CVG Reports First Quarter 2026 Results
Rhea-AI Summary
CVG (NASDAQ: CVGI) reported Q1 2026 continuing-operations results: revenues $171.5M (+1.0%), EPS $0.03, adjusted EBITDA $4.8M (down 17.2%). Gross margin expanded versus prior periods. The company completed a sale-leaseback of its Vonore, TN facility and reduced debt by $12.8M. CVG reaffirmed full-year 2026 outlook: net sales $660–$700M, adjusted EBITDA $24–$30M, and positive free cash flow.
Positive
- Revenue of $171.5M (+1.0% YoY)
- Global Electrical Systems revenue +13.9% YoY
- Completed sale-leaseback; proceeds used to reduce debt by $12.8M
- Full-year 2026 outlook: Net Sales $660–$700M and Adjusted EBITDA $24–$30M
Negative
- Adjusted EBITDA down 17.2% to $4.8M
- Trim Systems and Components revenue declined 13.9% YoY
- Adjusted net loss from continuing operations $(3.4)M in Q1 2026
- Interest expense increased to $4.1M from $2.5M a year ago
Key Figures
Market Reality Check
Peers on Argus
CVGI is up about 2.65% while key peers are mixed: CAAS -0.67%, SYPR -3.87%, but LAZR +3.57%, SRI +1.47%, STRT +3.65%. The mixed directions point to a stock-specific reaction to the earnings release rather than a broad auto-parts sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 22 | Earnings call notice | Neutral | +3.1% | Announcement of scheduling and access details for Q1 2026 earnings call. |
| Mar 10 | Quarterly results | Positive | +25.3% | Q4 2025 results with improved adjusted EBITDA and unveiling of 2026 guidance. |
| Feb 24 | Earnings call notice | Neutral | -1.2% | Announcement of Q4 and full-year 2025 earnings call timing and replay info. |
| Nov 10 | Quarterly results | Negative | +0.0% | Q3 2025 results with revenue decline and lowered 2025 outlook despite liquidity. |
| Oct 29 | Earnings call notice | Neutral | -4.4% | Scheduling of Q3 2025 earnings call and access details for investors. |
Earnings and related communications have often coincided with modest positive moves, with a particularly strong rally on the prior Q4/FY 2025 results and a flat reaction to weaker Q3 2025 results.
Over the past few quarters, CVGI’s earnings cycle has featured pressured revenues in 2025, followed by improving adjusted EBITDA and a 2026 outlook of $660–$700M net sales and $24–$30M adjusted EBITDA. Q3 2025 results included revenue declines and a guidance cut, while Q4 2025 results and 2026 guidance drove a 25.31% gain. Today’s Q1 2026 release shows a return to revenue growth and margin improvement, consistent with that gradual recovery narrative.
Historical Comparison
In the past year, CVGI’s earnings-related headlines produced an average move of about 4.56%, with one notably strong rally on Q4 2025 results. Today’s Q1 2026 report, showing a return to revenue growth and reaffirmed guidance, fits that pattern of earnings acting as a key trading catalyst.
Earnings updates show a progression from 2025 revenue declines and outlook cuts to Q4 2025 guidance for 2026, and now Q1 2026 results delivering year-over-year revenue growth and margin improvement in line with that outlook.
Regulatory & Risk Context
The company has an active S-3 shelf registration filed on 2025-08-07. It has been used at least once, as indicated by a 424B5 filing on 2025-08-21. Specific capacity details are not provided here.
Market Pulse Summary
This announcement details Q1 2026 results showing modest revenue growth to $171.5M, expanded gross margins, but lower adjusted EBITDA of $4.8M and a 2.8% margin. Management reaffirmed 2026 guidance of $660–$700M net sales and $24–$30M adjusted EBITDA and highlighted a Vonore sale-leaseback that reduced debt by $12.8M, supporting total liquidity of $128.4M. Investors may watch segment performance, execution on margin improvement, and adherence to the full-year outlook.
Key Terms
adjusted ebitda financial
sale-leaseback financial
basis points financial
free cash flow financial
gaap financial
non-gaap financial
class 8 truck technical
AI-generated analysis. Not financial advice.
First quarter sales of
Returns to revenue growth at the consolidated level
Accelerates leverage reduction through sale-leaseback transaction
Reaffirms full-year guidance
NEW ALBANY, Ohio, May 05, 2026 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its first quarter ended March 31, 2026.
First Quarter 2026 Highlights (Results from Continuing Operations; compared with prior year, where comparisons are noted)
- Revenues of
$171.5 million , up1.0% , primarily driven by14% growth in our Global Electrical Systems segment. - Operating income of
$14.7 million , which included$14.0 million gain on sale of assets, was up$13.3 million , compared to$1.4 million . Adjusted operating income of$2.0 million , relatively flat compared to$2.1 million . - Net income from continuing operations of
$0.9 million , or$0.03 per diluted share and adjusted net loss of$3.4 million , or$(0.10) per diluted share, compared to net loss from continuing operations of$3.1 million , or$(0.09) per diluted share and adjusted net loss of$2.6 million , or$(0.08) per diluted share. - Adjusted EBITDA of
$4.8 million , down17.2% , with an adjusted EBITDA margin of2.8% , down from3.4% . - Gross margin expansion of 180 basis points versus Q4 2025 and 100 basis points versus Q1 2025 due to increased revenues and operational efficiency improvements.
- Completed sale-leaseback of Vonore, Tennessee manufacturing facility, facilitating debt reduction of
$12.8 million since the end of 2025.
James Ray, President and Chief Executive Officer, said, “During the quarter, we executed in-line with our operational priorities while navigating a demand environment that, while still below historical levels, is showing signs of stabilization in key end markets. We were encouraged by our ability to deliver sequential margin improvement resulting from operational efficiency and footprint rationalization efforts we have implemented across the organization.”
Mr. Ray continued, “Importantly, we are beginning to see early indications of improved customer activity in select markets, with our Global Seating segment returning to top line growth, and our Global Electrical Systems segment continuing to benefit from new business ramps and a more diversified end market mix driving consistent growth. As evidence of the ramp success, we are officially in production on the Zoox robotaxi program. With Class 8 truck production projected to increase in 2026, our focus remains on disciplined execution, cost management, and positioning CVG to capitalize on improving demand trends as they materialize.”
Angie O’Leary, Interim Chief Financial Officer, added, “Our results this quarter reflect the benefits of sustained cost discipline and working capital execution. We further strengthened our balance sheet through the sale-leaseback transaction of our Vonore facility, with the proceeds used to pay down debt. As end market conditions show early signs of improvement, we remain focused on improving margins, driving free cash flow, and increasing financial flexibility to support the expected future growth of the business.”
First Quarter Financial Results from Continuing Operations
(amounts in millions except per share data and percentages)
| First Quarter | |||||||||||||
| 2026 | 2025 | $ Change | % Change | ||||||||||
| Revenues | $ | 171.5 | $ | 169.8 | $ | 1.7 | |||||||
| Gross profit | $ | 19.8 | $ | 17.8 | $ | 2.0 | |||||||
| Gross margin | 11.5 | % | 10.5 | % | |||||||||
| Adjusted gross profit 1 | $ | 21.0 | $ | 18.3 | $ | 2.7 | |||||||
| Adjusted gross margin 1 | 12.2 | % | 10.8 | % | |||||||||
| Operating income | $ | 14.7 | $ | 1.4 | $ | 13.3 | |||||||
| Operating margin | 8.6 | % | 0.8 | % | |||||||||
| Adjusted operating income 1 | $ | 2.0 | $ | 2.1 | $ | (0.1 | ) | (4.8)% | |||||
| Adjusted operating margin 1 | 1.2 | % | 1.2 | % | |||||||||
| Net income (loss) from continuing operations | $ | 0.9 | $ | (3.1 | ) | $ | 4.0 | NM2 | |||||
| Adjusted net income (loss) from continuing operations 1 | $ | (3.4 | ) | $ | (2.6 | ) | $ | (0.8 | ) | ||||
| Earnings (loss) per share, diluted | $ | 0.03 | $ | (0.09 | ) | $ | 0.12 | NM2 | |||||
| Adjusted earnings (loss) per share, diluted 1 | $ | (0.10 | ) | $ | (0.08 | ) | $ | (0.02 | ) | ||||
| Adjusted EBITDA 1 | $ | 4.8 | $ | 5.8 | $ | (1.0 | ) | (17.2)% | |||||
| Adjusted EBITDA margin 1 | 2.8 | % | 3.4 | % | |||||||||
| 1 See Appendix A for GAAP to Non-GAAP reconciliation | |||||||||||||
| 2 Not meaningful | |||||||||||||
Consolidated Results from Continuing Operations
First Quarter 2026 Results
- First quarter 2026 revenues were
$171.5 million , compared to$169.8 million in the prior year period, an increase of1.0% . The overall increase in revenues was due to higher sales in Global Electrical Systems and Global Seating, somewhat offset by lower sales in Trim Systems and Components. - Operating income in the first quarter 2026 was
$14.7 million , up$13.3 million compared to the prior year period, primarily attributable to gain on sale of assets of$14.0 million . First quarter 2026 adjusted operating income was$2.0 million , compared to income of$2.1 million in the prior year period. The decrease in adjusted operating income was primarily attributable to higher SG&A expenses, mostly offset by improved gross margin performance. - Interest associated with debt and other expenses was
$4.1 million and$2.5 million for the first quarter 2026 and 2025, respectively, due to higher interest rates. - Net income from continuing operations was
$0.9 million , or$0.03 per diluted share, for the first quarter 2026 compared to net loss of$3.1 million , or$(0.09) per diluted share, in the prior year period. First quarter 2026 adjusted net loss from continuing operations was$3.4 million , or$(0.10) per diluted share, compared to adjusted net loss of$2.6 million , or$(0.08) per diluted share.
On March 31, 2026, the Company had
First Quarter 2026 Segment Results
Global Seating Segment
- Revenues were
$74.5 million compared to$73.4 million for the prior year period, an increase of1.5% , due primarily to higher international sales volume, offset by decreased customer demand in North America. - Operating income was
$16.8 million , compared to$2.7 million in the prior year period, an increase of$14.1 million , driven by gain on sale of assets and improved gross margin performance. First quarter 2026 adjusted operating income was$3.6 million compared to$2.7 million in the prior year period.
Global Electrical Systems Segment
- Revenues were
$57.4 million compared to$50.5 million in the prior year period, an increase of13.9% , primarily as a result of ramping new business wins. - Operating results were breakeven compared to an operating loss of
$0.3 million in the prior year period. First quarter 2026 adjusted operating income was$0.5 million compared to$0.2 million in the prior year period.
Trim Systems and Components Segment
- Revenues were
$39.5 million compared to$45.9 million in the prior year period, a decrease of13.9% , primarily due to lower sales volume as a result of softening demand in North America. - Operating loss was
$0.1 million compared to operating income of$1.5 million in the prior year period. The decrease in operating income was primarily attributable to lower demand. First quarter 2026 adjusted operating income was$0.1 million compared to$1.6 million in the prior year period.
Outlook
CVG updated the Company's outlook for the full year 2026, based on current market conditions:
| Metric | 2026 Outlook ($ millions) |
| Net Sales | |
| Adjusted EBITDA | |
| Free Cash Flow | Positive |
This outlook reflects, among others, current industry forecasts for North America Class 8 truck builds. According to ACT Research, 2026 North American Class 8 truck production levels are expected to be at 274,000 units, up
The outlook for the Construction end market reflects low-single digit growth in 2026.
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 Wednesday, May 6, 2026, at 8:30 a.m. ET. Management intends to reference the Q1 2026 Earnings Call Presentation during the conference call. To participate, dial (833) 461-5787 using conference code 496990489. International participants dial (585) 542-9983 using conference code 496990489.
This call is being webcast and can be accessed through the “Investors” section of CVG’s website at ir.cvgrp.com, where it will be archived and available for replay for one year.
Company Contact
Michelle Hards
Vice-President, Investor Relations / Corporate Financial Planning & Analysis
CVG
IR@cvgrp.com
Investor Relations Contact
Ross Collins or Nathan Skown
Alpha IR Group
CVGI@alpha-ir.com
About CVG
CVG is a global provider of systems, assemblies and components to global commercial vehicle markets and 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 that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, including, but not limited to, global commercial vehicle markets and electric vehicle markets, changes in the North America Class 8 and Class 5-7 truck build rates, performance of the global construction and agricultural equipment businesses, the Company’s prospects in the global commercial vehicle markets 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 the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.
Other Information
Throughout this document, certain numbers in the tables or elsewhere may not sum due to rounding. Rounding may have also impacted the presentation of certain year-on-year percentage changes.
| COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2026 and 2025 (Unaudited) (Amounts in thousands, except per share amounts) | |||||||
| Three Months Ended | |||||||
| March 31, 2026 | March 31, 2025 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Revenues | $ | 171,495 | $ | 169,795 | |||
| Cost of revenues | 151,680 | 152,002 | |||||
| Gross profit | 19,815 | 17,793 | |||||
| Selling, general and administrative expenses | 19,059 | 16,385 | |||||
| Gain on sale of assets | (13,957 | ) | — | ||||
| Operating income | 14,713 | 1,408 | |||||
| Other (income) expense | 886 | (72 | ) | ||||
| Warrant expense | 4,978 | — | |||||
| Loss on extinguishment of debt | 1,958 | — | |||||
| Interest expense | 4,095 | 2,503 | |||||
| Income (loss) before provision for income taxes | 2,796 | (1,023 | ) | ||||
| Provision for income taxes | 1,894 | 2,116 | |||||
| Net income (loss) from continuing operations | $ | 902 | $ | (3,139 | ) | ||
| Net income (loss) from discontinued operations | — | (1,173 | ) | ||||
| Net income (loss) | 902 | (4,312 | ) | ||||
| Basic earnings (loss) per share | |||||||
| Income (loss) from continuing operations | $ | 0.03 | $ | (0.09 | ) | ||
| Income (loss) from discontinued operations | $ | — | $ | (0.03 | ) | ||
| Diluted earnings (loss) per share | |||||||
| Income (loss) from continuing operations | $ | 0.03 | $ | (0.09 | ) | ||
| Income (loss) from discontinued operations | $ | — | $ | (0.03 | ) | ||
| Weighted average shares outstanding: | |||||||
| Basic | 34,190 | 33,693 | |||||
| Diluted | 35,511 | 33,693 | |||||
| COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in thousands, except per share amounts) | |||||||
| ASSETS | March 31, 2026 | December 31, 2025 | |||||
| Current assets: | |||||||
| Cash | $ | 28,684 | $ | 33,282 | |||
| Accounts receivable, net | 100,850 | 86,262 | |||||
| Inventories | 121,607 | 118,557 | |||||
| Other current assets | 25,523 | 25,226 | |||||
| Total current assets | 276,664 | 263,327 | |||||
| Property, plant and equipment, net | 62,549 | 66,638 | |||||
| Intangible assets, net | 3,201 | 3,350 | |||||
| Deferred income taxes, net | 11,190 | 11,349 | |||||
| Other assets, net | 58,945 | 47,050 | |||||
| Total assets | $ | 412,549 | $ | 391,714 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 84,018 | $ | 74,180 | |||
| Accrued liabilities and other | 41,898 | 31,800 | |||||
| Current portion of long-term debt and short-term debt | 3,837 | 2,371 | |||||
| Total current liabilities | 129,753 | 108,351 | |||||
| Long-term debt | 89,732 | 104,004 | |||||
| Pension and other post-retirement benefits | 6,744 | 6,902 | |||||
| Other long-term liabilities | 55,332 | 39,100 | |||||
| Total liabilities | $ | 281,561 | $ | 258,357 | |||
| Stockholders’ equity: | |||||||
| Preferred stock | $ | — | $ | — | |||
| Common stock | 346 | 342 | |||||
| Treasury stock, at cost | (17,281 | ) | (16,706 | ) | |||
| Additional paid-in capital | 273,830 | 272,903 | |||||
| Retained deficit | (95,930 | ) | (96,832 | ) | |||
| Accumulated other comprehensive loss | (29,977 | ) | (26,350 | ) | |||
| Total stockholders’ equity | 130,988 | 133,357 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 412,549 | $ | 391,714 | |||
| COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES BUSINESS SEGMENT FINANCIAL INFORMATION (Unaudited) (Amounts in thousands) | ||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||
| Global Seating | Global Electrical Systems | Trim Systems and Components | Corporate/Other | Total | ||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||
| Revenues | $ | 74,505 | $ | 73,408 | $ | 57,446 | $ | 50,453 | $ | 39,544 | $ | 45,934 | $ | — | $ | — | 171,495 | 169,795 | ||||||||||||||||||
| Gross profit (loss) | 10,432 | 9,091 | 5,769 | 3,990 | 3,614 | 4,712 | — | — | 19,815 | 17,793 | ||||||||||||||||||||||||||
| Selling, general & administrative expenses | 7,366 | 6,378 | 5,784 | 4,306 | 3,714 | 3,177 | 2,195 | 2,524 | 19,059 | 16,385 | ||||||||||||||||||||||||||
| Gain on sale of assets | $ | (13,716 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (241 | ) | $ | — | $ | (13,957 | ) | $ | — | |||||||||||||
| Operating income (loss) | $ | 16,782 | $ | 2,713 | $ | (15 | ) | $ | (316 | ) | $ | (100 | ) | $ | 1,535 | $ | (1,954 | ) | $ | (2,524 | ) | $ | 14,713 | $ | 1,408 | |||||||||||
| COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES Appendix A: Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) (Amounts in thousands, except per share amounts and percentages) | |||||||
| Three Months Ended | |||||||
| March 31, 2026 | March 31, 2025 | ||||||
| Gross profit | $ | 19,815 | $ | 17,793 | |||
| Restructuring | 1,201 | 530 | |||||
| Adjusted gross profit | $ | 21,016 | $ | 18,323 | |||
| % of revenues | 12.2 | % | 10.8 | % | |||
| Three Months Ended | |||||||
| March 31, 2026 | March 31, 2025 | ||||||
| Operating income | $ | 14,713 | $ | 1,408 | |||
| Restructuring | 1,237 | 702 | |||||
| Gain on sale of fixed assets | (13,957 | ) | — | ||||
| Total operating income adjustments | (12,720 | ) | 702 | ||||
| Adjusted operating income | $ | 1,993 | $ | 2,110 | |||
| % of revenues | 1.2 | % | 1.2 | % | |||
| Three Months Ended | |||||||
| March 31, 2026 | March 31, 2025 | ||||||
| Net income (loss) from continuing operations | $ | 902 | $ | (3,139 | ) | ||
| Operating income adjustments | (12,720 | ) | 702 | ||||
| Loss on early extinguishment of debt | 1,958 | — | |||||
| Warrant fair value adjustment | 4,978 | — | |||||
| Adjusted provision for income taxes1 | 1,446 | (176 | ) | ||||
| Adjusted net income (loss) from continuing operations | $ | (3,436 | ) | $ | (2,613 | ) | |
| Diluted EPS | $ | 0.03 | $ | (0.09 | ) | ||
| Adjustments to diluted EPS | $ | (0.13 | ) | $ | 0.01 | ||
| Adjusted diluted EPS | $ | (0.10 | ) | $ | (0.08 | ) | |
| 1. Reported Tax Provision adjusted for tax effect of special charges at | |||||||
| Three Months Ended | |||||||
| March 31, 2026 | March 31, 2025 | ||||||
| Net income (loss) from continuing operations | $ | 902 | $ | (3,139 | ) | ||
| Interest expense | 4,095 | 2,503 | |||||
| Provision for income taxes | 1,894 | 2,116 | |||||
| Depreciation expense | 3,578 | 3,438 | |||||
| Amortization expense | 137 | 141 | |||||
| EBITDA | $ | 10,606 | $ | 5,059 | |||
| % of revenues | 6.2 | % | 3.0 | % | |||
| EBITDA adjustments | |||||||
| Restructuring | $ | 1,237 | $ | 702 | |||
| Gain on sale of fixed assets | (13,957 | ) | — | ||||
| Loss on extinguishment of debt | 1,958 | — | |||||
| Warrant fair value adjustment | 4,978 | — | |||||
| Adjusted EBITDA | $ | 4,822 | $ | 5,761 | |||
| % of revenues | 2.8 | % | 3.4 | % | |||
| Three Months Ended March 31, 2026 | |||||||||||||||||||
| Global Seating | Global Electrical Systems | Trim Systems and Components | Corporate/Other | Total | |||||||||||||||
| Operating income (loss) | $ | 16,782 | $ | (15 | ) | $ | (100 | ) | $ | (1,954 | ) | $ | 14,713 | ||||||
| Restructuring | 565 | 509 | 163 | — | 1,237 | ||||||||||||||
| Gain on sale of fixed assets | (13,716 | ) | — | — | (241 | ) | (13,957 | ) | |||||||||||
| Adjusted operating income (loss) | $ | 3,631 | $ | 494 | $ | 63 | $ | (2,195 | ) | $ | 1,993 | ||||||||
| % of revenues | 4.9 | % | 0.9 | % | 0.2 | % | 1.2 | % | |||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||||
| Global Seating | Global Electrical Systems | Trim Systems and Components | Corporate/Other | Total | |||||||||||||||
| Operating income (loss) | $ | 2,713 | $ | (316 | ) | $ | 1,535 | $ | (2,524 | ) | $ | 1,408 | |||||||
| Restructuring | — | 530 | 45 | 127 | 702 | ||||||||||||||
| Adjusted operating income (loss) | $ | 2,713 | $ | 214 | $ | 1,580 | $ | (2,397 | ) | $ | 2,110 | ||||||||
| % of revenues | 3.7 | % | 0.4 | % | 3.4 | % | 1.2 | % | |||||||||||
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 months ended March 31, 2026 and 2025.
| Three Months Ended | |||||||
| March 31, 2026 | March 31, 2025 | ||||||
| CONTINUING OPERATIONS | |||||||
| Cash flows from operating activities | $ | (1,561 | ) | $ | 15,015 | ||
| Purchases of property, plant and equipment | (2,653 | ) | (3,806 | ) | |||
| Proceeds from disposal/sale of property, plant and equipment | 15,892 | — | |||||
| Free cash flow from continuing operations | $ | 11,678 | $ | 11,209 | |||
| DISCONTINUED OPERATIONS | |||||||
| Cash flows from operating activities | $ | — | $ | 157 | |||
| Free cash flow from discontinued operations | $ | — | $ | 157 | |||
| TOTAL COMPANY | |||||||
| Cash flows from operating activities | $ | (1,561 | ) | $ | 15,172 | ||
| Purchases of property, plant and equipment | (2,653 | ) | (3,806 | ) | |||
| Proceeds from disposal/sale of property, plant and equipment | 15,892 | — | |||||
| Free cash flow | $ | 11,678 | $ | 11,366 | |||
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.
