Welcome to our dedicated page for Commercial Veh Group news (Ticker: CVGI), a resource for investors and traders seeking the latest updates and insights on Commercial Veh Group stock.
Commercial Vehicle Group Inc (CVGI) delivers essential components for commercial vehicles across global markets, specializing in cab systems, electrical solutions, and industrial automation. This news hub provides investors and industry professionals with timely updates on corporate developments, financial milestones, and technological advancements.
Access authoritative coverage of CVGI's earnings reports, product innovations, strategic partnerships, and leadership updates. Our curated collection ensures you stay informed about critical announcements impacting the commercial vehicle sector, from new contract wins to manufacturing expansions.
Key updates include quarterly financial results, major OEM supply agreements, automation technology launches, and aftermarket service expansions. All content is sourced directly from verified corporate communications and regulatory filings.
Bookmark this page for streamlined access to CVGI's latest developments. Combine our news tracking with fundamental analysis tools to maintain a complete perspective on the company's market position and growth trajectory.
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.
CVG (NASDAQ: CVGI) has announced its upcoming second quarter 2024 earnings call, scheduled for Tuesday, August 6, 2024, at 8:30 a.m. ET. The company will release its financial results and a presentation prior to the conference call. Investors can participate through various channels:
1. Toll-free participants: Dial (800) 549-8228 using conference code 11335
2. International participants: Dial (289) 819-1520 using conference code 11335
3. Webcast: Available through the 'Investors' section of CVG's website at ir.cvgrp.com
The webcast will be archived for one year, and a telephonic replay will be accessible until August 20, 2024, by dialing (877) 674-7070 with access code 11335#.
CVG (NASDAQ: CVGI) announced that James Ray, President and CEO, and Andy Cheung, EVP and CFO, will present at the Sidoti Small-Cap Virtual Conference on June 13, 2024, at 9:15 a.m. ET. The presentation will be accessible via webcast through the investor section of CVG's website, cvgrp.com. Management will also hold virtual meetings with registered investors. For additional information, contact CVGI@alpha-ir.com.
CVG, a diversified industrial products and services company, reported first quarter 2024 results with revenues of $232.1 million, a decrease of 11.6% due to softening customer demand. The company's operating income was $6.6 million, down 55.1%, with adjusted operating income of $8.5 million, down 44.8%. Net income was $2.9 million, or $0.09 per diluted share. Adjusted EBITDA was $12.7 million, down 35.9%. CVG reaffirmed full-year revenue and adjusted EBITDA guidance ranges.
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