Commercial Veh Group Inc Stock Price, News & Analysis

Commercial Vehicle Group (CVG) announced the immediate resignation of Carlos Jimenez, Executive Vice President, Global Operations and Supply Chain, due to personal reasons. Jimenez's departure is not linked to any company concerns. In response, CVG has initiated a comprehensive search for a permanent replacement. During this interim period, James Ray, the President and CEO, will oversee Global Operations and Supply Chain responsibilities.

CVG reported third quarter 2024 financial results with revenues of $171.8 million, down 15.3% year-over-year, primarily due to softening customer demand. The company posted a net loss from continuing operations of $0.9 million, or $(0.03) per share, compared to net income of $4.7 million in the prior year. Adjusted EBITDA was $4.3 million, down 64.8%, with a margin of 2.5%. The company revised its full-year 2024 outlook, projecting net sales of $710-$740 million and adjusted EBITDA of $20-$25 million. CVG completed the sale of its Cab Structures and Industrial Automation businesses as part of strategic portfolio actions.

Commercial Vehicle Group (CVGI) announces two key executive appointments to strengthen its leadership team. Peter Lugo joins as President of Electrical Systems segment effective November 1, 2024, succeeding Richard Tajer. Carlos Jimenez joins as Executive Vice President, Global Operations and Supply Chain. Both will report to CEO James Ray.

Lugo, formerly at Southwire, will oversee the electrical business focusing on commercial, engineering, and product management strategies. Jimenez, previously at Kennametal, will manage manufacturing operations across CVG's 20+ global plants and develop supply chain strategies.

CVG (NASDAQ: CVGI) has announced its upcoming third quarter 2024 earnings call, scheduled for Tuesday, November 5, 2024, at 8:30 a.m. ET. The company will release a press release and presentation prior to the conference call. Investors can participate in the call through various methods:

1. Toll-free participants: Dial (800) 549-8228 using conference code 04909
2. International participants: Dial (289) 819-1520 using conference code 04909
3. Webcast: Access through the "Investors" section of CVG's website at ir.cvgrp.com

The webcast will be archived for one year. A telephonic replay will be available until November 19, 2024, accessible via:

- Toll-free: (+1) 888 660 6264 (access code 04909#)
- Toll callers in North America and other locations: (+1) 289 819 1325

Commercial Vehicle Group (CVG) (NASDAQ: CVGI) has completed the sale of its Cab Structures business in Kings Mountain, North Carolina to a Volvo Group company. The transaction, effective October 1, 2024, resulted in a total payment of $40 million to CVG, with $20 million received on September 6, 2024, and the remaining $20 million on October 1, 2024.

CVG's President and CEO, James Ray, described the sale as a positive transaction for both companies, aligning with CVG's strategic transformation plan to optimize its portfolio towards higher-growth products and markets. The company expressed confidence that the Kings Mountain employees would benefit from integration into their customer's operations. Both CVG and Volvo have committed to ensuring a smooth transition for customers, suppliers, and employees.

CVG (NASDAQ: CVGI) has announced its participation in the Sidoti Virtual Small-Cap Investor Conference on September 19, 2024. James Ray, President and CEO, and Andy Cheung, Executive VP and CFO, will present virtually at 11:30 a.m. ET. Investors can access the webcast and presentation materials through the investor section of CVG's website at cvgrp.com. Management will also conduct virtual meetings with registered conference investors. This event provides an opportunity for CVG to showcase its business and connect with potential investors in the small-cap market segment.

CVG (NASDAQ: CVGI) has announced its participation in the Barrington Research Virtual Fall Investment Conference on September 12, 2024. The company's President and CEO, James Ray, along with Executive VP and CFO, Andy Cheung, will be meeting with registered investors at the event. Presentation materials for these meetings will be made available through the investor section of CVG's website at cvgrp.com. This participation demonstrates CVG's commitment to investor relations and transparency, providing an opportunity for the company to showcase its strategies and performance to potential investors.

CVG reported Q2 2024 results with revenues of $229.9 million, down 12.3% year-over-year. The company posted a net loss of $1.6 million, or $(0.05) per diluted share, compared to net income of $10.1 million in Q2 2023. Adjusted EBITDA was $10.0 million, down 51.9%, with a margin of 4.3%.

Key factors impacting results included softening demand in construction and agricultural markets, reduced volumes in new business launches, and operational inefficiencies. CVG announced the sale of its Cab Structures Business and is evaluating strategic alternatives for its Industrial Automation segment. The company has revised its 2024 outlook, now projecting net sales of $900-$960 million and adjusted EBITDA of $42-$52 million.

Commercial Vehicle Group (NASDAQ: CVGI) has announced the sale of its Cab Structures business to a Volvo Group company for $40 million, effective July 31, 2024. This strategic divestiture aligns with CVG's long-term growth strategy, reducing exposure to the cyclical Class 8 truck market and lowering customer concentration. The transaction, expected to close in H2 2024, will transfer about 230 employees to Volvo. CVG plans to use the majority of proceeds for debt paydown and general corporate purposes. The company anticipates updating its full-year 2024 outlook in the Q2 2024 earnings release on August 5, 2024, to reflect the impact of this divestiture.