Commercial Veh Group Inc Stock Price, News & Analysis

CVG (NASDAQ: CVGI) announced that CEO Harold Bevis and CFO Christopher Bohnert will present at the Sidoti Virtual Microcap Investor Conference on December 8, 2021, at 2:30 p.m. ET. The webcast link will be available on the company's investor section of their website. Additionally, management will engage with registered investors during the conference. CVG specializes in components and systems for commercial and electric vehicles, as well as warehouse automation.

CVGI announced the appointment of Rich Tajer as Chief Commercial Officer (CCO), expanding his role while he continues as Business Leader of Electrical Systems. Mr. Tajer will lead new customer accounts, direct the global sales team, and influence product development agendas. Over the past 21 months, CVGI secured 250 new business awards, targeting approximately $200 million in annual revenue. The company boasts a $1 billion pipeline of potential business, indicating strong growth potential in electric vehicles and warehouse automation.

CVG (NASDAQ: CVGI) reported Q3 2021 revenues of $239.6 million, a 27.7% increase year-over-year, driven by warehouse automation business and material cost pass-throughs. Net income rose to $7.5 million, or $0.23 per diluted share. Adjusted EBITDA was $16.9 million, up 3.0%.

The company secured $168 million of net new annualized business year-to-date and is advancing its organic growth program. However, the legacy truck business faces challenges due to supply chain disruptions, inflation, and increasing operational costs.

On October 25, 2021, CVG (NASDAQ: CVGI) notified Volvo Group of its intention to terminate their agreement, effective one year from the notice date unless new terms are negotiated. The company aims to enhance profitability by implementing price increases on products that are not meeting margin targets. This strategic move emphasizes CVG's commitment to improving its financial performance and operational efficiency.

CVG (NASDAQ: CVGI) has announced a quarterly conference call scheduled for November 3, 2021, at 10:00 a.m. ET to discuss its third quarter 2021 financial results. A press release and presentation will precede the call. Participants can join via toll-free and international numbers, and the call will also be webcast on CVG's investor relations page, where it will be archived for a year. CVG is a global provider of vehicle components and assemblies, as well as products for warehouse automation and military technology integrators.

CVG (NASDAQ: CVGI) announced a $5+ million investment in two new 2500+ ton injection molding machines for its AdvancTEK division, aimed at expanding capacity for non-commercial vehicle markets. The machines will be installed in the Saltillo, Mexico facility, which has a reputation for quality service. This investment supports AdvancTEK's productivity and sustainability goals through energy-efficient technology and innovative production solutions. The company aims to grow in new markets, leveraging its extensive experience and establishing a multi-year expansion plan.

CVG (NASDAQ: CVGI) announced the appointment of Peter Ingemi as Vice President of Aftermarket, NPI, and Ecommerce. Reporting to CEO Harold Bevis, Ingemi will lead initiatives in the Global Aftermarket & Accessories Business, NPI Strategic Program Management, and Marketing & Ecommerce. Bevis expressed optimism about Ingemi's experience in ecommerce driving growth in these key areas. Ingemi, previously Chief Commercial Officer at Omnimax International, aims to leverage his expertise to enhance CVG's sales and margins.

CVG (NASDAQ: CVGI) announced the appointment of Kristin Mathers as Chief Human Resources Officer, effective September 1, 2021. Harold Bevis, CEO, expressed enthusiasm for Mathers’ expertise in talent management and team performance, crucial for the company's transformation into a higher-profit growth firm. Mathers joins from Baker Hughes, where she spent 21 years, most recently as Vice President of Talent Management. She holds a Bachelor of Science in Mathematics and an MBA. CVG focuses on providing components for the global vehicle market and U.S. technology integrators.

CVG (NASDAQ: CVGI) announced that its President and CEO, Harold Bevis, and CFO, Christopher Bohnert, will participate in upcoming virtual investor conferences. The Sidoti Virtual Investor Conference is scheduled for August 18-19, with a presentation on August 18 at 10:45 a.m. (ET). They will also meet with registered investors. The Colliers Securities Conference will occur on September 9, and the D.A. Davidson Conference is set for September 22-23. Investors can access the webcast details on the company's website.