Commercial Veh Group Inc Stock Price, News & Analysis

CVG reported its third-quarter financial results for 2020, revealing revenues of $187.7 million, a 16.7% decline year-over-year, primarily due to reduced commercial vehicle sales amid the COVID-19 pandemic. However, there was a sequential revenue growth of 47.9% from the second quarter, driven by recovery in vehicle builds and growth in warehouse automation. Operating income decreased to $8.9 million, affected by special charges. The company highlighted growth in the electric vehicle and warehouse automation markets as key future areas.

CVG (NASDAQ: CVGI) announced participation in the Sidoti Microcap Virtual Investor Conference on November 19, 2020, at 9:15 a.m. ET.

President and CEO Harold Bevis and CFO Christopher Bohnert will present and engage with investors registered for the conference. A webcast link is available on the company's investor relations website.

CVG is a diversified industrial company offering products across multiple sectors, including ecommerce, commercial trucking, and electric vehicles.

CVG (NASDAQ: CVGI) has scheduled a conference call for November 9, 2020, at 10:00 a.m. ET to discuss its third quarter 2020 financial results. A press release and presentation will precede the call. Participants can join by dialing (833) 235-5650 for toll-free access or (647) 689-4139 for international callers, using conference code 2727789. The call will be webcast and archived on CVG's website for a year, with a replay available for two weeks at (800) 585-8367.

Commercial Vehicle Group, Inc. (CVGI) announced the appointment of Christopher H. Bohnert as Chief Financial Officer and Chief Accounting Officer, effective October 19, 2020. Bohnert brings over 25 years of experience from roles in various industries, including transportation and plastics, previously serving as CFO at Calumet Specialty Products Partners. His background encompasses finance, accounting, and investor relations. Bohnert aims to navigate current economic challenges and drive strategic growth initiatives at CVGI, focusing on diversifying the company's customer and product portfolio.

Commercial Vehicle Group (CVG) reported significant progress in 2020, focusing on leadership, growth, cost management, and cash flow optimization. The company successfully paid down $20 million of debt, reducing its net debt to $101 million while maintaining over $100 million in liquidity. There are signs of recovery in the commercial vehicle market, and CVG is targeting growth in e-commerce and electric vehicles. Additionally, the company is restarting its M&A program to enhance its portfolio and reduce cyclicality.

Commercial Vehicle Group reported a net loss of $12.5 million, or $(0.40 per share), for Q2 2020, as revenues fell 47.8% to $126.9 million due to the COVID-19 pandemic. The operating loss reached $10.5 million, driven by lower sales and special charges totaling $7.0 million. Despite these challenges, the company generated positive adjusted EBITDA of $1.2 million and maintained liquidity over $100 million. Future outlook remains cautiously optimistic, with anticipated revenue growth of 25% to 35% for Q3 2020.

Commercial Vehicle Group, Inc. (CVGI) will host a conference call on August 10, 2020, at 10:00 a.m. ET to discuss its second quarter 2020 financial results. A press release detailing the financial results will precede the call. Interested participants can join via toll-free number (833) 235-5650 or international line (647) 689-4139, using conference code 4399004. The call will be available for replay and accessible through the 'Investors' section of the CVG website. For more details, visit www.cvgrp.com.

Commercial Vehicle Group (Nasdaq: CVGI) announced the permanent consolidation of its Piedmont, Alabama facility as part of a cost reduction plan initiated on May 18. This 150,000 square foot plant, which employs approximately 49 people, primarily serves the commercial vehicle aftermarket. Operations will be moved to the Vonore, Tennessee facility, expected to be completed by Q4 2020. The consolidation aims to strengthen CVGI's competitiveness by reducing lead times and optimizing costs, with support for affected employees including retention benefits.

Commercial Vehicle Group, Inc. (CVGI) announced the adoption of a limited duration stockholder rights plan to combat market volatility and protect shareholder value amid COVID-19 impacts. Effective from July 5, 2020, this plan grants one right for each share, expiring June 24, 2021. The rights become exercisable if any entity acquires 10% or more of outstanding shares. The Board aims to ensure fair treatment for all shareholders and guard against opportunistic takeovers. A Form 8-K will be filed for additional details.