Workflow
Commercial Vehicle(CVGI) - 2024 Q4 - Annual Results
CVGICommercial Vehicle(CVGI)2025-03-10 21:05

Financial Performance - Full Year 2024 revenue was 723.4million,adecreaseof13.4723.4 million, a decrease of 13.4% compared to the previous year, primarily due to a global softening in customer demand [5]. - Fourth Quarter 2024 revenue was 163.3 million, down 15.7% from 193.7millionintheprioryearperiod,attributedtolowersalesinVehicleSolutionsandElectricalSystemssegments[10].−NetlossfromcontinuingoperationsforQ42024was193.7 million in the prior year period, attributed to lower sales in Vehicle Solutions and Electrical Systems segments [10]. - Net loss from continuing operations for Q4 2024 was 35.0 million, or (1.04)perdilutedshare,comparedtonetincomeof(1.04) per diluted share, compared to net income of 22.6 million, or 0.67perdilutedshareintheprioryear[10].−AdjustedEBITDAforQ42024was0.67 per diluted share in the prior year [10]. - Adjusted EBITDA for Q4 2024 was 0.9 million, down 89.2% from 8.3millioninQ42023,withanadjustedEBITDAmarginof0.68.3 million in Q4 2023, with an adjusted EBITDA margin of 0.6% [8]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was 23,204 thousand, down from 54,632thousandinthepreviousyear,indicatingadecreaseof57.554,632 thousand in the previous year, indicating a decrease of 57.5% [33]. - Adjusted operating income for the twelve months ended December 31, 2024, was 6,482 thousand, down from 41,673thousandin2023,adecreaseof84.441,673 thousand in 2023, a decrease of 84.4% [36]. - Free cash flow from continuing operations for Q4 2024 was 798 thousand, a decrease from 4,330thousandinQ42023[38].−ThecompanyreportedadilutedEPSof4,330 thousand in Q4 2023 [38]. - The company reported a diluted EPS of (1.04) for Q4 2024, compared to 0.67inQ42023[31].−AdjusteddilutedEPSforQ42024was0.67 in Q4 2023 [31]. - Adjusted diluted EPS for Q4 2024 was (0.15), a decline from (0.01)inQ32024[42].BusinessOutlook−Thecompanyanticipates2025netsalestobebetween(0.01) in Q3 2024 [42]. Business Outlook - The company anticipates 2025 net sales to be between 670 million and 710million,reflectingexpectedstabilizationinkeyendmarkets[13].−Newbusinesswinsareprojectedtoexceed710 million, reflecting expected stabilization in key end markets [13]. - New business wins are projected to exceed 97 million when fully ramped, primarily in the Electrical Systems segment [7]. - Construction and Agriculture end markets are expected to decline by approximately 5-10% in 2025, but new business wins are expected to mitigate this decline [14]. Organizational Changes - The company closed the sale of its Industrial Automation business on October 30, 2024, allowing a focus on core segments [5]. - A new organizational structure will be implemented effective January 1, 2025, aimed at enhancing alignment with customers and end markets [15]. Liquidity and Assets - The company had total liquidity of 111.0millionattheendofQ42024,with111.0 million at the end of Q4 2024, with 50.5 million in outstanding borrowings on its revolving credit facility [10]. - Total current assets decreased to 303.300millionin2024from303.300 million in 2024 from 327.742 million in 2023, a decline of 7.4% [27]. - Total liabilities decreased to 288.981millionin2024from288.981 million in 2024 from 310.282 million in 2023, a reduction of 6.9% [27]. - The total stockholders' equity decreased to 135.592millionin2024from135.592 million in 2024 from 172.932 million in 2023, a decline of 21.5% [27]. Operational Performance - Gross profit for Q4 2024 was 13.075million,down46.413.075 million, down 46.4% from 24.377 million in Q4 2023 [25]. - Operating loss for Q4 2024 was (5.271)million,comparedtoanoperatingincomeof(5.271) million, compared to an operating income of 4.068 million in Q4 2023 [25]. - Adjusted gross profit for Q4 2024 was 13.643million,representing8.413.643 million, representing 8.4% of revenues, compared to 12.8% in Q4 2023 [31]. - Adjusted operating loss for Q4 2024 was (4.256) million, with an adjusted operating income of 5.435millioninQ42023[31].−Operatingincome(loss)fortheAftermarketandAccessoriessegmentinQ42024was5.435 million in Q4 2023 [31]. - Operating income (loss) for the Aftermarket and Accessories segment in Q4 2024 was 3,161 thousand, while the Electric Systems segment reported a loss of (1,685)thousand[36].−CashflowsfromoperatingactivitiesfortotalcompanyinQ42024were(1,685) thousand [36]. - Cash flows from operating activities for total company in Q4 2024 were (26,617) thousand, compared to 8,286thousandinQ42023[38].−Thecompanyrecordedalossonearlyextinguishmentofdebtamountingto8,286 thousand in Q4 2023 [38]. - The company recorded a loss on early extinguishment of debt amounting to 509 thousand in Q4 2024 [42]. - The company reported a restructuring expense of 10,784thousandforthetwelvemonthsendedDecember31,2024,comparedto10,784 thousand for the twelve months ended December 31, 2024, compared to 1,800 thousand in the previous year [36]. - The company experienced a restructuring expense of 1,777millionforthethreemonthsendedMarch31,2024,impactingoverallfinancialperformance[43].HistoricalPerformance−RevenuesforQ42024were1,777 million for the three months ended March 31, 2024, impacting overall financial performance [43]. Historical Performance - Revenues for Q4 2024 were 163.292 million, a decrease of 15.7% compared to 193.721millioninQ42023[25].−TotalrevenuesforQ42024were193.721 million in Q4 2023 [25]. - Total revenues for Q4 2024 were 163,292 thousand, compared to 171,772thousandinQ32024,reflectingadeclineof4.3171,772 thousand in Q3 2024, reflecting a decline of 4.3% [41]. - Net income from continuing operations for Q4 2024 was (34,998) million, compared to 22,571millioninQ42023,representingasignificantdecline[33].−NetincomefromcontinuingoperationsforthethreemonthsendedMarch31,2024,was22,571 million in Q4 2023, representing a significant decline [33]. - Net income from continuing operations for the three months ended March 31, 2024, was 1,446 million, a significant decrease compared to a net loss of 34,998millionforthethreemonthsendedDecember31,2024[43].−TotalrevenuesforthethreemonthsendedMarch31,2023,were34,998 million for the three months ended December 31, 2024 [43]. - Total revenues for the three months ended March 31, 2023, were 218,051 million, with the Vehicles Solutions segment contributing 126,671million,theElectricalSystemssegment126,671 million, the Electrical Systems segment 54,749 million, and Aftermarket and Accessories 36,631million[44].−GrossprofitforthethreemonthsendedJune30,2023,was36,631 million [44]. - Gross profit for the three months ended June 30, 2023, was 35,517 million, with an adjusted gross profit of 35,823million[44].−OperatingincomeforthethreemonthsendedMarch31,2023,was35,823 million [44]. - Operating income for the three months ended March 31, 2023, was 12,399 million, while adjusted operating income was 12,489million[44].−InterestexpenseforthethreemonthsendedMarch31,2023,was12,489 million [44]. - Interest expense for the three months ended March 31, 2023, was 2,749 million, with a provision for income taxes of 2,706million[45].−EBITDAforthethreemonthsendedMarch31,2023,was2,706 million [45]. - EBITDA for the three months ended March 31, 2023, was 15,969 million, accounting for 7.3% of revenues, while adjusted EBITDA was 16,059million,or7.416,059 million, or 7.4% of revenues [45]. - The company reported a diluted EPS of 0.22 for the three months ended March 31, 2023, with an adjusted diluted EPS of $0.22 [44].