Financial Performance - Net income for the three months ended September 30, 2024, was $9,514 thousand, compared to $7,290 thousand for the same period in 2023, representing a 30.5% increase[8]. - Comprehensive income for the three months ended September 30, 2024, was $8,731 thousand, significantly up from $2,070 thousand in the prior year[8]. - Total revenue for the nine months ended September 30, 2024, was $560.063 million, a significant increase from $312.785 million for the same period in 2023, representing an increase of approximately 79.5%[31]. - Net income for the nine months ended September 30, 2024, was $10,852, compared to $26,130 for the same period in 2023, representing a decrease of approximately 58.5%[13]. - Revenues for the three months ended September 30, 2024, decreased by 15.3% to $171.8 million compared to $202.9 million in the same period of 2023[122]. - Gross profit for the nine months ended September 30, 2024, was $60.044 million, compared to $96.714 million for the same period in 2023, a decrease of about 37.9%[93]. Assets and Liabilities - Total current assets increased to $346,263 thousand as of September 30, 2024, from $327,742 thousand at the end of 2023, reflecting a 5.0% growth[10]. - The company reported a total of $495,341 thousand in assets as of September 30, 2024, up from $483,214 thousand at the end of 2023, marking a 2.4% increase[10]. - Total liabilities as of September 30, 2024, were $316,076 thousand, compared to $310,282 thousand as of December 31, 2023[181]. - Long-term debt decreased slightly to $125,790 thousand as of September 30, 2024, from $126,201 thousand at the end of 2023[10]. Cash Flow - Cash flows from operating activities showed a net outflow of $6,835 thousand for the nine months ended September 30, 2024, down from a net inflow of $29,990 thousand in the same period of 2023[13]. - Cash at the end of the period was $30,885 thousand, down from $46,293 thousand at the end of September 2023, reflecting a decrease of 33.3%[13]. - Net cash used in operating activities was $6.8 million for the nine months ended September 30, 2024, compared to net cash provided of $30.0 million in 2023[173]. - Net cash provided by investing activities was $12,868 thousand for the nine months ended September 30, 2024, compared to $(15,196) thousand for the same period in 2023[179]. Revenue Segments - For the three months ended September 30, 2024, total revenue was $171.772 million, with Vehicle Solutions contributing $97.296 million, Electrical Systems $43.380 million, and Aftermarket & Accessories $31.096 million[30]. - The Vehicle Solutions segment generated revenues of $312.785 million for the nine months ended September 30, 2024, compared to $362.820 million in the same period of 2023, reflecting a decrease of about 13.8%[93]. - The Electrical Systems segment reported revenues of $149.327 million for the nine months ended September 30, 2024, down from $172.236 million in 2023, indicating a decline of approximately 13.3%[93]. - The company’s total revenue from seats for the nine months ended September 30, 2024, was $237.678 million, compared to $189.085 million for the same period in 2023, reflecting an increase of approximately 25.6%[31]. Discontinued Operations - The company is undergoing a strategic shift by divesting its cab structures business and the Industrial Automation segment, which will be classified as discontinued operations[22]. - The company reported a net income from discontinued operations of $10.397 million for the period ended June 30, 2024[22]. - The company recorded a write-down loss of $8.2 million on the disposal group as of September 30, 2024[107]. - The Industrial Automation segment incurred a loss of $8.4 million for the three months ended September 30, 2024, compared to a profit of $479 thousand in the same period of 2023[106]. Expenses - Selling, general and administrative (SG&A) expenses decreased by 14.3% to $17.5 million, primarily due to a gain on the sale of a building[124]. - The company incurred $4.2 million in restructuring costs during the three months ended September 30, 2024, with $2.8 million related to headcount reductions[77]. - For the nine months ended September 30, 2024, total restructuring costs amounted to $9.8 million, with $7.7 million attributed to headcount reductions[78]. - Interest expense decreased to $2.4 million for the three months ended September 30, 2024, down from $2.5 million in the same period of 2023[126]. Stockholders' Equity - As of September 30, 2024, total stockholders' equity was $179.265 million, an increase from $172.932 million on December 31, 2023[16]. - The company’s retained deficit decreased to $(46.184) million as of December 31, 2023, from $(95.595) million on December 31, 2022[16]. - The accumulated other comprehensive loss increased to $(37.724) million as of September 30, 2024, from $(30.284) million at the end of 2023[72]. Future Outlook - The company anticipates future growth in the wire harness, warehouse automation, and electric vehicle markets, as well as plans for capital expenditures[180]. - The company plans to adopt new accounting standards related to reportable segment disclosures and income tax disclosures in the upcoming fiscal years[26][28].

Exhibit 99.1 CVG REPORTS THIRD QUARTER 2024 RESULTS Third quarter sales of $172 million, EPS of $(0.03), Adjusted EBITDA of $4.3 million Makes progress on strategic portfolio actions Provides updated guidance for full year 2024 NEW ALBANY, OHIO (November 4, 2024) - CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its third quarter ended September 30, 2024. As a result of strategic portfolio actions, results from the Cab Structures and Industri ...

NEW ALBANY, Ohio, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Commercial Vehicle Group (the “Company” or “CVG”) (NASDAQ: CVGI), a diversified industrial products and services company, is pleased to announce the appointment of two leaders to its executive leadership team. Peter Lugo joins the Company as President of our Electrical Systems segment, effective November 1, 2024. Mr. Lugo succeeds Richard Tajer, who will remain an employee of the Company until December 31, 2024. In addition, Carlos Jimenez has joined as Ex ...

Commercial Vehicle Group, Inc. (NASDAQ:CVGI) Q2 2024 Earnings Conference Call August 6, 2024 8:30 AM ET Company Participants Andy Cheung - Chief Financial Officer James Ray - President and Chief Executive Officer Conference Call Participants John Franzreb - Sidoti & Company Operator Good morning, ladies and gentlemen, and welcome to the CVG Q2 2024 Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator ...

EVG Earnings Presentation James Ray – President & Chief Executive Officer Andy Cheung – Executive Vice President & Chief Financial Officer Q2 2024 August 6, 2024 Forward Looking Statements and Non-GAAP Financial Measures These slides contain forward-looking statements that are subject to risks and uncertainties. These statements often include words such as "believe", "anticipate", "plan", "expect", "intend", "will", "should", "could", "would", "project", "targets" "forecast" "continue", "likely", and simila ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------|-------------------------- ...

Exhibit 99.1 CVG REPORTS SECOND QUARTER 2024 RESULTS EPS of $(0.05), Adjusted EPS of $0.06, reflecting additional restructuring activity Adjusted EBITDA of $10.0 million, free cash flow of $6.4 million Strategic actions taken to strengthen Vehicle Solutions Business Provides updated guidance for full year 2024 NEW ALBANY, OHIO (August 5, 2024) - CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its second quarter ended June 30, 2024. Second Qua ...

NEW ALBANY, Ohio, July 26, 2024 (GLOBE NEWSWIRE) -- CVG (NASDAQ:CVGI) will hold its quarterly conference call on Tuesday, August 6, 2024, at 8:30 a.m. ET, to discuss second quarter 2024 financial results. CVG will issue a press release and presentation prior to the conference call. Toll-free participants dial (800) 549-8228 using conference code 11335. International participants dial (289) 819-1520 using conference code 11335. This call is being webcast and can be accessed through the "Investors" section of ...

Financial Data and Key Metrics Changes - The company reported net sales of $232 million in Q1 2024, down from $263 million in the prior year period, reflecting a decrease in revenues due to softening customer demand globally [127][118] - Adjusted EBITDA was $12.7 million for the first quarter compared to $19.8 million in the prior year, with adjusted EBITDA margins decreasing to 5.5% from 7.5% [119][122] - Net income for the quarter was $2.9 million or $0.09 per diluted share, down from $8.7 million or $0.26 per diluted share in the prior year [19] Business Line Data and Key Metrics Changes - The vehicle solutions segment's revenues decreased by 14% to $137.9 million due to lower customer demand and the wind-down of unfavorable programs [7][8] - The industrial automation segment's revenues fell by 56% to $4.3 million, attributed to challenging market conditions and reduced demand from legacy customers [9] - The electrical system segment achieved revenues of $55.8 million, an increase of 1.9%, primarily due to increased pricing, although sales volume saw a slight decline [20][22] Market Data and Key Metrics Changes - Industry forecasts project a decline in North American Class A truck bills of approximately 10% for the year, a slight improvement from a previous estimate of a 16% decline [11] - The construction and agriculture end markets are expected to be flat to down 10% in 2024, impacting overall demand [11] Company Strategy and Development Direction - The company is focused on strengthening its core business in vehicle solutions, reducing costs, and driving operational improvements [8] - A transformation is underway to shift from a contract manufacturing model to a more engineered product, serialized production business with longer-term contracts [18] - The company is actively exploring new end markets and developing new highly engineered products, such as the Stack product showcased at the MODEX Trade Show [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of inflation and foreign exchange headwinds, particularly from labor increases in Mexico and the strengthening of the peso [75][96] - The company remains optimistic about generating positive free cash flow and is prepared to pursue debt pay down or inorganic growth opportunities [12] - Management reaffirmed guidance for 2024 revenues in the range of $915 million to $1.015 billion, citing confidence in the diversification strategy and resource allocation [133][134] Other Important Information - The company executed approximately $2 million in restructuring costs in Q1, primarily related to headcount reductions and facility closures [16] - The second Morocco facility is on track for completion by Q4 2024, enhancing the company's footprint in Europe [129] Q&A Session Summary Question: Impact of program wind downs on revenue - Management indicated that the majority of the wind down has been completed, with a single-digit million level of impact for the quarter [14] Question: Restructuring actions and anticipated savings - Management stated that restructuring actions are ongoing, with approximately $2 million in costs executed in Q1, and they expect to complete most activities by Q3 [16][31] Question: Outlook for electrical systems segment - Management noted that the electrical systems segment is facing challenges due to reduced demand in construction and agriculture, but they remain confident in long-term growth opportunities [39][61] Question: Guidance for EBITDA and potential risks - Management highlighted that the guidance range for adjusted EBITDA remains solid, but risks include potential downturns in the electrical segment and supply chain disruptions [40][42] Question: New business wins and annual targets - Management confirmed that they are on track to achieve $100 million in new business wins for the year, with a strong funnel of opportunities across various segments [46][81]

Commercial Vehicle Group (CVGI) came out with quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.18 per share. This compares to earnings of $0.28 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -27.78%. A quarter ago, it was expected that this supplier of products for heavy duty trucks would post earnings of $0.15 per share when it actually produced earnings of $0.09, delivering a surprise of -40 ...