ 194,626 $ 193,665 $ 171,772 $ 163,292 Three Months Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Gross profit $ 23,164 $ 20,459 $ 16,421 $ 13,075 Restructuring 1,583 3,517 3,518 568 Adjusted gross profit $ 24,747 $ 23,976 $ 19,939 $ 13,643 Three Months Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Operating income (loss) $ 4,509 $ 1,064 $ (1,060 ) $ (5,271 ) Restructuring 1,777 3,775 4,217 1,015 Gain on sale of fixed assets — — (3,544 ) — Total operating income adjustments 1,777 3,775 673 1,015 Adjusted operating income (loss) $ 6,286 $ 4,839 $ (387 ) $ (4,256 ) Three Months Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Net income (loss) from continuing operations $ 1,446 $ (1,299 ) $ (883 ) $ (34,998 ) Pre-tax adjusting items: Operating income (loss) adjustments 1,777 3,775 673 1,015 Loss on early extinguishment of debt — — — 509 Tax Valuation Allowance — — — 28,769 Adjusted (benefit) provision for income taxes1 (444 ) (944 ) (168 ) (381 ) Adjusted net income (loss) from continuing operations $ 2,779 $ 1,532 $ (378 ) $ (5,086 ) Diluted EPS $ 0.04 $ (0.04 ) $ (0.03 ) $ (1.04 ) Adjustments to diluted EPS $ 0.04 $ 0.09 $ 0.02 $ 0.89 Adjusted diluted EPS $ 0.08 $ 0.05 $ (0.01 ) $ (0.15 ) Reported Tax (Benefit) Provision adjusted for tax effect at 25% of pre-tax adjusting items. Three Months Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Net income (loss) from continuing operations $ 1,446 $ (1,299 ) $ (883 ) $ (34,998 ) Interest expense 2,186 2,417 2,371 2,200 Provision (benefit) for income taxes 665 (260 ) (1,515 ) 28,603 Depreciation expense 3,432 3,445 3,562 3,480 Amortization expense 183 140 140 140 EBITDA $ 7,912 $ 4,443 $ 3,675 $ (575 ) % of revenues 4.1 % 2.3 % 2.1 % (0.4 )% EBITDA adjustments: Restructuring 1,777 3,775 4,217 1,015 Gain on sale of fixed assets — — (3,544 ) — Loss on Early Extinguishment of Debt — — — 509 Adjusted EBITDA $ 9,689 $ 8,218 $ 4,348 $ 949 % of revenues 5.0 % 4.2 % 2.5 % 0.6 % Three Months Ended March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Revenues by segment Vehicles Solutions $ 126,671 $ 120,916 $ 115,235 $ 107,140 Electrical Systems 54,749 63,625 53,862 56,188 Aftermarket and Accessories 36,631 36,259 33,800 30,393 Total revenues $ 218,051 $ 220,800 $ 202,897 $ 193,721 Three Months Ended March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Gross profit $ 31,888 $ 35,517 $ 29,309 $ 24,377 Restructuring 68 306 — 385 Adjusted gross profit $ 31,956 $ 35,823 $ 29,309 $ 24,762 Three Months Ended March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Operating income $ 12,399 $ 14,486 $ 8,920 $ 4,068 Restructuring 90 343 — 1,367 Adjusted operating income $ 12,489 $ 14,829 $ 8,920 $ 5,435 Three Months Ended March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Net income from continuing operations $ 7,147 $ 9,234 $ 4,681 $ 22,571 Pre-tax adjusting items: Operating income adjustments 90 343 — 1,367 Tax Valuation Allowance — — — (21,521 ) Adjusted (benefit) provision for income taxes1 (23 ) (85 ) — (342 ) Adjusted net income from continuing operations $ 7,214 $ 9,492 $ 4,681 $ 2,075 Diluted EPS $ 0.22 $ 0.28 $ 0.14 $ 0.67 Adjustments to diluted EPS — — — $ (0.61 ) Adjusted diluted EPS $ 0.22 $ 0.28 $ 0.14 $ 0.06 Reported Tax (Benefit) Provision adjusted for tax effect at 25% of pre-tax adjusting items. Three Months Ended March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Net income from continuing operations $ 7,147 $ 9,234 $ 4,681 $ 22,571 Interest expense 2,749 2,672 2,489 2,338 Provision (benefit) for income taxes 2,706 2,272 1,367 (21,548 ) Depreciation expense 3,114 3,264 3,361 3,345 Amortization expense 253 283 267 267 EBITDA $ 15,969 $ 17,725 $ 12,165 $ 6,973 % of revenues 7.3 % 8.0 % 6.0 % 3.6 % EBITDA adjustments: Restructuring 90 343 — 1,367 Adjusted EBITDA $ 16,059 $ 18,068 $ 12,165 $ 8,340 % of revenues 7.4 % 8.2 % 6.0 % 4.3 % Use of Non-GAAP Measures This earnings release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company's multi-year corporate activities; or (ii) relate to activities or actions that may have occurred over multiple or in prior periods without predictable trends. Management uses these non-GAAP financial measures internally to evaluate the Company's performance, engage in financial and operational planning and to determine incentive compensation. Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on the Company's financial and operating results and in comparing the Company's performance to that of its competitors and to comparable reporting periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. The financial results calculated in accordance with GAAP and reconciliations to those financial statements set forth above should be carefully evaluated.
  Content Reference URL	None

• Publisher

  Publisher Name	Benzinga (#1644)
  Publisher URL	https://www.benzinga.com
  Description	None
  Trust Flow Score	37
  Citation Flow Score	50

• Data Source

  Data Source Name	Quantexa News (#5)
  Data Source Type	news
  Data Source URL	https://app.aylien.com/dashboard
  Description	Welcome to Quantexa News API — the most powerful way to aggregate, filter, and integrate global news data into your apps and models.
  Weight	10