UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨ Indicate by check mark whether the registrant has submitted electronically e ...

Financial Performance - Revenues for the first quarter 2024 were $232.1 million, a decrease of 11.6% compared to $262.7 million in the prior year period, primarily due to softening customer demand[14] - Operating income for the first quarter 2024 was $6.6 million, down 55.1% from $14.6 million in the prior year, driven by lower sales volumes and increased restructuring charges[6] - Adjusted EBITDA for the first quarter 2024 was $12.7 million, a decrease of 35.9% from $19.8 million in the prior year, with an adjusted EBITDA margin of 5.5% compared to 7.5%[8] - Net income for the first quarter 2024 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[11] - Total operating income for Q1 2024 was $6,572, down from $14,644 in Q1 2023, representing a decrease of approximately 55.1%[51] - Adjusted operating income for Q1 2024 was $8,469, compared to $15,357 in Q1 2023, reflecting a decline of about 44.8%[53] - Revenues for Q1 2024 were $232,068, a decrease of 11.7% from $262,709 in Q1 2023[51] - Gross profit for Q1 2024 was $26,665, down from $35,209 in Q1 2023, indicating a reduction of approximately 24.3%[52] Market Conditions - The company projects global agriculture and construction market demand to be flat to down 10% in 2024, indicating a deterioration in market conditions[45] - The company is taking proactive cost actions to address current market conditions and expects improved profitability across its core business throughout the year[10] Business Segments - Electrical Systems revenues increased by 1.9% year-over-year to $55.8 million, despite overall market softness[6] - New business wins in the quarter were approximately $45 million when fully ramped, concentrated in the Electrical Systems segment[7] - The company is focused on driving operational efficiency improvements and growing its Electrical Systems segment to be its largest business[9] Guidance and Outlook - The company reaffirmed its full-year revenue guidance of $915 million to $1,015 million and adjusted EBITDA guidance of $60 million to $73 million for fiscal year 2024[30] - The company reaffirmed its outlook for the full year 2024 during the earnings call[44] Cash Flow and Balance Sheet - Cash flows from operating activities for Q1 2024 were $(2,356), compared to $58 in Q1 2023, showing a significant decline[62] - Free cash flow for Q1 2024 was $(7,415), compared to $(3,263) in Q1 2023, indicating a worsening cash flow situation[62] - The balance sheet remains strong with a net leverage ratio of 1.8x and total liquidity of $189.3 million[18] - Total current assets increased to $356,196 as of March 31, 2024, up from $327,742 at December 31, 2023[50] - Total liabilities rose to $333,706 as of March 31, 2024, compared to $310,282 at December 31, 2023, reflecting an increase of approximately 7.5%[50]

EPS of $0.09, Adjusted EBITDA of $12.7 millionElectrical Systems revenues up 1.9% year-over-year despite a softening in end marketsReaffirming full-year Revenue and Adjusted EBITDA guidance ranges NEW ALBANY, Ohio, May 06, 2024 (GLOBE NEWSWIRE) -- CVG (NASDAQ:CVGI), a diversified industrial products and services company, today announced financial results for its first quarter ended March 31, 2024. First Quarter 2024 Highlights (Compared with prior year, where comparisons are noted) Revenues of $232.1 millio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No þ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Schedule 15(d) of the Act. Yes ¨ No þ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preced ...

NEW ALBANY, Ohio, March 11, 2024 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI) announced today that James Ray, President and Chief Executive Officer, and Andy Cheung, Executive Vice President and Chief Financial Officer, will present virtually at the Sidoti Small-Cap Virtual Conference on March 14, 2024, at 9:15 a.m. ET. A link to the webcast and associated presentation materials can be accessed through the investor section of the Company’s website at cvgrp.com. Management will also meet virtually with investors r ...

Commercial Vehicle Group, Inc. (NASDAQ:CVGI) Q4 2023 Earnings Conference Call March 5, 2024 10:00 AM ET Company Participants Andy Cheung – Chief Financial Officer James Ray – President and Chief Executive Officer Conference Call Participants Joe Gomes – Noble Capital John Franzreb – Sidoti Gary Prestopino – Barrington Guillermo Herrera – Gabelli Funds Steven Martin – Slater Capital Steve Emerson – Emerson Investment Group Andrew Brickman – Altair Operator Good morning, ladies and gentlemen, and welcome to t ...

James Ray – President & Chief Executive Officer Andy Cheung – Executive Vice President & Chief Financial Officer 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 similar expressions. In particular, this document may contain forward-looking statements about the Company's expec ...

Fourth quarter sales of $223 million, record annual sales of $995 million Full year adjusted EBITDA margins increased by 140 bps to 6.8% Provides outlook and guidance for full year 2024 NEW ALBANY, Ohio, March 04, 2024 (GLOBE NEWSWIRE) -- CVG (NASDAQ:CVGI), a diversified industrial products and services company, today announced financial results for its fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Highlights (Compared with prior-year period, where comparisons are noted) Revenue ...

NEW ALBANY, OHIO (March 4, 2024) - CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its fourth quarter and full year ended December 31, 2023. Exhibit 99.1 CVG REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS Fourth quarter sales of $223 million, record annual sales of $995 million Full year adjusted EBITDA margins increased by 140 bps to 6.8% Provides outlook and guidance for full year 2024 Fourth Quarter 2023 Highlights (Compared with prior- ...

NEW ALBANY, Ohio, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Commercial Vehicle Group (CVG) (NASDAQ:CVGI), a global leader in the design and manufacturing of electrical systems, vehicle components and accessories, plastic products and robotic assemblies, today announced that it has sold its FinishTEK business to Rowmark LLC, effective January 31, 2024. Based in Dalton, Ga., FinishTEK, is a hydrographic and paint decorator with 95,000 square feet of specialized manufacturing and warehouse space and 30 employees. Fini ...